Sebi puts in place guidelines for Investor Protection Fund, Investor Services Fund
时间:2024-09-29 05:09:58 阅读(143)
Capital markets regulator Sebi on Tuesday came out with exhaustive guidelines for Investor Protection Fund (IPF) and Investor Services Fund (ISF) maintained by stock exchanges and depositories. The detailed guidelines are about the constitution and management of the IPF, contribution to IPF by exchanges as well as depositories, and utilization of IPF.In addition, Sebi has issued a detailed Standard Operating Procedure (SOP), indicating the process and timelines for the declaration of default of a trading member (TM), processing of investor claims out of IPF, and review of claims, according to a circular.
About the constitution, Sebi said that all stock exchanges and depositories will have to establish an IPF. The IPF of the stock exchange and depository will be administered through separate trusts created for the purpose.The IPF Trust of the stock exchange and Depository will consist of five trustees — three Public Interest Directors, one representative from the investor associations, and a chief regulatory officer or compliance officer and the maximum tenure of a trustee (excluding the chief regulatory officer or compliance officer) would be five years.
The amount in IPF will be used to meet the investment claims of the clients of the defaulting trading members, to pay interim relief to investors, and promote investors’ education.The stock exchanges and depositories will have to conduct a half-yearly review to ascertain the adequacy of the IPF corpus. In case the IPF corpus is found to be inadequate, the same would be enhanced appropriately.In respect of the investor services fund (ISF), Sebi said that stock exchanges will have to set aside at least 20 per cent of the listing fees received by ISF for providing services to the investing public.To have better management and control of the contributions and utilization of the ISF corpus, supervision of the same will rest with the Regulatory Oversight Committee.
ISF will be used for the purpose of the promotion of investor education and investor awareness programs, the cost of training arbitrators and at least 50 per cent of the corpus should be spent in Tier II & Tier III cities.If a stock exchange or a depository is wound up or derecognized or exits, then the balance in the IPF and ISF lying unutilized with the stock exchange and depository will be transferred to the Investor Protection and Education Fund of Sebi.The new guidelines would come into force from June 29, the Securities and Exchange Board of India (Sebi) said.
猜你喜欢
- India may end use of fossil fuel much before 2070- Oil minister
- F&O expiry outlook 28 Oct- Nifty support at 18060-18000; Bank Nifty to guide Nifty 50 this expiry week
- FII, DII data- FPIs bought shares worth Rs 1197 cr, DIIs sold shares worth Rs 7
- Where is Bank Nifty headed after stocks cheer RBI’s unexpected repo rate pause- Check support, resistance
- FE Exclusive - New Delhi Railway Station’s redevelopment takes bold turn! Indian Railways to forge massive road network, reveals Ashwini Vaishnaw
- F&O expiry outlook- Nifty support at 16200, focus on stock specific moves for better trading opportunities
- Vodafone Idea board clears Rs 1,600-cr bond to ATC
- In Pics- Delhi turns into a gas chamber! AQI swings between very poor and severe categories; Health experts worried
- FDI inflows to ‘rebound’ in coming months- MoF