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of <h1>SEBI Updates Rules: FPIs Must Credit Unclaimed Proceeds to Investor Protection Fund Within 7 Days.</h1> The circular issued by SEBI modifies a previous circular from May 15, 2002, regarding the credit of proceeds from the write-off of securities held by Foreign Portfolio Investors (FPIs). It mandates that proceeds from disinvestment or corporate benefits, when securities cannot be delivered or the claimant is unascertainable, must be credited to SEBI's Investor Protection and Education Fund within seven days. This applies when the FPI no longer exists, is not operating, or lacks valid SEBI registration or FEMA approval. Other terms from the original circular remain effective, and the circular aims to protect investor interests and regulate the securities market.
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