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of <h1>Depository Participants Must Refund Unused Annual Account Fees for Closed or Transferred Demat Accounts, Circular States.</h1> The circular mandates that Depository Participants (DPs) refund account maintenance charges (AMC) collected upfront on an annual or half-yearly basis to beneficial owners (BOs) if a demat account is closed or shifted before the end of the paid period. The refund should cover the balance quarters for which services were not rendered. This requirement applies to all existing and new accounts with upfront AMC collections, excluding those with monthly or quarterly AMCs. Depositories must amend their regulations accordingly and inform their DPs and BOs of these changes to protect investors and regulate the securities market.
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