SEBI vide circular dated November 08, 2023 has issued a Procedural framework for dealing with unclaimed amounts lying with entities having listed non-convertible securities and manner of claiming such amounts by investors. Where the interest/dividend/redemption amount has not been claimed within thirty days from the due date of interest/ dividend/ redemption payment, a listed entity shall within seven days from the date of expiry of the said period of thirty days, transfer the amount to an Escrow Account.
As there was a need to standardize the process to be followed by a listed entity for transfer of such amounts to Escrow Account and by the investors for making claims thereof, a framework has been created for defining the manner of transfer of such unclaimed amounts by a listed entity to an Escrow Account and claim thereof by an investor.
