TMI BlogInvestor Education and Protection FundAuthority (Accounting, Audit, Transfer and Refund)Second Amendment Rules, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... , 6(vii) and 6 (viii), shall come into force with effect from the 20th day of September, 2019. 2. In the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, (hereinafter referred to as the principle rules), in rule 2 ,- (i) in sub-rule (1), in clause (d), after the words and includes any other entity which is required to transfer any fund to the Investor Education and Protection Fund in accordance with any Act or statute governing it , the words and any transferee company in respect of the assets and liabilities of transferor company shall be inserted ; (ii) in sub-rule (1), in clause (da), for the word namely , the word including shall be substituted ; (iii) in sub-rule (1), clause (g) shall be omitted. 3. In the principal rules , in rule 3, - (i) in sub-rule (4), in clause (a), the words, brackets and letter except clause (g) shall be omitted; (ii) in sub-rule (4), in clause (b), in sub-clause (ii), after the words State Government , the words the Central Government shall be inserted. 4. In the principal rules, in rule 5 ,- (i) f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) the names and last known addresses of the persons entitled to receive the sum; (b) the 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 necessary . 5. In the Principle rules , in rule 6 - (i) in sub-rule (1), in the first proviso, after the worlds any dividend warrant , the words or any dividend amount has been credited to bank account of the owner of such shares shall be inserted; (ii) in sub-rule (1), after third proviso, the following Explanation shall be inserted, namely:- Explanation.- For removal of all doubts, it is hereby clarified that all shares in respect of which dividend has been transferred to Investor Education and Protection Fund on or before the 7th September 2016, shall also be transferred by the company in the name of Investor Education and Protection Fund ; (iii) for sub-rule (5) the following sub-rule shall be substituted, namely:- (5) While effecting such transfer, the company shall send a statement to the Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Investor Education and Protection Fund Authority: Provided further that the Nodal Officer shall be solely liable for all actions of any officer appointed as Deputy Nodal Officer: Provided also that in case a company fails to appoint Nodal Officer, every director of the company shall be deemed to be nodal officer and be liable for any failure to comply with requirement of these rules. ; (iii) after sub-rule (2A), the following sub-rule shall be inserted, namely:- (2B) The details of the Nodal Officer and Deputy Nodal Officer duly indicating his or her designation, postal address, telephone and mobile number and company authorized e-mail ID shall be communicated to the Investor Education and Protection Fund Authority in Form No. IEPF 2 within fifteen days from the date of publication of these rules and the company shall display the name of Nodal Officer and his e-mail ID on its website: Provided that any change in the Nodal Officer or his details shall be communicated to the Authority through Form No. IEPF-2 within seven days of such change along with board resolution thereof. ; (iv) for sub-rule (3), the following sub-rule s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f share certificate generated under clause (d) of sub-rule (3) of rule 6 of these rules along with the e-verification report;(iii) The Company shall be solely responsible for collecting original physical share certificate or original bond or deposit or debenture certificate or proof of entitlement from the claimant and shall be liable for any misuse thereof. ; (v) for sub-rule (7), the following sub-rule shall be substituted, namely:- (7) Where the Authority, on examining any application for claim, finds it necessary to call for further information or finds such application or e-form or document to be defective or incomplete in any respect, the Authority shall give intimation of such information called for or defects or incompleteness, by e-mail on the email address of the claimant and the company, which has filed such application or e-form or document, directing him or it to furnish such information or to rectify such defects or incompleteness or to re-submit such application or e-Form or document within fifteen days from the date of receipt of such communication, failing which the Authority may reject the claim or e-form No. IEPF-5: Provided that if s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or coupon due to the lawful owner, he shall be punishable under sections 57, 447 and 448 of the Act. . 7. in rule 8, sub rules (1) and (2) shall be omitted. 8. The SCHEDULE shall be numbered as Schedule I and after Schedule I as so numbered, the following Schedules shall be inserted, namely:- Schedule II Documents to be submitted to the Authority to register transmission of securities A. Documentary requirement for securities held in physical mode 1. Where the shares are held singly with nomination: 1.1. Duly signed transmission request form by the nominee. 1.2. Original or copy of death certificate duly attested. 1.3. Self-attested copy of PAN card. 1.4. Original share certificate(s). 1.5. Any other government ID proof of the nominee. 2. Where the shares are held singly without nomination, the following documents in addition to the documents specified at paragraph 1 are required: 2.1 Affidavit from all the legal heirs made on appropriate non-judicial stamp paper- to the effect of identification and claim of legal ownership to the securities: Provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r probate of will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925.(39 of 1925) (b) In the absence of the documents as mentioned at (a) above, (i). No objection certificate from all legal heir(s) executed by all the legal heirs of the deceased holder(s) not objecting to such transmission (or) copy of Family Settlement Deed duly notarized and (ii). An Indemnity bond made on appropriate non-judicial stamp paper indemnifying the STA or Issuer Company. 4.3 For value of securities more than ₹ 2,00,000 (Rupees Two lakh only) per issuer company as on date of application:Succession certificate or probate of will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925. (39 of 1925) B. Documentary requirement for securities held in DEMAT mode 1. Where the shares are held singly with nomination: 1.1. Duly signed transmission request form by the nominee. 1.2. Original or copy of death certificate duly attested 1.3. Self-attested copy of PAN card. 1.4. Copy of transaction statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laim of legal ownership to the securities: Provided that in case the legal heir(s) or claimant(s) is named in the succession certificate or probate of will or Letter of Administration, an Affidavit from such legal heir(s) or claimant(s) alone would be sufficient. 4.2 For value of securities upto ₹ 2,00,000 (Rupees Two lakh only) per issuer company as on date of application, one or more of the following documents, namely:- (a) Succession certificate or probate of will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925. (39 of 1925) (b) In the absence of the documents as mentioned at (a) above, (i) No objection certificate from all legal heir(s) executed by all the legal heirs of the deceased holder(s) not objecting to such transmission (or) copy of Family Settlement Deed duly notarized and (ii) An Indemnity bond made on appropriate non-judicial stamp paper indemnifying the STA or Issuer Company. 4.3 For value of securities more than ₹ 2,00,000 (Rupees Two lakh only) per issuer company as on date of application:Succession certificate or probate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in various documents, share certificates etc. (iv) Affidavit and other supporting documents for change or variations in address in various documents, share certificates, current address and address recorded in share certificate or Form No. IEPF 4 or other places. (v) Indemnity on stamp paper of appropriate value in the name of claimant as per Stamp Act (vi) Verification of the PAN details of the Claimant with Client Master List (CML) and with the Government data base. (vii) In case of claim related to physical securities, authentication of scanned copy of the certificate attached with Form No. IEPF-5 e-form by the company. (viii) Verification and matching of DEMAT Account No., Name of claimant, PAN, Address from the CML. (ix) Matching of CML of unclaimed suspense account in case the transfer of shares has taken place from the unclaimed suspense account from the company. Verification of transaction statement of the unclaimed suspense account of the company. At any point of time, details of every investor whose shares have been transferred from unclaimed suspense account, may be called from depository (x) The details ..... X X X X Extracts X X X X X X X X Extracts X X X X
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