- SEBI vide its circular dt: September 4, 2023 has changed the modes in which penalties or monies can be transferred to Investor Protection and Education Fund (‘IPEF’). Pursuant to this circular of SEBI amount to be remitted to ‘SEBI IPEF’ for violation of SEBI PIT and/or code of conduct will now be remitted online only. The option of remitting money by way of a demand draft is not available anymore.
- Various online modes now made available are mentioned in SEBI circular.
- This circular is applicable with immediate effect (i.e. September 5, 2023). Now all remittances to SEBI IPEF will be done through a link given on SEBI website.
- While remitting money to SEBI IPEF certain additional details are sought including PAN, name of company, mobile number of remitter etc.
Actionable are as follows:
- Please check if this circular would mandate amending code of conduct under PIT.
- Inform clients that method of remitting money to IPEF is changed with immediate effect.
- This new method of remitting money will require dissemination amongst designated persons.
Disclaimer: This article provides general information existing at the time of preparation and we take no responsibility to update it with the subsequent changes in the law. The article is intended as a news update and Affluence Advisory neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this article. It is recommended that professional advice be taken based on specific facts and circumstances. This article does not substitute the need to refer to the original pronouncement
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