Securities and Exchange Board of India (Investor Protection and Education Fund) Second Amendment Regulations, 2023

Last updated: 25 October 2023

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The Securities and Exchange Board of India (SEBI) has introduced the Investor Protection and Education Fund (Second Amendment) Regulations, 2023. These amendments clarify how certain funds transferred to the Investor Protection and Education Fund can be utilised. Specifically, disgorged amounts and related interest can be used for investor restitution or to reward informants. Additionally, funds transferred from specific regulations concerning listed entities, REITs, and InvITs can be refunded to the transferring entities after they compensate eligible investors.

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 20th October, 2023 SECURITIES AND EXCHANGE BOARD OF INDIA (INVESTOR PROTECTION AND EDUCATION FUND) (SECOND AMENDMENT) REGULATIONS, 2023 No. SEBI/LAD-NRO/GN/2023/157.In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Investor Protection and Education

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FAQ :

These are amendments to the existing SEBI (Investor Protection and Education Fund) Regulations, 2009, which came into effect upon their publication in the Official Gazette.

Disgorged amounts and their accrued interest can be used for making restitution to eligible investors who have suffered losses due to securities law violations, or for rewarding informants who provide original information leading to the recovery of disgorged amounts.

Monies transferred in accordance with the Listing Obligations and Disclosure Requirements, Real Estate Investment Trusts, and Infrastructure Investment Trusts Regulations can be utilised for refund to the transferring entities, provided they have made payments to eligible investors and submitted a claim.

A claim for restitution from disgorged amounts in a specific case is not admissible after a period of seven years from the date SEBI invited claims for disgorgement in that case.

Yes, any monies remaining in the Fund after earmarking amounts for restitution and refunds can be utilised for the general purposes of the Fund as specified in the earlier sub-regulations.