"With reference to entry 8 of Clarifications, issued vide CERC letter dated 04.07.2022 bearing no. L-1/266/2022, it is observed that most of the stakeholders are submitting Bank Guarantees without ensuring compliance with the SFMS (Structured Financial Messaging System) requirement, as mandated by RBI. This is causing delays in processing the refund requests. Stakeholders are therefore requested to ensure due conformity of Bank Guarantees to SFMS requirements at the time of submission of the same."