1. We have heard that SEBI has allowed use of ECS for refunds in the issue process? Now will all the applicants get refund through ECS?
Yes, SEBI vide its circular dated January 20, 2006, has permitted use of ECS for refunds in the issue process. However to start with, SEBI has made it mandatory that the applicants in 15 cities viz. Ahmedabad, Bangalore, Bhubaneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram will get refunds through ECS. Applicants in other cities will get refunds through normal practice of registered / ordinary post. SEBI will enhance number of centers after reviewing feedback on the system.

2. Is ECS refund mandatory now for 15 said centers or still depends on choice of registrar?
Refund through ECS is mandatory in the said 15 centers.

3. Is it applicable to all the issues opened on or after January 20, 2006?
No, it is applicable to those issues whose offer documents are filed with SEBI on or after January 20, 2006.

4. But how will we know which issue is having this facility?
Along with the above mentioned circular, separate instructions have been given to Lead Managers, Registrars and Bankers to the Issue to ensure that the facility is available to the investor in case of all issues filed on or after January 20, 2006. Relevant disclosures pertaining to this facility will be made in the Prospectus, application form and abridged prospectus. The applicants are advised to carefully read the prospectus/ abridged prospectus/ application form.

5. Whether I will get refunds through ECS if my correspondence address is in one of the 15 centers or am I required to have bank account in banks in one of the 15 centers?
The applicant having a bank account in banks in one of the aforesaid 15 centers will get refunds through ECS.

6. Are we required to give details of bank account where the refund amount shall be credited?
The bank account details will be directly taken from the depositories’ database and hence are not required to be filled in the application form for issues wholly made in dematerialized form.

1. We have heard that SEBI has allowed use of ECS for refunds in the issue process? Now will all the applicants get refund through ECS?
Yes, SEBI vide its circular dated January 20, 2006, has permitted use of ECS for refunds in the issue process. However to start with, SEBI has made it mandatory that the applicants in 15 cities viz. Ahmedabad, Bangalore, Bhubaneshwar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram will get refunds through ECS. Applicants in other cities will get refunds through normal practice of registered / ordinary post. SEBI will enhance number of centers after reviewing feedback on the system.

2. Is ECS refund mandatory now for 15 said centers or still depends on choice of registrar?
Refund through ECS is mandatory in the said 15 centers.

3. Is it applicable to all the issues opened on or after January 20, 2006?
No, it is applicable to those issues whose offer documents are filed with SEBI on or after January 20, 2006.

4. But how will we know which issue is having this facility?
Along with the above mentioned circular, separate instructions have been given to Lead Managers, Registrars and Bankers to the Issue to ensure that the facility is available to the investor in case of all issues filed on or after January 20, 2006. Relevant disclosures pertaining to this facility will be made in the Prospectus, application form and abridged prospectus. The applicants are advised to carefully read the prospectus/ abridged prospectus/ application form.

5. Whether I will get refunds through ECS if my correspondence address is in one of the 15 centers or am I required to have bank account in banks in one of the 15 centers?
The applicant having a bank account in banks in one of the aforesaid 15 centers will get refunds through ECS.

6. Are we required to give details of bank account where the refund amount shall be credited?
The bank account details will be directly taken from the depositories’ database and hence are not required to be filled in the application form for issues wholly made in dematerialized form.