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of <h1>SEBI Issues New Guidelines for Handling Unclaimed Funds with InvITs; Transfers to IPEF After Seven Years Effective March 2024.</h1> The circular issued by SEBI outlines the procedural framework for managing unclaimed amounts with Infrastructure Investment Trusts (InvITs) and the process for unitholders to claim these amounts. InvITs are required to distribute at least 90% of Net Distributable Cash Flows to unitholders, but some distributions remain unclaimed due to various reasons. Unclaimed amounts must be transferred to the Investor Protection and Education Fund (IPEF) after seven years. A framework for transferring unclaimed amounts to an Escrow Account and subsequently to the IPEF is provided, along with procedures for unitholders to claim their entitlements. The circular becomes effective on March 1, 2024.
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