The MCA vide its notification dated October 13, 2017, further amended Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. The Rules, inter-alia, provides that transfer of shares by company to the Investor Education and Protection Fund ("Fund") will be treated as transmission and the procedure for transmission shall be followed by the companies and also prescribes the mechanism for transfer of shares in physical mode. Further, every company which has deposited the amount to the Fund is required to nominate a Nodal Officer for the purpose of coordination with Fund Authority and his or her details are to be communicated to the Fund Authority.
This update is authored by Clasis Law, Clyde & Co's associated firm in India
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