Purpose of the E-Form IEPF-2:

Statement of unclaimed or unpaid amounts and details of Nodal Officer.

Earlier E-form INV-5 is filed for this purpose, however after introduction of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 , E Form INV-5 is being replaced by E- form IEPF-2 i.e. Statement of unclaimed and unpaid amounts.

Applicable Rules:

1. Rule 5(8) of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016*

2. Rule 7(2B) of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016*

*MCA vide its circular dated 14th August, 2019 amended the Rules, 2016 through the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019.

Changes in Rule 5(8) and Rule 7(2)
S.NO. BEFORE AMENDMENT AFTER AMENDMENT
1.

Rule 5(8)

Due date for filing IEPF-2 within 90 days from Date of AGM or due date of AGM whichever is earlier. Due date for filing IEPF-2 is now within 60 days from Date of AGM or due date of AGM whichever is earlier.
Unclaimed amounts are identified as on the date of holding of AGM. Unclaimed amounts are identified as on the date of closure of financial year the account of which are to be adopted in ensuing AGM.
2.

Rule 7(2A) and 7(2B)

Earlier Rule 7(2A):

  • Company shall appoint a Nodal Officer within 15 days,
  • Communicate the contact details of the Nodal Officer duly indicating his or her designation, postal address, telephone and mobile number and company authorized e-mail ID to the IEPF Authority.
  • Company shall display the name of Nodal Officer and his e-mail ID on its website.
Changes made in Rule 7(2A) and a new Rule 7(2B) is inserted:

Changes in Rule 7(2A):

  • Eligible persons who can be appointed as a nodal officer are explained i.e., Director or Chief financial Officer or Company Secretary of the company,
  • Company may appoint one or more Officer as Deputy Nodal Officer to assist the Nodal Officer, however nodal Officer shall be solely liable for all actions of any officer appointed as Deputy Nodal Officer,
  • In case a company fails to appoint Nodal Officer, every director of the company shall be deemed to be nodal officer and be liable for any failure in compliance.

New Rule 7(2B):

  • Company shall appoint a Nodal Officer on or before 29th August, 2019,
  • Communicate the details of the Nodal Officer to the IEPF Authority.
  • Any change in Nodal officer is communicated in IEPF-2 within 7 days of such change.

S.No. Form Purpose Due date
1. IEPF-2 Statement of Unpaid and Unclaimed Amounts Within 60 days from Date of AGM or due date whichever is earlier
  • Appointment of Nodal Officer
  • Appointment of Deputy Nodal Officer
  • Updation of details of Nodal Officer only
  • Updation/Cessation of details of deputy Nodal Officer only
Within 7 days from date of passing BR

Disclaimer

This article is for informational purposes only and is intended, but not promised or guaranteed, to be correct, complete, and up-to-date. Whitespan Advisory does not warrant that the information contained in this article to be accurate or complete, and hereby disclaims any and all liability to any person for any loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or any other cause.

Please feel free to contact the undersigned in case you require any further information/ clarification on the above article. 

Garima Bansal & Atul Singh- garima@whitespan.in – atul@whitespan.in

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