The Securities and Exchange Board of India, (SEBI) on November 08, 2023, issued a notification regarding the Procedural framework for dealing with unclaimed amounts lying with entities having listed non-convertible securities and the manner of claiming such amounts by investors
This shall come into force on March 01, 2024
The following has been stated namely: -
• It states that a framework has been created for defining the manner of transfer of such unclaimed amounts) by a listed entity to an escrow Account and claim thereof by an investor and has been enclosed as Annex –A
• It states that the framework defining the procedure to be followed by the listed entities (which are not companies) for the transfer of such unclaimed amounts from the Escrow Account to the IPEF and claim thereof by an investor, has been provided as Annex –B
• It Further states that Recognized Stock Exchanges, Issuers, and Depositories are directed to perform the following functions namely: -
(i) comply with the conditions laid down in this circular.
(ii) disseminate the provisions of the circular on their websites
(iii) put in place the necessary systems and infrastructure for the implementation of this circular.
(iv) communicate and create awareness among investors.
[Circular No. SEBI/HO/DDHS/DDHS-RAC-1/P/CIR/2023/176]
