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of <h1>SEBI Sets New Rules for Unclaimed Non-Convertible Securities: Transfer to Escrow, IEPF/IPEF, and Investor Claim Process by March 2024.</h1> The circular outlines a procedural framework for handling unclaimed amounts associated with listed non-convertible securities. Under the SEBI regulations, entities must transfer unclaimed interest, dividend, or redemption amounts to an Escrow Account within seven days after a 30-day claim period. If unclaimed for seven years, these amounts are transferred to the Investor Education and Protection Fund (IEPF) or the Investor Protection and Education Fund (IPEF), depending on the entity's status under the Companies Act. The circular mandates entities to establish a process for investors to claim these amounts, including designating a Nodal Officer and maintaining a searchable database for investors. The framework also includes penalties for non-compliance and requires entities to update information regularly and provide a mechanism for investor claims. The provisions are effective from March 1, 2024.
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