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Business news: Capital markets regulator Securities and Exchange Board of India (SEBI) on Wednesday (November 
got here out with detailed procedures for coping with unclaimed funds of traders mendacity with entities having listed non-convertible securities, REITs and InvITs.
Also, the regulator has put in place a fashion of claiming such unclaimed quantities by traders. The new framework will come into impact from March 1, 2024, the Securities and Exchange Board of India (SEBI) stated in three separate circulars.
The transfer is geared toward prescribing a uniform strategy of declare for such unclaimed funds in a streamlined method for the convenience and comfort of traders. This got here after the board of Sebi in September accredited amendments to guidelines concerning the IPEF (Investor Protection and Education Fund) disclosure, actual property funding trusts (REITs), and infrastructure funding trusts (InvITs).
Going by circulars, SEBI has outlined the style of dealing with the unclaimed quantities mendacity with REITs, InvITs, and within the escrow accounts of the listed entities (which aren’t firms), switch of such quantities to IPEF and declare thereof by the traders.
Additionally, the regulator has standardised the method to be adopted by a listed entity, REITs and InvITs for the switch of such quantities to escrow accounts and by the traders for making claims thereof. Investors could method the debt-listed entity/ REIT/InvIT to say their unclaimed quantities, thereby making certain minimal disruptions within the declare course of for traders.
Under the rule, any quantity transferred to the escrow account remaining unclaimed for a interval of seven years shall be transferred to IEPF.
(With PTI inputs)
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