Changes in IEPF Forms and Rules by Ministry of Corporate Affairs

The Ministry of Corporate Affairs (MCA) has made significant changes to the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2024. The amendments include the replacement of forms IEPF-1, IEPF-1A, IEPF-2, IEPF-4, and IEPF-5 with new designations. Additionally, the form IEPF-3 has been omitted entirely, and IEPF-7 has been substituted with IEPF-1.

One of the key changes is in Rule 6, which now requires online transfer of funds to the IEPF Authority within thirty days from the due date, as opposed to depositing funds into a specified account at Punjab National Bank. The provision for remitting funds within thirty days from the enforcement date of the rules has also been removed.

Furthermore, Rule 6A now mandates online transfer of funds to the Authority instead of depositing them into a specific bank account. The updated wording emphasizes the importance of timely crediting the amount due to the Fund online.

These amendments aim to streamline the process of handling funds and remittances for better efficiency and transparency. Stay updated with Taxscan Premium for more insights on this development.