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Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016

Companies Law - F.No. 05/27/2013-IEPF - Dated:- 5-9-2016 - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 5th September 2016 G.S.R. 854 (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, namely:- 1. Short title, extent and commencement.- (1) These r .....

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Company" means company as defined in sub-section (20) of 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) "Existing IEPF" means the Investor Education and Protection Fund (IEPF) constituted under section 205C of the .....

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ords and expressions used in these rules and not defined herein but defined in the Act or in the Companies (Specification of Definitions Details) Rules, 2014, shall have the Same meanings respectively assigned to them in the Act or in the said rules. 3. Fund.- (1) The Authority shall administer the Fund. (2) There shall be credited to the Fund, the following amounts. namely:- (a) all amounts payable as mentioned in clause (a) to (n) of sub-section (2) of section 125 of the Act; (b) all shares in .....

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tion and Transfer of Undertakings) Act, 1970 and section 10B of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; and (h) all Other sums of money collected by the Authority as envisaged in the Act. (3) In case of term deposits and debentures of companies, due unpaid or unclaimed interest shall be transferred to the Fund along with the transfer of the matured amount of such term deposits and debentures. (4) (a) All the money, which accrue under sub section (2) [except clause .....

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ed as IEPF Fund and shall be utilised for the purposes provided under sub-section (3) of section 125 of the Act. (b) (i) All amounts remitted by the companies shall initially be accounted for under the following heads of Accounts:- Major Head 0075 - Miscellaneous General Services Minor Head 104 - Unpaid dividend Of Companies. (ii) Grants and donations given to the Fund by the State Governments, Companies or any other institutions for the purpose of the Fund as also the interest or other income r .....

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Reserve Fund Deposit Account - Transfer to Investor's Education and Protection Fund'. In case the amounts of receipts in a year is more than the budget provision made under Major Head 3451 transfer to the Fund, the difference shall be transferred to the Fund in subsequent year, after obtaining approval of the Budget Division of Department of Economic Affairs and after making adequate budget provision in the relevant year. (iv) Budget provision in connection with the activities to be fin .....

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vestor's Education and Protection Fund'. 4. Accounts and audit,- (1) The Authority shall maintain proper accounts and other relevant records as given in Schedule to these rules and prepare an annual statement of accounts in such form as may be specified by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) The accounts of the Authority shall be audited annually by the Internal Audit Party of the Office of Chief Controller of Accounts and Comptro .....

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the audit of the Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Authority. (4) The accounts of the Authority as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the .....

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amounts becoming due to be credited to the Fund. (2) The amount shall be tendered by the Companies along with challan (in triplicate) to the specified Bank Branches Of Punjab National Bank and other authorised banks under MCA- 21 system who will return two copies of the challan, duly stamped in token Of having received the amount, to the Company. The third copy of the challan Will be forwarded along with the daily credit scroll by the receiving branch to its Focal Point Branch of the Bank for On .....

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g details of such transfer to the Authority within thirty days of submission of challan. (5) The amount may also be remitted by Electronic Fund Transfer in such manner, as may be specified by the Central Government. (6) (a) On receipt of the statement. the Authority shall enter the details of such receipt in a Register maintained physically or electronically by it in respect Of each company every year, and reconcile the amount remitted and collected, with the concerned designated bank on monthly .....

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e powers to inspect such records. (7) The provisions of this rule shall be applicable mutatis mutandis in respect of the amounts to be credited to the Fund in pursuance of clauses (h) to (m) of sub-section (2) of section 125. (8) Every company shall within a period of ninety days after the holding of Annual General Meeting or the date on which it should have been held as per the provisions of section 96 of the Act and every year thereafter till completion of the seven years period, identify the .....

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wn addresses of the persons entitled to receive the sum; (b) nature of amount; (c) the amount to which each person is entitled; (d) the due date for transfer into the Investor Education and Protection Fund; and (e) Such other information as may be considered relevant for the purposes. 6. Manner of transfer of shares under sub-section (6) of section 124 to the Fund. (l) The shares shall be credited to an IEPF suspense account (on the name of the company) with one of the depository participants as .....

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ecessary documents. (3) The company shall follow the following procedure, namely:- (a) The shall inform at the latest available address, the shareholder concerned regarding transfer of shares three months before the due date of transfer of shares and also simultaneously publish a notice in the leading newspaper in English and regional language having wide circulation. and on their website giving details of such shareholders and shares due for transfer. Provided that in cases, where the seven yea .....

