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Clarification by MCA regarding due date of transfer of shares to IEPF Authority. - (30-05-2017)

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Dear Member,

Sub: MCA Clarification regarding due date of transfer of shares to Investor Education and Protection Fund Authority.

We would like to inform you that Ministry of Corporate Affairs has issued a clarification pursuant to second proviso to Rule 6 of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017. According to the Rule, where the seven year period under sub-section (5) of section 124 is completed during September 7, 2016 to May 31, 2017, the due date for transfer of such shares by companies is May 31, 2017.

The Investor Education and Protection Fund Authority is in the process of finalizing the modalities for transfer/transmittal of shares from companies accounts to the Demat account of the IEPF Authority. It is considering opening special Demat account and till opening of Demat accounts, the due date for transfer of shares stands extended.

The Companies are advised to complete all formalities, as laid down in the aforesaid Rules without waiting for the fresh dates. Companies which have already published notice in newspaper and send notices to the shareholders need not give the fresh notices again due to this extension.

A revised due date for transfer/transmittal of shares is expected to be notified soon by MCA.

The Clarification may be accessed at the link: http://www.iepf.gov.in/IEPF/pdf/GeneralCircular6_29052017.pdf

We request you to please note the clarification.

With Regards

Chairman, Corporate Laws & Corporate Governance Committee
The Institute of Chartered Accountants of India

     
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