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TMI BlogIntroduction of a new instrument called stockinvestX X X X Extracts X X X X X X X X Extracts X X X X ..... money/allotment letters. In order to facilitate the investors on the suggestion made by the Securities and Exchange Board of India (SEBI), a new instrument called stockinvest has been introduced as per a scheme prepared by the State Bank of India and approved by the Reserve Bank of India. As per the Scheme, the stockinvest instrument provides for the investors to indicate the name of the issuer, n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h, cheques and drafts under the existing system. Stockinvest is not an alternative but an additional facility available to the investor in case he so opts. Under the scheme, the company while deciding the basis of allotment would consider along with other applications the applications received from the investor who has opted for payment by a new instrument. Once the basis of allotment to all the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The aforesaid procedure has been prescribed as a measure to avoid any complaint about non‑payment/delay in refund of share application money in terms of section 73 of the Companies Act from the investing public. 3. You are requested to advise your constituent member companies to adopt the aforesaid new scheme in consultation with the State Bank of India and the Securities and Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued in denominations of Rs. 250, Rs. 500, Rs. 2,500, Rs. 5,000 and Rs. 10,000. Price. The various denominations of stockinvest will be priced based on a liability study being undertaken by our management Science Department. Period. The stockinvest is valid for a period of six months. Interest. The stockinvest is issued after a lien is marked for the appropriate amount on the deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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