Markets regulator Sebi has reconstituted its advisory committee on Investor Protection and Education Fund (IPEF), which is used to refund aggrieved investors.
The committee recommends investor education and protection activities that may be undertaken directly by the regulator or through any other agency.
Besides, IPEF funds can be used for the purpose of refund to aggrieved investors.
The 7-member committee will be headed by Ajay G Piramal Chairman, Piramal Group and Shriram Group. In the past, the panel was chaired by former ICICI Bank chairman K V Kamath.
The new panel comprises M G Parameswaran, founder, brand-building.Com, N L Bhatia, President, Emeritus, Investor Education and Welfare Association and Consultant Rama Bijapurkar.
Besides, the committee has three Sebi members -- Executive Director Gyan Bhushan and Chief General Managers N Hariharan and V S Sundaresan.
The trust would have to appoint merchant bankers at least
one of whom would be a lead merchant banker and would also appoint other intermediaries, in consultation with the merchant banker, to carry out the obligations relating to the issue.
The draft offer document would be filed with Sebi and the designated stock exchanges. In all issues, the REIT would accept bids including using ASBA facility.
"No REIT shall make a public issue of units, if the REIT or parties to the REIT or the promoter or director of parties to the REIT is debarred from accessing the securities market... Is in the list of the wilful defaulters published by the Reserve Bank of India," Sebi said.
