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    <description>Comprehensive guidelines standardize constitution, governance and operation of the Investor Protection Fund/Customer Protection Fund (IPF/CPF) at stock exchanges. The IPF/CPF must be administered by a Trust with specified representation, segregated assets and exchange secretariat support. Funding sources are prescribed, exchanges must invite claims within a minimum notice period and determine legitimacy via arbitration or Defaulters Committee, excluding broker/associate and speculative claims. Exchanges set compensation limits with minimum floors and periodic review; the IPF/CPF Trust disburses compensation up to the single-claim maximum as claims crystallise and auction realisations are credited to the fund after satisfying claims.</description>
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