MCA Notification Amendment In IEPF Authority
The Ministry of Corporate Affairs (MCA) in its notification dated 09th November, 2021 has amended Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. The brief summary of the same is as below:
1.To ease the procedural compliance with respect to filing of supporting documents such as succession certificate/will/letter of administration or decree etc. to effect transmission of securities held in physical/DEMAT mode, MCA has increased the threshold value of the securities per issuer company requiring such filings to INR. 5 Lakh from INR.
2 Lakh. In case of loss of securities held in physical mode, self-attested copy of FIR containing the prescribed information is sufficient proof (as against the earlier requirement to submit notarized document). Further, the copy of the newspaper advertisement shall be submitted only if the market value of the shares is greater than Rs. 5 Lakh (current limit is Rs. 10,000).
3.Format of IEPF-5 (Application to the Authority for claiming unpaid amounts and shares out of Investor Education and Protection Fund) is revised to give effect to these procedural changes and is annexed to the notification.