What Is The Due Date For The Transfer Of Shares To Iepf?

The Company Act stipulates that shares and profits that lay unclaimed for a continuous period of 7 years or longer should be transferred to the Investor Education Protection Fund, which is only established by the central government. So, in order to get IePF shares recovered, it is necessary to go by various rules under the 2013 Company Act while transferring unclaimed shares. Therefore, the main topic of our article today is the deadline or due date for the transfer of shares to the Iepf. You may also consult the Legalraasta team's advice, which can provide you with comprehensive guidance for IEPF shares recovery if you find that this process is quite time-consuming.

Some of the rules Company Act, 2013 for IEPF shares recovery:

  • The amount was transferred to the IEPF following proper appropriation by law by Parliament.
  • Fund for donations to the central, and state governments, and businesses/institutions.
  • The fund itself will receive any investment or income from IEPF investments.
  • The amount of the application received by the corporation for allotment and the amount that must be refunded for IEPF shares recovery.
  • Matured deposits from sources other than banks.
  • Any payment or redemption amount for preference shares that have not been made after more than seven years.

Some of the sections of the Company Act include:

  • Dividend Declaration (Section 123).
  • Account for unpaid dividends (Section 124).
  • Amount of unclaimed dividends transferred to IEPF (under Section 124(5)).
  • The sum obtained from the sale of the security is to be transferred to him or any other person under a false name(Section 38).
  • The central government's general revenue account was transferred to this account, along with any unclaimed funds at its inception. (205A(5)).

How quickly should the shares be given to the IEPF?

  • Your money will be transferred to Iepf when the unclaimed share recovery process is complete which takes 30 days. In the case of unlisted companies, the duplicate share certificates must be issued within three months of the date that all required paperwork was submitted to the company.
  • In the event of Listed Companies for IEPF Shares Recovery, the duplicate share certificate shall be issued 15 days from the date of filing of complete documentation with the Company, and within 30 days you will receive the funds to IEPF.
  • According to IEPF Rule 6, shares must be transferred to the IEPF Authority account or credited to a DEMAT account within 30 days of the IEPF shares being recovered.
  • Additionally, Form IEPF-4, which contains information about the transfer of shares for IEPF shares recovery shares for whose dividend has not been paid or claimed for at least seven consecutive years, must be filed within 30 days.
Read Also This - Who can help recover unclaimed shares in India

Conclusion

We can now infer that you had a solid understanding of the fundamental guidelines for moving unclaimed assets to IEPF or IEPF shares recovery shares, as well as how long it takes to transfer funds—an average of nearly 30 days, depending on whether a complaint emerges. Therefore, if you want to speed up the reimbursement process, get in touch with Legalraasta, who can offer you complete claim guidance and assurance.

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