IEPFA (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

Ministry has amended the rules, further to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019.

Summary of major Amendments in Rules are mentioned below:

  1. i)Rule 5 is amended:wherein companies which have transferred any amount  to IEPF under the Companies Act, 1956 but have not filed the statement or have filed the statement in any format other than in the specified excel template, shall file the same in Form No- IEPF- 1A along with excel template within sixty days of this notification.
  2. ii)Rule 6 is amended:which requires every company to send a statement to the Authority in Form No. IEPF- 4 within thirty days of transferring the shares to IEPF for which dividend is not claimed or paid for seven consecutive years or more.

iii) Rule 7 is amended: which provides that upon submission for refund to claimants in Form IEPF- 5 the same shall be transmitted online to the Nodal Officer of the company for verification of claim. The rule now specifies that the Nodal Officer shall be a Director or Chief financial Officer or Company Secretary of the company.

  1. iv)The Schedule II(Documents to be submitted to the Authority to register transmission of securities), Schedule III (Documents to be submitted to the Authority in case of loss of securities held in physical mode) and Schedule IV (Procedure to be followed while disposing the claims) have been inserted.

 

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