Ministry of Corporate Affairs, IEPF Authority issues updated guidelines for companies to facilitate claimant’s refund

Ministry of Corporate Affairs, IEPF Authority issues updated guidelines for companies to facilitate claimant’s refund

May 9, 2018 Corporate 0

Further to the trail mail, the Investor Education Protection Fund Authority (“IEPF Authority”) in a Notification dated May 03, 2018 has issued revised and updated Guidelines in supersession of the previous Guidelines for companies to facilitate claimant’s refund by IEPF Authority.

The updated Guidelines also indicate the e-mail id and the address of communication with IEPF Authority.

Key Highlights of the Guidelines:

  • Companies depositing amount with IEPF Authority, must nominate a nodal officer for coordinating with IEPF Authority and communicate the contact details of the nodal officer indicating his/her designation, postal address, telephone, mobile number and company authorized email id to IEPF Authority atiepf@mca.gov.in within 10th May, 2018, i.e. one week from the issue of these Guidelines.
  • Companies to have a secured dedicated e-mail id for the purposes of communicating with IEPF Authority.
  • All concerned companies must provide an access link to the refund webpage of IEPF Authority website on their own website to facilitate the easy refund procedure for its investors/claimants.
  • Once a claim is filed in accordance with the procedure defined on the website www.iepf.gov.in, the concerned company must verify the form, claim along with documents and submit its verification report, in the format (specified in the Guidelines) along with all the documents specified in IEPF-5 Form to the IEPF Authority within 15 days of such claim.
  • IEPF Authority has invited attention to Rule 7(10) of the Investment Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 which states that the concerned company will be solely liable under all circumstances whatsoever to indemnify the IEPF Authority in case of any dispute, law suit that may be initiated due to any incongruity, inconsistency or disparity in the verification of the report.

For further details, please click on the hyperlink below.

Source: Ministry of Corporate Affairs

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