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In the ever-evolving landscape of securities regulations, the Securities and Exchange Board of India (SEBI) has introduced a pivotal circular (SEBI/HO/DDHS/DDHS-RAC-1/P/CIR/2023/176) dated November 08, 2023. This circular addresses the procedural framework for managing unclaimed amounts associated with listed non-convertible securities. As a seasoned industry professional, this article aims to dissect and analyze this circular, offering insights into its implications for issuers, investors, and the broader financial market.
To appreciate the circular’s significance, consider the past challenges where unclaimed dividends and interests led to investor grievances. The circular addresses these issues by providing a clear, standardized process for reclaiming funds and ensuring their safekeeping.
The SEBI circular on unclaimed amounts in non-convertible securities marks a significant step towards enhancing investor protection and market efficiency. By standardizing procedures and increasing transparency, it not only safeguards investors’ interests but also lays down clear compliance pathways for issuers. As the market adapts to these changes, we can expect a more robust, transparent, and investor-friendly securities landscape in India.
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