Refunds through ECS expanded to additional centers to broaden electronic refund processing and require disclosure in offer documents. The circular directs that refunds in public and rights issues shall be made available through ECS at an expanded roster of bank-managed clearing centres, supplementing existing electronic refund modes such as NEFT, RTGS and direct credit. Merchant bankers must include suitable refund instructions for these electronic modes in application forms, abridged prospectuses and prospectuses/letters of offer. The extension is effective immediately and the annexure lists the centres for operational implementation.
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Provisions expressly mentioned in the judgment/order text.
Refunds through ECS expanded to additional centers to broaden electronic refund processing and require disclosure in offer documents.
The circular directs that refunds in public and rights issues shall be made available through ECS at an expanded roster of bank-managed clearing centres, supplementing existing electronic refund modes such as NEFT, RTGS and direct credit. Merchant bankers must include suitable refund instructions for these electronic modes in application forms, abridged prospectuses and prospectuses/letters of offer. The extension is effective immediately and the annexure lists the centres for operational implementation.
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