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

Rule 5 Statement to be furnished to the Fund

Chapter: I · The Fund and its Accounts

1(1) Any amount required to be credited by the companies to the Fund as provided under clauses (a) to (n) of sub-section (2) of section 125 of the Act shall be remitted online along with a Statement in Form No. IEPF 1 containing details of such transfer to the Authority within a period of thirty days of such amounts becoming due to be credited to the Fund.

3(4A) The companies which have transferred any amount referred to in clauses (a) to (d) of sub-section (2) of section 205C of the Companies Act, 1956 (1 of 1956) to Investor Education and Protection Fund or Central Government, but have not filed the statement or have filed the statement in any format other than in excel template, as required under sub-rule (1) of rule 5, shall submit details mentioned in sub-rule (1) of rule 5 in Form No. IEPF 1A along with excel template within sixty days of notification of these amended rule.

(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 basis.

(b) Each designated bank shall furnish an abstract of such receipts during the month to the Authority within seven days after the close of every month.

4(c) The company shall maintain the record filed under sub – rule (1) in the same format along with all supporting documents and the Authority shall have the 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.

5(8) Every company shall within a period of sixty 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, whichever is earlier and every year thereafter till completion of the seven years period, identify the unclaimed amounts, as referred in subsection (2) of section 125 of the Act, as on the date of closure of financial year the account of which are to be adopted in the Annual General Meeting as per sub-section (1) of section 137 of the Act, separately furnish and upload on its own website and also on website of Authority or any other website as may be specified by the Government, a statement or information of unclaimed and unpaid amounts separately for each of the previous seven financial years through Form No. IEPF 2, containing following information, namely:-

5(a) the names and last known addresses of the persons entitled to receive the sum;

5(b) the nature of amount;

5(c) the amount to which each person is entitled;

5(d) the due date for transfer into the Investor Education and Protection Fund; and

5(e) such other information as may be considered necessary.

2. Former sub-rules (2), (3) and (4), setting out the challan-based remittance procedure through Punjab National Bank, omitted by the same G.S.R. 571(E), dated 14th August, 2019, w.e.f. 20th August, 2019.

3. Sub-rule (4A) ins. by G.S.R. 571(E), dated 14th August, 2019 (IEPF Authority (Accounting, Audit, Transfer and Refund)Second Amendment Rules, 2019), w.e.f. 20th August, 2019.

4. Clause (c) subs. by the same G.S.R. 571(E), dated 14th August, 2019, w.e.f. 20th August, 2019, for the former clause, which read: "(c) The company shall maintain record consisting of name, last known address, amount, folio number or client ID, certificate number, beneficiary details etc. of the persons in respect of whom unpaid or unclaimed amount has remained unpaid or unclaimed for a period of seven years and has been transferred to the Fund and the Authority shall have the powers to inspect such records."

5. Sub-rule (8) subs. by the same G.S.R. 571(E), dated 14th August, 2019, w.e.f. 20th August, 2019, for the former sub-rule (8).

5. Statement to be furnished to the Fund.- [(1) Any amount required to be credited by the companies to the Fund as provided under clauses (a) to (n) of sub-section (2) of section 125 of the Act shall be remitted online along with a Statement in Form No. IEPF 1 containing details of such transfer to the Authority within a period of thirty days of such amounts becoming due to be credited to the Fund.]

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[(4A) The companies which have transferred any amount referred to in clauses (a) to (d) of sub-section (2) of section 205C of the Companies Act, 1956 (1 of 1956) to Investor Education and Protection Fund or Central Government, but have not filed the statement or have filed the statement in any format other than in excel template, as required under sub-rule (1) of rule 5, shall submit details mentioned in sub-rule (1) of rule 5 in Form No. IEPF 1A along with excel template within sixty days of notification of these amended rule.]

(5) The amount may also be remitted by Electronic Fund Transfer in such manner, as may be specified by the Central Government.

(b) Each designated bank shall furnish an abstract of such receipts during the month to the Authority within seven days after the close of every month.

[(c) The company shall maintain the record filed under sub – rule (1) in the same format along with all supporting documents and the Authority shall have the 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 sixty 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, whichever is earlier and every year thereafter till completion of the seven years period, identify the unclaimed amounts, as referred in subsection (2) of section 125 of the Act, as on the date of closure of financial year the account of which are to be adopted in the Annual General Meeting as per sub-section (1) of section 137 of the Act, separately furnish and upload on its own website and also on website of Authority or any other website as may be specified by the Government, a statement or information of unclaimed and unpaid amounts separately for each of the previous seven financial years through Form No. IEPF 2, containing following information, namely:-

(a) the names and last known addresses of the persons entitled to receive the sum;

(b) the nature of amount;

(d) the due date for transfer into the Investor Education and Protection Fund; and

(e) such other information as may be considered necessary.]

1. Sub-rule (1) subs. by G.S.R. 571(E), dated 14th August, 2019 (IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019), w.e.f. 20th August, 2019, for the former sub-rule (1), which read: "(1) Any amount required to be credited by the companies to the Fund as provided under clause (a) to (n) of sub-section (2) of section 125 of the Act shall be remitted into the specified branches of Punjab National Bank, which is the accredited Bank of the Pay and Accounts Office, Ministry of Corporate Affairs and other authorised banks engaged by the MCA-21 system, within a period of thirty days of such amounts becoming due to be credited to the Fund."
2. Former sub-rules (2), (3) and (4), setting out the challan-based remittance procedure through Punjab National Bank, omitted by the same G.S.R. 571(E), dated 14th August, 2019, w.e.f. 20th August, 2019.
3. Sub-rule (4A) ins. by G.S.R. 571(E), dated 14th August, 2019 (IEPF Authority (Accounting, Audit, Transfer and Refund)Second Amendment Rules, 2019), w.e.f. 20th August, 2019.
4. Clause (c) subs. by the same G.S.R. 571(E), dated 14th August, 2019, w.e.f. 20th August, 2019, for the former clause, which read: "(c) The company shall maintain record consisting of name, last known address, amount, folio number or client ID, certificate number, beneficiary details etc. of the persons in respect of whom unpaid or unclaimed amount has remained unpaid or unclaimed for a period of seven years and has been transferred to the Fund and the Authority shall have the powers to inspect such records."
5. Sub-rule (8) subs. by the same G.S.R. 571(E), dated 14th August, 2019, w.e.f. 20th August, 2019, for the former sub-rule (8).