New form iepf-7 has been introduced

Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Third Amendment Rules, 2017.

A new form IEPF-7 has been introduced to be filed within thirty days from the date of remittance to the Fund (under sub Rule (10), (11) & (12) of Rule 6 of IEPF Rules) as mentioned herein below or within thirty days from the date of enforcement of these Rules, as the case may be:

1. If the company is getting delisted, the Authority shall surrender shares on behalf of the shareholders in accordance with the SEBI(Delisting of Equity Shares) Regulations, 2009 and the proceeds realized shall be credited to the Fund and a separate ledger account shall be maintained for such proceeds;
2. In case the company whose shares or securities are held by the Authority is being would up, the Authority may surrender the securities to receive the amount entitled on behalf of the security holder and credit the amount to the fund and a separate ledger account shall be maintained for such proceeds;
3. Any further dividend received on such shares shall be credited to the Fund and a separate ledger account shall be maintained for such proceeds.

In case the shares have already been transferred to the IEPF Suspense Account, in case of further dividends which will be credited to the Fund, IEPF 7 need to be filed within 30 days.

Thanks and Regards

CS Ankur Srivastava

Past Chairman

Kanpur Chapter of NIRC of ICSI