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of <h1>SEBI mandates ECS for refunds in public issues; depositories must update MICR codes for accurate processing.</h1> The circular from SEBI mandates the use of the Electronic Clearing System (ECS) for refunds in public issues, specifically for applicants in 15 centers managed by the Reserve Bank of India. It requires the depositories to maintain updated MICR codes in their databases to ensure accurate and timely refunds. Depository Participants (DPs) must update these bank details in real-time to prevent failed or incorrect credits. Depositories are instructed to amend relevant regulations and report the implementation status to SEBI monthly. This directive is issued under SEBI's authority to protect investors and regulate the securities market.
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