Investor Education And Protection Fund Authority (Accounting, Audit, Transfer And Refund) Second Amendment Rules, 2017 By CS Aakanchha Vyas


The IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016 has been further amended by the MCA, “w.e.f”13th October, 2017, now these rules called IEPF (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2017.

Following are the amendments made:-

COMPARATIVE ANALYSIS

RULES

EARLIER PROVISIONS

NEW PROVISIONS

Rule 6 (1) (a)

Pursuant to sec 124(5) if the period of seven year completed during the period of 7thSeptember 2016 to 31st May 2017, then due date of transfer of such shares shall be deemed to be 31st May 2017th

Pursuant to sec 124(5) if the period of seven year completed during the period of 7thSeptember 2016 to 31st October 2017, then due date of transfer of such shares shall be deemed to be 31st October 2017

(b) New Provision Inserted

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The transfer of Shares by the companies to the Fund shall be deemed to the transmission of shares and procedure of transmission of shares shall be followed by the companies.

Rule (6) (3) (d) (i)

The company secretary or authorised person make an application on behalf of the concerned shareholder, to the company for issue of “ Duplicate Share Certificate”

The word “Duplicate Share Certificate” now replaced with the word “New Share Certificate”.

Rule (6) (3) (d) (ii)

The word “DUPLICATE” Shall be stamped in bold letters on the first page of the share certificate.

               “REMOVED”

Rule (6) (3) (d) (iii)

Particulars of share certificate issued, entered in a register of duplicate share certificate in Form No. SH-2

Particulars of share certificate issued, entered in a register of share certificate in Form No. SH-1

Rule (6) (13) Inserted

 

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Amount credited by the companies under sub rule 10, 11, 12 of rule 6, the same shall be remitted into the account of the IEPF authority maintained in Punjab National Bank.

Rule (7) sub rule 2A Inserted

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For the purpose of coordination with IEPF authority the company shall appoint a Nodal officer and provide the details of Nodal officer (designation, contact no. , postal address) to the IEPF authority within 15 days from the date of publication of these rules and also display the name and email- id of Nodal officer on website of the company.

In Rule (7 ) after sub rule (3), sub rule   3A Inserted

Sub rule 3, provides that the company shall within 15 days from the date of receipt of claim, send a verification report to the authority in the specified format along with all the documents submitted by the claimant.

The authority may reject the form IEPF -5, in case of non-receipt of document within 90 days from the date of filing of form, after giving an opportunity to the claimant to furnish response within a period of 30 days.

Rule (7) after sub rule (7), provision Inserted

Sub rule 7, provides that where the application is incomplete or not approved, a communication shall be sent to the claimant and the concerned company by the authority detailing deficiencies of the application.

In case non receipt of rectified documents by the authority after the expiry of 90 days from the date of such communication the authority may reject form IEPF-5 after giving an opportunity to the claimant.

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