Section 213: Claims against an investor protection fund.

(1) Subject to this part of this Act, every person who suffers pecuniary loss as provided in section 212 of this Act shall be entitled to claim compensation from the investor protection fund established for the securities exchange or capital trade point to which the defaulting member company belongs.
(2) A claim for compensation under this part shall be made in the first instance to a securities exchange or capital trade point who shall within 30 days verify every claim and determine the amount or extent, if any, to which the claim shall be allowed.
(3) A verified claim shall be paid by the investor protection fund to an investor within 14 days of such verification by the securities exchange or capital trade point.
(4) The provisions of subsection (2) of this section shall be without prejudice to the power of the Commission or the Tribunal to direct or order the payment of compensation in accordance with the provisions of this Act.
(5) Subject to subsections (2) and (3) of this section, a person shall not have any claim against an investor protection fund in respect of a defalcation concerning money or other property which, prior to the commission of the defalcation, had in the due course of the administration of a trust ceased to be under the control of the director or directors of the dealing member firm concerned.
(6) Subject to this part of this Act and any limit that may be determined by the securities exchange or capital trade point and approved by the Commission from time to time, the amount which any claimant shall be entitled to claim as compensation from an investor protection fund shall be the amount of the actual pecuniary loss suffered by him (including the reasonable cost of disbursement incidental to the making and proving of his claim) less any amount or value of all monies or other benefits received or receivable by him from any source other than the investor protection fund in reduction of the loss.
(7) In addition to any compensation payable under this part of this Act, interest shall be payable out of the investor protection fund concerned on the amount of the compensation, less any amount attributable to costs and disbursements, at the rate of five per cent per annum calculated from the day upon which a claim arose and continuing until the day upon which the claim is satisfied.