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refunds from IEPF,click here
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ABOUT IEPF
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Act
Section 205C
(Establishment of
Investor Education
and Protection Fund)
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(1) |
The Central
Government shall
establish a fund to
be called the
Investor Education
and Protection Fund
(hereafter in this
section referred to
as the “Fund”).
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(2) |
There shall be
credited to the Fund
the following
amounts, namely:-
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(a) |
amounts in the
unpaid dividend
accounts of
companies; |
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(b) |
the application
moneys received by
companies for
allotment of any
securities and due
for refund; |
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(c) |
matured deposits
with companies; |
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(d) |
matured
debentures with
companies; |
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(e) |
the interest accrued
on the amounts
referred to in
clauses (a) to (d);
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(f) |
grants and donations
given to the Fund by
the Central
Government, State
Governments,
companies or any
other institutions
for the purposes of
the Fund;and |
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(g) |
the interest or
other income
received out of the
investments made
from the Fund;
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Provided that no
such amounts
referred to in
clauses (a) to
(d) shall form
part of the Fund
unless such
amounts have
remained
unclaimed and
unpaid for a
period of seven
years from the
date they became
due for payment.
Explanation:-
For the removal
of doubts, it is
hereby declared
that no claims
shall lie
against the Fund
or the company
in respect of
individual
amounts which
were unclaimed
and unpaid for a
period of seven
years from the
dates that they
first became due
for payment and
no payment shall
be made in
respect of any
such claims. |
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(3) |
The Fund shall be
utilized for
promotion of
investors’ awareness
and protection of
the interests of
investors in
accordance with such
rules as may be
prescribed.
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(4) |
The Central
Government shall, by
notification in the
Official Gazette,
specify an authority
or committee, with
such members as the
Central Government
may appoint, to
administer the Fund,
and maintain
separate accounts
and other relevant
records in relation
to the Fund in such
form as may be
prescribed in
consultation with
the Comptroller and
Auditor-General of
India.
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(5) |
It shall be
competent for the
authority or
Committee appointed
under sub-section
(4) to spend moneys
out of the Fund for
carrying out the
objects for which
the Fund has been
established.
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