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Date: 2014-03-27 Category: Extra Ordinary State: Union Government Country: India

The Central Govt. hereby makes the following rules to amend the Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, These rules may be called the Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Amendment Rules, 2014.

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Executive Summary & Key Takeaways

Executive Summary: This notification introduces amendments to the Investor Education and Protection Fund (IEPF) Uploading of Information regarding unpaid and unclaimed amounts lying with companies Rules, 2012. The amendments extend the rules to include corresponding new banks, requiring them to identify and report unpaid dividends transferred to the Unpaid Dividend Account. These rules are effective from March 31, 2014, and require action within 90 days of the Annual General Meeting. Key Points / Main Content: * **Amendment Rules:** These rules are called the Investor Education and Protection Fund Uploading of information regarding unpaid and unclaimed amounts lying with companies Amendment Rules, 2014. * **Effective Date:** The rules come into effect on March 31, 2014. * **Definition of Corresponding New Bank:** A "corresponding new bank" is defined by clause (d) of Section 2 of the Banking Companies Acquisition and Transfer of Undertakings Act, 1970, and clause (b) of Section 2 of the Banking Companies Acquisition and Transfer of Undertakings Act, 1980. * **Obligations for Corresponding New Banks:** Corresponding new banks must identify money transferred to the Unpaid Dividend Account, which remains unpaid or unclaimed for seven years from the date of transfer, within 90 days of their Annual General Meeting. * **Form 5 INV Amendment:** The words "company and corresponding new bank" shall be substituted for the word "company" wherever it occurs in Form 5 INV. Impact Analysis: Stakeholder: Companies * Impact: No direct impact mentioned, but the rules apply to the unpaid and unclaimed amounts lying with companies. * Action Required: Follow the original guidelines of the Investor Education and Protection Fund (IEPF) Uploading of Information regarding unpaid and unclaimed amounts lying with companies Rules, 2012. Stakeholder: Corresponding New Banks * Impact: New requirements for identifying and reporting unpaid dividends transferred to the Unpaid Dividend Account. * Action Required: Within 90 days of their Annual General Meeting each year, identify money transferred to the Unpaid Dividend Account that remains unpaid or unclaimed for a period of seven years. Stakeholder: Investor Education and Protection Fund (IEPF) * Impact: Expanded scope to include data from corresponding new banks. * Action Required: Update data collection and management processes to accommodate information from corresponding new banks.

Key Entities Referenced

Companies Act, 1956: An act of the Parliament of India which enabled companies to be formed by registration, and defined the responsibilities of companies, their directors, and secretaries. This notification refers to subsections of Sections 642 and 205C of the Companies Act, 1956. Investor Education and Protection Fund: A fund established by the Government of India to promote investor awareness and protect the interests of investors. Investor Education and Protection Fund Uploading of information regarding unpaid and unclaimed amounts lying with companies Rules, 2012: The original set of rules regarding the uploading of information related to unclaimed amounts. This notification amends these rules. Investor Education and Protection Fund Uploading of information regarding unpaid and unclaimed amounts lying with companies Amendment Rules, 2014: The set of rules being introduced by this notification, amending the 2012 rules. Banking Companies Acquisition and Transfer of Undertakings Act, 1970: An act related to the acquisition and transfer of banking companies in India. This notification refers to Section 2 and Section 10B of this Act. Banking Companies Acquisition and Transfer of Undertakings Act, 1980: An act related to the acquisition and transfer of banking companies in India. This notification refers to Section 2 and Section 10B of this Act. Unpaid Dividend Account: An account where unpaid dividends are transferred, referenced in relation to the Banking Companies Acts. Amardeep Singh Bhatia: Joint Secretary, Ministry of Corporate Affairs, the signatory of the notification.
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(1) These rules may be called the Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Amendment Rules, 2014. (2) They shall come into force with effect from the 31st March, 2014. 2. In rule 2 of Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012 (hereinafter referred to as the said rules), after clause (a), the following clause shall be inserted, namely :— ‘(aa) “corresponding new bank” means the corresponding new bank as defined in clause (d) of Section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and clause (b) of Section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);’ 3. In rule 3 of the said rules, after the words, figures and letter, “Section 205C of the Act”, the following words, figures, letter and brackets shall be inserted namely :— “and corresponding new bank shall with in a period of 90 days from the date of holding their Annual General Meeting every year, identify the money transferred to the Unpaid Dividend Account in pursuance of Section 10B of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and Section 10B of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, which remains unpaid or unclaimed for a period of seven years from the date of such transfer” 4. In Form 5 INV annexed to said rule, for the word “company”, wherever it occurs, the words “company and corresponding new bank” shall be substituted. [F. No. 5/29/2013-IEPF] AMARDEEP SINGH BHATIA, Jt. Secy. Note : The principal notification was published vide number G.S.R. 352(E), dated the 10th May, 2012. Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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