What is the difference between IEPF 2 and IEPF 6?

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What is the difference between IEPF 2 and IEPF 6?

The Investor Education and Protection fund has been established for the promotion of awareness and protection of the investments and interests of the investors. Shareholders need to know that there are procedural forms that you need to fill out in order to carry out certain functions such as to recover unclaimed shares with regards to shares and dividends of your respective companies that are transferred to the IEPF. There are 7 IEPF forms.

They are:

  • IEPF form 1- This form is for the statement of accounts that is credited to the IEPF
  • IEPF form 2- Form for the statement of unpaid amounts
  • IEPF form 3- This is used for the statement of unclaimed dividend or shares that have not been transferred to the IEPF
  • IEPF form 4- Form for the statement of shares that have been transferred to the IEPF
  • IEPF form 5- This form is an application to the authorities for the purpose of claiming unpaid shares and dividend amounts.
  • IEPF form 6– This is a statement of unclaimed or unpaid amounts that are to be transferred to the IEPF
  • IEPF form 7- A statement of amounts that are credited to the IEPF on the account of the shares that are transferred to the fund

Among all these forms, the IEPF-2 and IEPF-6 are quite similar. However, they do have their own differences.

  • Form IEPF-2- According to Rule 5(8) of the amendment for the IEPF rules of 2016, this form is an annual statement of the money transferred to the respective account that is maintained by the company and that is unclaimed for a period of 7 consecutive years. It is filed within a time period of ninety days after conducting the annual general meeting of the company. This form is required to be filled by the corresponding bank or company and needs to contain details of the investor who has unpaid or unclaimed amounts in terms of debentures, deposits or dividends. The details associated with these unpaid or unclaimed amounts must be laid out on the day of the Annual General Meeting of the company. This form is available of the IEPF portal on the government website.

This following information needs to be separately provided or uploaded on this website:

  1. The names and addressed amount
  2. The amount to whine for transfer to the IEPF fund
  3. The details of the investor in separate files

Form IEPF-6- According to Rule 8, IEPF 6 form is a statement of unpaid or unclaimed accounts that are to be transferred to the Investor Education and Protection Fund. It is issued within a period of thirty days of the end of every financial year. This form was just introduced recently to make it more convenient for companies to fill out and submit information. In this form, if the amount that is transferred during the current financial year is different from the one that was transferred the previous year, the reason for the difference should be clearly mentioned. The user can directly go the IEPF claim refund option on their website to find the forms. The Ministry of Corporate Affairs has recently issued an updated format of this form on the portal and it has been effective since April 13, 2018.

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