February 1, 2008
To All Registered Merchant Bankers
Sub.: Extending number of centers where refund shall be made through ECS in public/rights issues
1.This circular is being issued in exercise of the powers conferred under sub-section (1) of Section 11 of the Securities and Exchange Board of India Act, 1992.Online GST Certification Course by TaxGuru & MSME- Click here to Join
2.On January 20, 2006, SEBI issued a Circular No SEBI/CFD/DIL/DIP/18/2006/20/1 to all Merchant Bankers informing them that to begin with, facility of refunds through ECS may be made available in 15 centers where clearing houses are managed by the Reserve Bank of India (RBI).This was in addition to other permissible modes of making refunds electronically viz NEFT, RTGS and Direct credit.
3.In consultation with RBI, it has now been decided to extend the facility of refund through ECS in public/rights issues to 68 centers as provided by RBI . List of these 68 centers is enclosed at Annexure I.
4.You are advised to ensure that suitable instructions for refunds through various modes are incorporated in the application form, abridged prospectus and the prospectus/letter of offer in an appropriate manner.
5.This circular shall come in to force with immediate effect. This circular is available on SEBI website at sebi.gov.in under the category “Legal framework”.
Encl.: Annexure I – List of 68 centers as referred to in the circular
List of ECS (Credit and Debit) Centres
|Sl. No.||Name of the Centre||Sl. No.||Name of the Centre|
|Managed by Reserve Bank of India||Managed by State Bank of India|
|13.||New Delhi||13.||Siliguri (non-MICR)|
|Managed by Punjab National Bank|
|Managed by State Bank of Indore|
|Sl. No.||Name of the Centre|
|Managed by Union Bank of India|
|Managed by Andhra Bank|
|Managed by Corporation Bank|
|Managed by Bank of Baroda|
|Managed by State Bank of Travancore|
|Managed by Central Bank of India|
|Managed by Canara Bank|
|Managed by Oriental Bank of Commerce|
|Managed by United Bank of India|
|1.||Haldia (non- MICR)|
|Managed by State Bank of Hyderabad|
|Managed by State Bank of Bikaner & Jaipur|