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    <title>Clarification to Circular pertaining to Investor Protection Fund (IPF) and Investor Service Fund (ISF)</title>
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    <description>Permits carry forward of unutilized Investor Protection Fund (IPF) interest to the next financial year; allows use of IPF interest for commodity-market research with prior written trustee approval, quarterly or half-yearly Board reporting and a cap of ten percent of IPF interest; enables use of IPF for clients of non SEBI registered members if bye laws permit; and authorises use of IPF interest for Investor Service Fund (ISF) expenditures for three years from April 1, 2018, subject to bye law amendments, member notice, website dissemination and reporting to SEBI.</description>
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      <description>Permits carry forward of unutilized Investor Protection Fund (IPF) interest to the next financial year; allows use of IPF interest for commodity-market research with prior written trustee approval, quarterly or half-yearly Board reporting and a cap of ten percent of IPF interest; enables use of IPF for clients of non SEBI registered members if bye laws permit; and authorises use of IPF interest for Investor Service Fund (ISF) expenditures for three years from April 1, 2018, subject to bye law amendments, member notice, website dissemination and reporting to SEBI.</description>
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