Account maintenance charge refund ensures pro rata reimbursement on demat account closure or transfer under regulatory mandate. Depositories must require DPs collecting annual or half yearly upfront account maintenance charges to refund the unearned AMC to beneficial owners upon account closure or transfer, calculated on a pro rata quarterly basis from the account opening date; quarterly and monthly AMC regimes are excluded. Depositories must amend bye laws, notify DPs, publish the requirement and communicate to BOs under the regulator's statutory powers.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Account maintenance charge refund ensures pro rata reimbursement on demat account closure or transfer under regulatory mandate.
Depositories must require DPs collecting annual or half yearly upfront account maintenance charges to refund the unearned AMC to beneficial owners upon account closure or transfer, calculated on a pro rata quarterly basis from the account opening date; quarterly and monthly AMC regimes are excluded. Depositories must amend bye laws, notify DPs, publish the requirement and communicate to BOs under the regulator's statutory powers.
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