Financial Daily from THE HINDU group of publications
Thursday, Feb 23, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 23, 2006 |
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Markets
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IPOs NSDL, CDSL told to update bank details of account holders Our Bureau
Mumbai , Feb. 21 THE SEBI on Tuesday asked the depository participants to update the MICR code and other bank details of the account holders in the database of depositories to ensure direct credit of IPO refunds to the bank accounts of the applicants through the electronic clearing system (ECS). This will ensure that the refunds through ECS are made in a smooth manner and that there are no failed or wrong credits, the SEBI said in a circular to National Securities Depositories Ltd (NSDL) and Central Depository Services Ltd (CDSL). "IPO applicants in 15 centres where clearing houses are managed by the RBI will get refunds through ECS only and the bank details of the applicants will be taken directly from the database of the depositories in respect of issues made completely in demat form," the circular said. The two depositories were also asked to make amendments to the relevant bye-laws, rules and regulations for the implementation of the decision. The depositories were also asked to communicate to the SEBI the status of the implementation of the provisions of this circular in the Monthly Development Report.
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