SEBI amends norms for determination of legitimate claims.

The Stock Exchanges shall ensure that once a member has been declared defaulter, the claim (s) shall be placed before the Member Core Settlement Guarantee Fund Committee (MCSGFC, the erstwhile Defaulters’ Committee) for sanction and ratification. MCSGFC’s advice w.r.t. legitimate claims shall be sent to the IPF Trust for disbursement of the amount immediately.

Co-operative Societies Deposit Protection Scheme

The amendment provides that every co-operative credit society and other co-operative societies having credit business, shall register themselves under such Deposit Protection Scheme and pay
such contributions, so as to secure deposits of its depositors and members and take such other measures, as specified in the Scheme.