The Investor Education and Protection Fund Authority (“IEPF”) of the Ministry of Corporate Affairs, vide Notification dated 10th December, 2019 has relaxed the additional fee payable by the companies on filing e-verification report upto 31st January 2020. The additional fee is imposed for e-verification under Rule 7(3) of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.
As per the abovesaid rule, very person whose shares, unclaimed dividends, matured deposits, matured debentures, etc has been transferred to the fund shall claim the shares or apply for refund by submitting online application in Form IEPF-5 and the company shall within 30 days from the date of receipt of claim shall send an online verification report to the authority after verification of the details in Form IEPF-5 and shall attach the scanned copy of all the original documents submitted by the claimant in physical form along with the e-verification report with scanned copy of both sides of original physical share certificate.
provided if the online verification report is not sent within 30 days, the company shall pay additional fee of 50 rupees for every day subject to maximum of 2500 rupees.
However through this notification, the payment of additional fee for the filing of e-verification report in Form IEPF-5 has been relaxed till 31st January 2020, after the expiry of due date, the additional fee shall be payable.
Click here to read the Notification.