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vided that the company shall furnish details of such shares and unpaid dividend to the Authority in Form No. IEPF 3 within thirty days from the end of financial year; (c) For the purposes of effecting the transfer where the Shares are dealt with in a depository,- (i) the Company Secretary or the person authorised by the Board shall sign on behalf of such shareholders, the delivery instruction slips of the depository participants where the shareholders had their accounts for transfer in favour of .....

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on under clause (a), duplicate certificate for each such shareholder shall be issued and it shall be Stated on the face of it and be recorded in the register maintained for the purpose, that the duplicate certificate is "Issued in lieu of share certificate No... for purpose of transfer to IEPF" and the word "duplicate" shall be stamped or punched in bold letters across the face of the share certificate; (iii) particulars of every share certificate issued as above shall entere .....

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ly filled transfer forms along with the duplicate share certificates, the Board or its Committee shall approve the transfer and thereafter the transfer of shares shall be effected in favour of the Fund in the records of the company. (4) The company or depository, as the case may be, shall preserve copies of the depository instruction slips, transfer deeds and duplicate certificates for its records (5) While effecting such transfer. the company shall send a statement to the Fund in Form NO. IEPF .....

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hority Shall dematerialise these shares and it shall keep only those shares in physical form, where dematerialisation of shares is not possible. (8) The Authority shall maintain IEPF Suspense account (name of the company) with depository participant on behalf of the shareholders who are entitled for the shares and all benefits accruing on such shares e.g. bonus shares, split. Consolidation, fraction shares etc. except right issue Shall also credited to such IEPF suspense account (name of the com .....

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the proceeds realised shall be credited to the Fund and a separate ledger account shall be maintained for such proceeds. (11) In case the company whose shares or are held by the Authority is being wound up, the Authority may surrender the securities to receive the amount entitled on behalf of the security holder and credit the amount to the Fund and a ledger account shall be maintained for such proceeds. (12) Any further dividend received on such shares shall be credited to the Fund and a separa .....

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under proviso to sub-section (3) of section 125, as the case may be, to the Authority by making an application in Form IEPF- 5 online available on website www.iepf.gov.in along with fee, as decided by the Authority from time to time in consultation with the Central Government, under his own signature. (2) The claimantshall after making an application online in Form IEPF-5 under rule (1) send the same duly signed by him along with, requisite documents as enumerated in Form IEPF-5 to the concerned .....

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per the guidelines. (b) to the shares claimed. the Authority shall issue a refund sanction order with the approval of the Competent Authority and shall either credit the shares which are lying with depository participant in IEPF suspense account (name of the company) to the demat account of the claimant to the extent Of the claimant's entitlement or in case of the physical certificates, if any, cancel the duplicate certificate and transfer the shares in favour of the claimant. (5) The Author .....

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writing or by electronic means. (7) In where the application is incomplete, a communication shall be sent to the claimant by the Authority detailing deficiencies of the application. (8) In case, claimant is a legal heir or successor or administrator nominee of the registered security holder, he has to ensure that the transmission process is completed by the company before filing any claim with the Authority. (9) The claimant shall file only one consolidated claim in respect of a company in a fin .....

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r to direct payment of amount due to the Fund. - (l) The company shall furnish a statement to the Authority in Form NO. IEPF 6 within thirty days of end of financial year stating therein the amounts due to be transferred to the Fund in next financial year. (2) The company shall also furnish a statement to the authority within thirty days of the closure of its accounts for the financial year stating therein the reasons of deviation, if any, of amounts detailed in sub-rule (l) above and actual amo .....

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om the date of establishment of the Authority,- (a) any reference to the existing IEPF in any law other than these rules or in any contract or other instrument shall be deemed as a reference to the Authority; (b) all properties and assets, movable and immovable, of, or belonging to, the existing IEPF, shall vest in the Authority; (c) all rights and liabilities of the existing IEPF shall be transferred to, and be the rights and liabilities of the Authority; (d) without prejudice to the provisions .....

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all suits and other legal proceedings instituted or which could have been instituted by or against the existing IEPF, immediately before that date may be continued or may be instituted by or against the Authority. 10. Returns and reports. (1) The Authority shall furnish to the Central Government at such time and in such form and manner as may be specified or as the Central Government may direct, such returns and statements and such particulars with regard to its activity. (2) Without prejudice .....

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