9911796707
TMI BlogInvestor Protection Fund (IPF) and its related mattersX X X X Extracts X X X X X X X X Extracts X X X X ..... ember 29, 2015), or till such time as notified by SEBI, whichever is earlier. 2. Erstwhile FMC, from time to time, had prescribed various norms and guidelines for National Commodity Derivatives Exchanges with respect to Investor Protection Fund (IPF) through various circulars. This circular is hereby issued to consolidate and update such norms and guidelines which will be applicable to all National Commodity Derivatives Exchanges (Exchanges). 3. Constitution and Management of the IPF 3.1. The IPF shall be administered by a Trust created for this purpose. 3.2. The IPF Trust shall comprise of two eminent persons and one independent Director on the Board of the Exchange (these names will be suggested by the Exchanges and approved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the defaulter member within a specified period of time called as the specified period . 5.2. The specified period shall be a minimum period of 90 days. 5.3. Exchanges shall publish the notice in all the editions of at least one English national daily with wide circulation and in at least one regional language daily with wide circulation at the place(s) where the concerned Exchange Member(s)is/are situated. 5.4. The notice calling for claims shall be displayed on the website of the Exchange for the entire specified period. 5.5. The notice shall contain the specified period, the maximum compensation limit for a single claim of an investor/client and all other relevant information. 6. Eligibility of Claims 6.1. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The maximum available compensation arising out of default by a member of an Exchange shall be ₹ 2 crores in those commodity derivatives exchanges whose size of corpus of IPF is ₹ 15 crores or above and shall be ₹ 25 lakh if the size of corpus is less than ₹ 15 crores. 8.3. SEBI shall review the amount of compensation available against a single claim from an investor from time to time. 8.4. Exchanges shall disseminate the compensation limit fixed by them and any change thereof, to the public through a Press Release and through their Website. 9. Disbursements of claims from the IPF 9.1. The IPF Trust shall disburse the amount of compensation from the IPF to the investors and such compensation shall not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of this circular shall come into effect from September 29, 2016 in supersession of all earlier directives issued by erstwhile FMC with regard to matters related to IPF. 11. The Exchanges are advised to: i. take steps to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the same. ii. bring the provisions of this circular to the notice of the members of the Exchange and also to disseminate the same on their website. iii. communicate to SEBI, the status of the implementation of the provisions of this circular. 12. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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