Compliance Calendar under IEPF rule & records to be maintained

The MCA came through Notification dated 5^th September, 2016 effective from 7^th September, 2016 rules for IEPF such rules called Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

[1]Terms to be use in the Article

Compliance Calendar:

Compliance Calendar for Company

S. No.	Form No.	Rule No.	Particular of Form	Time period of fling
1.	IEPF-6 Statement to Authority	Rule 8(1)	The company shall furnish a statement to the Authority stating therein the amounts due to be transferred to the Fund in next financial year.	30 days of end of financial year.
2.	IEPF-3	Rule 6 Details of shares and unpaid dividend	Transfer of shares to the IEPF	30 days of end of the financial year.
3.		Rule 8(2)	A statement Stating therein the reasons of deviation, if any, of amounts detailed in IEPF-6 and actual amounts transferred to the Fund.	30 days of the closure of its accounts for the financial year.
4.	IEPF-4	Rule 6(5)	A Statement to the Fund by Company	After transfer of shares.
5.	IEPF-2 Annual Statement	Rule 5(8)	All companies which have unclaimed and unpaid amounts are required to file an annual statement of the amounts transferred to the designated account maintained by the company, till the period of 7 years by identifying the unclaimed amounts as on the date of holding of Annual General Meeting	90 days from Annual General Meeting (AGM) every yea.
6.		Rule-5(1) Transfer of Amount to Fund	Remittance of amount of section 125(2) (a-n) into the specified Bank Branch.	within a period of 30 days of such amounts becoming due to be credited to the Fund
7.	IEPF-1	Rule-5(4) Statement to be furnish to Fund	Transfer of Amount to the IEPF	Within 30 days of submission of Challan

Records to be maintained by the Company:

As stated in Rule 5(6c): The Company shall maintain of the persons in respect of whom unpaid or unclaimed amount has remained unpaid or unclaimed for a period of seven years and has been transferred to the Fund record consisting of

• Name
• Last known Address
• Amount
• Folio Number
• Client ID
• Certificate Beneficiary Details etc.

The Authority shall have the powers to inspect such records.

Compliance Calendar for Shareholder

S. No.	Form No.	Rule No.	Particular of the Form
1.	IEPF-5	Rule 7(1)	Application to the Authority for claiming unpaid amounts and shares out of IEPF
2.	IEPF-5	Rule 7(1)	Copy to the Company

Compliance Calendar for Authority;

S. No.	Name of Statement	Rule No.	Particular of Statement	Time period of filing
1.	Abstract of Details	Rule 5 (6b) Bank – Authority	Each Designated bank shall furnish an abstract of receipts of amount during the month to the authority within 7 days after the close of every month.	7 days after closure of every month
2.	Refund to claimant	Rule 7(3) Company – Authority	The Company sends a verification report to the Authority in the format specified by the Authority along with all documents submitted by the claimant.	15 days of receipt of IEPF-5 form
3.	Disposed off application	Rule 7(6)	An application received for refund of any claim under this rule duly verified by the concerned company shall be disposed of by the Authority	60 days of receipt of verification report from the Company
4.	Report to CG	Authority – Central Government	Authority shall furnish report to the Central Government giving details of who have failed to transfer the due amount to the Fund	60 days of end of the financial year
5.	Rule 10(2) Return & Report	Authority – Central Government	A report in such form, giving true and full account of its activities during the previous financial year.	180 days of end of the financial year

REGISTERS AND BOOKS OF ACCOUNT TO BE MAINTAINED BY THE AUTHORITY

i. Register of Shares transferred under sub-section (6) of section 124

ii. Central Cash Book

iii. Company wise Ledger

iv. General Ledger

v. Cashier’s Cash Book

vi. Bank Ledger

vii. Register of Assets

viii. Investment Register

ix. Claim Register

x. Refund Register

xi. Suspense Register

xii. Documents Register

xiii. Any other register or Book as decided by Authority

(Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com)

[1] “Fund” means the Investor Education and Protection Fund (IEPF) constituted under Section 125 of the Act.

¹ “Authority” means the Investor Education and Protection Fund Authority constituted under Section 125(5) of the Act.

(Author can be reached at csdiveshgoyal@gmail.com )

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