The Investor Education and Protection Fund Authority (“IEPF”) of the Ministry of Corporate Affairs, through a notification dated 10th December, 2019, has relaxed the payment of additional fee for the filing of e-verification report in Form IEPF-5, till 31st January, 2020.
The additional fee shall be payable after the extended date.
Background:
- After amendment to Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 in August, 2019, Rule 7 (3) stated that a company, after a claim for unclaimed dividends, matured deposits, matured debentures, the application money due for refund and interest, is received, shall send an online verification report to the IEPF after verification of details in Form No. IEPF-5 along with all the documents submitted by the claimant and shall attach the scanned copy of all the original documents submitted by the claimant in physical form duly certified by its Nodal Officer along with the e-verification report along with a scanned copy of both sides of original physical share certificate or original bond or deposit or debenture certificate/s duly cancelled and certified, within 30 days from the date of the claim.
- If the online verification report or e-verification report is not sent by the company within 30 days of filing of claim, the company may do so by paying additional fee of Rs. 50/- for every day subject to a maximum of Rs. 2500/-.
Source: Ministry of Corporate Affairs (IEPF Authority)
