 "Crediting funds to Sebi's IPEF to be done through online mode only")
To facilitate market intermediaries, the process of crediting funds to Sebi's Investor Protection Education Fund (IPEF) can only be conducted online through the regulator's website.
This move will streamline the payment process and enhance accessibility for all the contributors to the fund.
In July 2020, the Securities and Exchange Board of India (SEBI) had prescribed that the amounts shall be credited to the the regulator's IPEF through online mode or through a demand draft drawn in favour of the board.
However, in its latest circular, the markets watchdog said that the remittances to the SEBI IPEF be made only through the regulator's website.
"SEBI has opened a new bank account to facilitate market participants to make payment to SEBI IPEF.
"In this regard, a link has been provided in the homepage of SEBI website (www.sebi.com) under the head 'Click here to make payment to SEBI IPEF'," it added.
More From This Section
The intermediaries can make payments to IPEF conveniently using various payment methods, including net banking, NEFT/RTGS, debit cards, and UPI, the regulator noted.
While making payments for the SEBI IPEF, remitters are required to provide necessary information for transparency and compliance. The information includes the name of the payer, PAN and mobile number, among other relevant details.
The regulator also ensures that all these details are accurately furnished so that it will facilitate smooth and transparent transactions by the entities.
Stock exchanges have been asked to take note of the same and inform all the companies listed on their exchanges about the changes in the mode of payment of the regulator's IPEF through a circular.
The IPEF has been set up for the promotion of investors' education, awareness and protection.
The fund is used for the educational activities, including seminars, training, awareness programmes, funding investor education and aiding investors' associations by the board to undertake legal proceedings in the interest of investors in securities that are listed or proposed to be listed.