ECS refund facility expanded for public and rights issues, mandating electronic refunds and compliance with prior instructions immediately. SEBI, under Section 11(1) of the SEBI Act, directs that refunds in public and rights issues may be made through ECS at an expanded set of centres following consultation with the Reserve Bank of India. This builds on the January 20, 2006 circular permitting electronic refunds (including NEFT, RTGS and direct credit). Issuers and bankers must comply with the earlier circular's instructions; the annexed list of designated ECS centres and managing banks is provided and the directive is effective immediately.
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ECS refund facility expanded for public and rights issues, mandating electronic refunds and compliance with prior instructions immediately.
SEBI, under Section 11(1) of the SEBI Act, directs that refunds in public and rights issues may be made through ECS at an expanded set of centres following consultation with the Reserve Bank of India. This builds on the January 20, 2006 circular permitting electronic refunds (including NEFT, RTGS and direct credit). Issuers and bankers must comply with the earlier circular's instructions; the annexed list of designated ECS centres and managing banks is provided and the directive is effective immediately.
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