The Ministry of Corporate Affairs has issued the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Amendment Rules, 2024, via Notification No. G.S.R. 414(E) dated 16th July 2024. These amendments modify various IEPF forms and update procedures for fund transfers and claims. Key changes include replacing forms IEPF-3 with IEPF-4 and IEPF-7 with IEPF-1, revising the online transfer process for amounts due to the IEPF Authority, and amending rules 6 and 6A to streamline remittance procedures. The updated rules and forms aim to enhance the efficiency and accuracy of fund management under the Investor Education and Protection Fund framework.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 16th July, 2024
G.S.R. 414(E).—In exercise of the powers conferred by sub-sections (1), (2), (3), (4),(8), (9), (10) and (11) of section 125 and sub-section (6) of section 124 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, namely:-
1. (1) These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2024.
(2) These rules shall come into force on the date of their publication in Official Gazette.
2. In the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter referred to as the said rules), –
(a) for the letters and figures, “IEPF-3”, wherever they occur, the letters and figures, “IEPF- 4”, shall be substituted;
(b) for the letters and figures, “IEPF-7”, wherever they occur, the letters and figures, “IEPF- 1”, shall be substituted.
3. In rule 6 of the said rules, –
(a) in sub- rule (13), –
(i) for the words, “into the specified account of the IEPF Authority maintained in the Punjab National Bank”, the words “online to the Authority within a period of thirty days from the date such amount becomes due” shall be substituted;
(ii) the words, “within thirty days from the date of remittance or within thirty days from the date of enforcement of these Rules, as the case may be” shall be omitted.
(b) in sub-rule (13A), –
(i) for the words, “into the specified account of the IEPF Authority maintained in the Punjab National Bank”, the words “online to the Authority within a period of thirty days from the date such amount becomes due” shall be substituted;
(ii) the words, “within thirty days from the date of remittance or within thirty days from the date of commencement of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund), Third Amendment, Rules, 2021, as the case may be” shall be omitted.
4. In rule 6A, in sub-rule (12) –
(a) for the words, “into the specified account of the IEPF Authority maintained in the Punjab National Bank”, the words “online to the Authority” shall be substituted;
(b) for the words, “from the date of remittance”, the words “of such amount becoming due to be credited to the Fund” shall be substituted.
5. For the Forms IEPF-1, IEPF-1A, IEPF-2 of the said rules the following forms shall respectively be substituted, namely: –
Form No. IEPF-1
Statement of amounts credited to IEPF or transfer of amounts on account of shares transferred to the fund
Form No. IEPF-1A
Statement of amounts credited to Investor Education and Protection Fund [Pursuant to rule 5(4A) of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016]
Form No. IEPF-2
Statement of unclaimed and unpaid amounts and details of Nodal officer [Pursuant to rule 5(8) and 7(2B) of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016]
6. Form IEPF-3 shall be omitted. Inves
7. For the Forms IEPF-4 and IEPF-5, the following Forms shall respectively be substituted, namely: –
Form No.IEPF-4
Statement of shares transferred and information of shares & unclaimed or unpaid dividend not transferred to the IEPF
Form No. IEPF-5
Application to the Authority for claiming unpaid amounts and shares out of Investor Education and Protection Fund
8. Form IEPF-7 shall be omitted.
[F. No. 05/04/2020-IEPF]
ANITA SHAH AKELLA, Jt. Secy.
Note: The principal rules were published in the Gazette of India vide number G.S.R. 854 (E), dated the 5th September, 2016 and amended vide notification numbers G.S.R. 178(E), dated the 28th February, 2017, G.S.R. 1267 (E), dated the 13th October, 2017, G.S.R. 472 (E), dated the 22nd May, 2018, G.S.R. 343(E), dated the 1st May, 2019, G.S.R. 571(E), dated the 14th August, 2019, G.S.R. 396(E), dated the 09th June, 2021, G.S.R 785(E), dated the 09th November, 2021, G.S.R. 791(E), dated the 12th November, 2021 and G.S.R. 888(E), dated the 28th December, 2021.
