Securities and Exchange Broad of India
Neelam Bhardwaj
Deputy General Manager
Division of Issues and Listing
Phone: +91 22 2285 0451-56, 2288 0962-70 (Extn: 367)
Fax: +91 22 2204 5633. Email: neelamb@sebi.gov.in
SEBI/CFD/DIL/DIP/01/2006/20/1
January 20, 2006
To All Registered Bankers to the Issue
Dear Sirs,
Sub: Modes of despatch of refunds in public issues.
1. SEBI, vide circular no SEBI/CFD/DIL/DIP/18/2006/20/1 dated January 20, 2006 has amended SEBI (DIP) Guidelines, 2000; (hereinafter referred as “the guidelines”), to provide for various modes of making refunds to the applicants viz ECS (Electronic Clearing Service)/ Direct Credit/ RTGS (Real Time Gross Settlement)/ NEFT (National Electronic Funds Transfer) .
2. To begin with, applicants residing in 15 centres where clearing houses are managed by the Reserve Bank of India(RBI), will get refunds through ECS only except where applicant is otherwise disclosed as eligible to get refunds through direct credit & RTGS. Number of centres for ECS facility may be enhanced after receiving a feedback on the performance of the system.
3. In this regard, you are advised to do the needful, in consultation with registrar, so as to ensure that for refund through any mode of electronic transfer of funds, the relevant electronic file is transferred to the Clearing system within the time period specified in Clause 6.13.2.26 of the Guidelines.
4. This circular is available on SEBI website at www.sebi.gov.in. Full text of the SEBI (DIP) Guidelines including the amendments issued vide the circular No SEBI/CFD/DIL/DIP/18/2006/20/1 dated January 20, 2006 is available on SEBI’s website under section “Issues and Listing.”
Yours faithfully,
Neelam Bhardwaj
