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MCA HAS NOTIFIED INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY (ACCOUNTING, AUDIT, TRANSFER & REFUND) RULES 2016

MCA HAS NOTIFIED INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY
 
 In yet another step to safeguard the interest of investors, the MCA has notified “Investor education and protection fund authority (Accounting, Audit, Transfer and Refund) Rules, 2016”.
 
These rules primarily deal with the accounting, transfer, and refund policies. The non-interest bearing public accounts unclaimed dividends and deposits shall be transferred to the IEPF fund which shall be utilized by the Authority for the purposes under sub-section (3) of section 125 of the Act.
 
Grants and donations given by the State Governments or any other institution shall be credited to a separate sub-head. The authority is obliged to prepare an annual statement of accounts which shall be audited annually and the report forwarded to the Central Government. The authority shall maintain details of receipts for the payments received by it from each company on monthly basis.
 
Any person can claim his funds or shares transferred to the authority by making an application on the website.
 
For a complete overview of the rules issued by the ministry follow the link given below.
 
 
Keywords : Investor education and protection fund authority

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