The MCA Updates Rules for Investor Education and Protection Fund Authority
Forms Replaced and Omitted
The Ministry of Corporate Affairs (MCA) has made changes to the IEPF-1, IEPF-1A, IEPF-2, IEPF-4, and IEPF-5 forms, replacing IEPF-3 with IEPF-4 and IEPF-7 with IEPF-1. The form IEPF-3 and IEPF-7 have been omitted from the new rules.
Notification Details
The MCA has issued an updated notification for the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Rules, 2024.
Amendments in Forms
The latest amendments have brought significant changes to the forms used under the original 2016 Rules. The letters and figures “IEPF-3” have been updated to “IEPF-4” and “IEPF-7” to “IEPF-1” throughout the forms.
Changes in Rule 6
Rule 6 outlines the handling of funds and remittances, with notable updates including:
– Sub-rule (13): The requirement to deposit funds into the specified account of the IEPF Authority maintained in the Punjab National Bank has been replaced with an online transfer within thirty days from the due date. The provision for remittance within thirty days from the date of enforcement of these rules has been removed.
– Sub-rule (13A): Similar changes have been made, with emphasis on online transfers within thirty days. The timeline for remittance from the date of previous amendments has been eliminated.
– Rule 6A, Sub-rule (12): The directive to deposit funds into the specified Punjab National Bank account has been replaced with an online transfer to the Authority. The timing for crediting the amount due to the Fund has been clarified to be done online as soon as it becomes due.
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Introduction
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