The Securities and Exchange Board of India ( Sebi) has issued guidelines on utilising the Investor Protection Fund (IPF) of depositories. It is for specific purposes like promotion of investor education, assistance in research activities for development of the securities market and to support initiatives of depository participants, went a Sebi circular issued on Tuesday. Permission to utilise must be taken from the regulator. Depositories must frame their internal guidelines and get it approved from their board of directors. Then, send it to Sebi within a month from now. Subsequent changes must also be intimated. The contribution to IPF would be five per cent of the profit made each year since 2012- 13 from depository operations. Also, all fines and penalties recovered from participants and other users to be deposited in it, including clearing members’ pool account penalty. Plus, deposit interest/ income from any investments made from the fund. “The management of an IPF wil