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SEBI Revises Guidelines for Written-off Securities of FPIs

As per the norms, written-off securities are sold through the stock exchange in case custodian is unable to deliver securities or ascertain the claimant for securities.

Press Trust Of India

Updated:January 2, 2017, 11:10 PM IST
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SEBI Revises Guidelines for Written-off Securities of FPIs
SEBI Chairman UK Sinha interacts with media during the press conference in Mumbai. (PTI Photo)
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Mumbai: Markets watchdog Sebi on Monday said the proceeds from the sale of written-off securities held by non-operating foreign portfolio investors would need to be credited to Investors Protection and Education Fund of the regulator within seven days from the date of receipt.

Besides, the regulator said corporate benefits received in form of cash or dividend would also be credited to the Investors Protection and Education Fund not later than seven days from the date of receipt of the same.

"Corporate benefits received in the form of cash viz dividend shall be credited to the Investors Protection and Education Fund of Sebi not later than seven days from the date of receipt of the same," Sebi said in a circular.

So far, these proceeds are needed to be credited to the IPEF of the concerned stock exchange.

"In case, a custodian is unable to deliver the securities or ascertain the claimant for the securities that are received subsequent to write off due to any unforeseen circumstances... the sale of these securities through stock exchange and proceeds thereof net of expenses shall be credited to the IPEF not later than seven days from the date of receipt thereof," the circular said.

With regard to corporate benefits, the regulator said, "in case of receipt of corporate benefits in the form of securities arising out of shares written off, the same shall be reported to Sebi in the normal manner".

As per the norms, written-off securities are sold through the stock exchange in case custodian is unable to deliver
securities or ascertain the claimant for securities.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Huma Tabassum
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