Standard Chartered clears first refunds through ECS

Mumbai, Mar 13 (UNI) Standard Chartered bank today achieved a first by managing the first public offer refunds through the electronic clearing services (ECS) route.

A press release issued here today said StanChart accomplished this for the recently concluded follow-on public offer of K Sera Sera Productions Ltd.

The ECS system eliminates the risk of warrants getting lost or delayed and the risk of frauds associated with paper transactions are also reduced substantially, the release said.

Bank's regional head (client relationships-India and South Asia) Bala Swaminathan said ''this is an important milestone in the development of capital markets in India and by successfully completing the first such transaction, Standard Chartered bank and Sera Sera have led the way in making this the new standard for future public issues.'' UNI JJ GK SKB1822