Transfer of Shares to IEPF Authority

Transfer of Shares to IEPF Authority

MCA has issued a General Circular No. 05/2017 on 16.05.2017, wherein it has withdrawn the previous General Circular No. 03/2017 dated 27.04.2017 with respect to transfer of shares to IEPF authority.

The subject matter of the said circular is being reviewed by the Ministry and hence the said circular stands withdrawn with immediate effect. Fresh instructions on the matter will be issued in due course of time. 

The following clarifications have been made in earlier General Circular No. 03/2017 dated 27.04.2017-

1. The IEPF Authority has decided to open a special demat account with NSDL through a Depository Participant of NSDL.

2. The special demat account will have features and functionality to support IEPF operations using paperless, digital processes.

3. All companies required to transfer shares to IEPF Authority, whether such shares held in dematerialised form or physical form, to the demat account of IEPF Authority by way of corporate action.

4. NSDL will prescribe the file formats and operational procedures for transfer of shares to special demat account of the IEPF Authority by April 30th 2017 and May 15th 2017 respectively.

Click here to view the General Circular No. 05/2017 on 16.05.2017 and General Circular No. 03/2017 dated 27.04.2017.

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