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of <h1>SEBI Clarifies IPF and ISF Fund Use: Unutilized Interest Can Carry Forward; NCDEs Allowed 10% Research Spend Cap.</h1> The Securities and Exchange Board of India (SEBI) issued clarifications to a previous circular regarding the Investor Protection Fund (IPF) and Investor Service Fund (ISF). Unutilized IPF interest income can now be carried forward to the next financial year. National Commodity Derivatives Exchanges (NCDEs) may use IPF interest for commodity market research, subject to approval and a 10% spending cap. IPF can also cover liabilities for clients of non-SEBI registered members if allowed by exchange byelaws. Due to ISF's limited corpus, NCDEs can use IPF interest for ISF activities for three years starting April 1, 2018. Exchanges must update their regulations and inform members of these changes.
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