Regulation 53C - Investor Protection Fund. - SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND PARTICIPANTS) REGULATIONS, 1996

1 [Investor Protection Fund. 53C.(1) Every depository shall establish and maintain an Investor Protection Fund for the protection of interest of beneficial owners: Provided that this Fund shall not be used by the depository for the purpose of indemnifying the beneficial owner under section 16 of the Depositories Act, 1996. 2 [(2) Every depository shall credit five per cent or such percentage as may be specified by the Board, of its profits from depository operations every year to the Investor Protection Fund.] (3) The contribution to and utilization of the Investor Protection Fund shall be in accordance with the norms specified by the Board.] ********* 1 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2012, w.e.f. 11-9-2012. 2 Substituted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2016 w.r.e.f. 11-09-2012. Prior to its substitution, sub-regulation (2) read as under: (2) Every depository shall credit twenty five per cent. of its profits every year to the Investor Protection Fund.