Investor Protection Fund rules amended: fixed claim period, asset return order, and exchange bylaw amendments required. The Circular fixes a minimum ninety day specified period for inviting legitimate claims, requires exchanges to bear eligible claims arising within three years of that period without recourse to IPF/CPF, allows post three year claims to be treated as civil disputes, and permits retention of residual amounts while litigation is pending. It deletes Clause 22, confirms IPF/CPF disbursement only where broker assets are insufficient, and mandates that realized assets be returned to the defaulter only after satisfying claims of the exchange, SEBI, and, for multi exchange brokers, other exchanges; exchanges must amend bye laws, notify members, and report implementation.
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Investor Protection Fund rules amended: fixed claim period, asset return order, and exchange bylaw amendments required.
The Circular fixes a minimum ninety day specified period for inviting legitimate claims, requires exchanges to bear eligible claims arising within three years of that period without recourse to IPF/CPF, allows post three year claims to be treated as civil disputes, and permits retention of residual amounts while litigation is pending. It deletes Clause 22, confirms IPF/CPF disbursement only where broker assets are insufficient, and mandates that realized assets be returned to the defaulter only after satisfying claims of the exchange, SEBI, and, for multi exchange brokers, other exchanges; exchanges must amend bye laws, notify members, and report implementation.
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