DEPOSITORIES AND CUSTODIAN CELL

In view of the various complaints / representations received from the demat investors in regard to imposing closure charges unilaterally by some Depository Participants, despite such kind of clause does not exist in the agreement as entered by the investors at the time of opening of a demat account. SEBI has taken a view that such account holders should rightfully get back their account closure charges unilaterally imposed by certain depository participants. 
In this connection SEBI has directed M/s Integrated Enterprises (India) Ltd, Chennai and M/s Abhipra Capital Ltd, New Delhi to refund the amount charged under account closure charges to all those demat account holders who have closed their accounts, without having the requisite clause of the account closure charges in the agreement. 
 
In addition to this M/s Integrated Enterprises (India) Ltd, Chennai has been directed to refund the amount charged to all those investors who have opened demat accounts with them with an advance amount of Rs 3,000/- under a scheme called "Consolidated Scheme". Earlier SEBI had directed M/s Integrated Enterprises (India) Ltd, Chennai not to accept advance / deposit for opening of a demat account. However it was found that M/s Integrated Enterprises (India) Ltd, Chennai has been accepting deposits / advance under the "Consolidated Scheme". Therefore they have also been directed to refund the amount collected under the "Consolidated Scheme" within 30 days.