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SEBI issues rules for using IPEF for refunding investors

SEBI can in certain cases it "deems fit" make "restitution to eligible and identifiable investors who have suffered losses resulting from violation of securities laws...".

January 10, 2014 12:08 IST | India Infoline News Service
SEBI (Securities and Exchange Board of India) on Thursday notified new norms that would allow it to utilise IPEF (nvestor Protection and Education Fund) for the purposes of refund to aggrieved investors.

These regulations may be called the Securities and Exchange Board of India (Investor Protection and Education Fund) (Amendment) Regulations, 2014, SEBI said in a notification.

According to the new norms, SEBI can in certain cases it "deems fit" make "restitution to eligible and identifiable investors who have suffered losses resulting from violation of securities laws...".

SEBI said "that no claim for restitution from the disgorged amounts in a specific case shall be admissible after a period of seven years from the date of invitation of claims for disgorgement in the said case by the Board (Sebi)". 

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