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Investor Education and Protection Fund Authority (Appointment of Chairperson and Members holding of meetings and provision for offices and officers) Rules, 2016

Companies Law - F.No. 05/27/2013-IEPF - Dated:- 13-1-2016 - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi. the 13th January 2016 G.S.R. (E).- In exercise of the powers conferred by sub-sections (5), (6) and (7) of section 125 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely:- 1. Short title, extent and commencement. - (I) These rules may be called the . (2) They shall come into force on the d .....

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f section 2 of the Act and includes 'corresponding new bank' as defined in sub-section (d) of section 2 of the Banking Companies (Acquisition and 'Transfer of Undertakings) Act. 1970 (5 of 1970) and clause (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act. 1980 (40 of 1980): (e) "Fund" means the Investor Education and Protection Fund (IEPF) established under section 125 of the Act: (f) "Investor" means any person, who has com .....

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ned to them in the Act or in the said rules. 3. Establishment of the Authority.- The Authority shall be established on such date as may be notified by the Central Government. 4. Composition of the Authority.- (1) The Authority shall consist of the following, namely :- (a) Chairperson (b) six members (c) Chief Executive Officer (2) The Chief Executive Officer shall be the convenor of the Authority. 5. Chairperson of the Authority.- The Secretary. Ministry of Corporate Affairs shall be the ex-offi .....

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urities and Exchange Board of India as ex-officio member: (iii) four persons having special knowledge and experience of not less than fifteen years, in finance, management. accountancy or law with one person from each discipline and such person shall have special knowledge, or professional experience, which shall in the opinion of the Central Government shall be useful to the Authority. 8. The term of office of members of the Authority.- (I) The members of the Authority appointed under clause (i .....

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re the expiry of the period specified under sub-rule (I). by giving him notice of not less than three months in writing for reasons mentioned in sub-rule (4), and a member shall also have the right to relinquish his office, at any time before the expiry of the period specified under sub-rule (1), by giving to the Central Government notice of not less than three months in writing. (3) The members appointed under clause (iii) of rule 7 shall hold office for a period of three years or till attainin .....

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st. Provided that no member shall be removed under this sub-rule unless he has been given a reasonable opportunity of being heard in the matter. 9. The number of officers and employees of the Authority.-The Authority shall have such number of officers and other employees for rendering secretarial assistance and for its day to day functions as are set out in Schedule 1 to these rules. 10. Functions of the Authority.- (I) Subject to the provision of the Act, the Authority shall have the duty to ad .....

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ent Committees for Overseeing its functions: (b) Each Committee shall comprise two members. Chief' Executive Officer and concerned functional head, who shall be the secretary of the Committee. The Committee shall be headed by an ex-officio member: (c) The Committee may invite experts with special knowledge and expertise. as and when required to assist it on any specific issue: (d) The Authority may outsource, if required, work related to Funds and Shares Management. (e) The broad functional .....

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Committees shall meet at least once in a quarter and at least four such meetings shall be held in a financial year: Provided that not more than one hunched and twenty days shall intervene between two consecutive meetings. (5) The meeting of the Authority shall be presided over by the Chairperson. (6) If for any reason, the Chairperson is unable to attend a meeting, any other Member chosen by the Members present from amongst themselves at the meeting shall preside over the meeting. (7) In case of .....

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Committee or a special invitee in connection with the work of the Authority or Committee, the actual expenditure for attending the meeting shall be reimbursed, subject to maximum of' such expenditure limit applicable to a Senior Administrative Grade officer of Government of India. 12. Member not to participate in meetings in certain cases.- A member. who has any pecuniary interest, direct or indirect in any matter that is brought up for consideration at a meeting of the Authority and its Com .....

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all be invalid merely by reason of- (a) any vacancy in, or any defect in the constitution of the Authority and its Committees; (b) any defect in the appointment of a person acting as a member of the Authority and its Committees; (c) any laches in the procedure of the Authority and its Committees not affecting the merits of the case. 14. Protection of action taken in good faith. - No suit, prosecution or other legal proceedings shall lie against the Central Government or Authority or any officer .....

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n: (i) Establishing, equipping. maintaining and operating administrative functions as may be necessary or deemed expedient for fulfilling the objects of the Fund. (ii) Authority and committees of Authority, related matters. (2) Investment/ funds Management: (i) Maintaining funds standing to the credit of fund, investing the same in interest bearing account of any nationalised bank. (ii) Opening of depository account of authority and transferring into the account securities of investor and transf .....

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and identified security holders who have suffered losses due to any wrong actions of any person in accordance with the order of Tribunal or order of the Authority, as the case may be. The amount to be distributed shall be limited to amount disgorged in respect of any particular order and no other funds can be used for distribution. (4) Legal and Enforcement: (i) Initiation of legal cases against non-compliant companies or persons. (ii) Handling disputes and legal cases arising out of claims or .....

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