3. Fund
(1) The Authority shall administer the Fund.
(2) There shall be credited to the Fund, the following amounts, namely:-
(a) all amounts payable as mentioned in clause (a) to (n) of sub-section (2) of section 125 of the Act;
(b) all shares in accordance with sub-section (6) of section 124 of the Act;
(c) all the resultant benefits arising out of shares held by the Authority under clause (b);
(d) all grants, fees and charges received by the Authority under these rules;
(e) all sums received by the Authority from such other sources as may be decided upon by the Central Government;
(f) all income earned by the Authority in any year;
5[(fa) all shares held by the Authority in accordance with proviso of sub-section (9) of section 90 of the Act and all the resultant benefits arising out of such shares, without any restrictions.]
1[(g) all amounts payable as mentioned in sub-section (3) of section 10B of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, section 10B of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 2[, sub-section (3) of section 38A of the State Bank of India Act,1955], and section 40A of the State Bank of India (Subsidiary Bank) Act, 1959; and’.]
(h) all other sums of money collected by the Authority as envisaged in the Act.
(3) In case of term deposits and debentures of companies, due unpaid or unclaimed interest shall be transferred to the Fund along with the transfer of the matured amount of such term deposits and debentures.
(4) (a) All the money, which accrue under sub section (2) 3[except clause (g)] of section 125 of the Act shall be deposited in the Consolidated Fund of India under the Major Head ‘0075- Miscellaneous General Services – 104 - Unclaimed and Unpaid dividends, deposits and debentures etc.’. Such sums along with amount deposited under section 205C of the Companies Act, 1956 shall be transferred to the Fund in the non-interest bearing Public Account after taking due approval of Parliament through Appropriation Act. This non-interest bearing Public Account shall be termed as IEPF Fund and shall be utilised for the purposes provided under sub-section (3) of section 125 of the Act
(b) (i) All amounts remitted by the companies shall initially be accounted for under the following heads of Accounts:-
Major Head 0075 – Miscellaneous General Services
Minor Head 104 - Unpaid dividend of Companies.
(ii) Grants and donations given to the Fund by the State Governments 4[the Central Government], Companies or any other institutions for the purpose of the Fund as also the interest or other income received out of the Investments made from the Fund shall be credited to a separate sub-head under “800 – Other Receipts” below the MH 0075 – Misc. General Services.
(iii) Amount booked under the above receipt head shall be transferred to the Fund account under Major Head ‘8235 – General and other Reserve Fund – 116 – IE & PF’ by the PAO, Ministry of Corporate Affairs after making suitable budget provision under Major Head ‘3451 – Secretariat Economic Services 797 – Transfer to Reserve Fund Deposit Account – Transfer to Investor’s Education and Protection Fund’. In case the amounts of receipts in a year is more than the budget provision made under Major Head 3451 transfer to the Fund, the difference shall be transferred to the Fund in subsequent year, after obtaining approval of the Budget Division of Department of Economic Affairs and after making adequate budget provision in the relevant year.
(iv) Budget provision in connection with the activities to be financed from the Fund shall be made under Major Head 3451 – Secretariat Economic Services 090 Secretariat – Investor’s Education and Protection Fund. Actual expenditure under the head shall be recouped from the Fund and the amount so recouped shall be accounted for under the Major Head ‘3451’ as Deduct entry below Minor Head ‘902 – Deduct – amount met from Investor’s Education and Protection Fund’ with contra debit to Major Head – ‘8235 – General and Other Reserve Funds -116 – Investor’s Education and Protection Fund’.
Amendment
1.Substituted by the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 Dated 28th February, 2017.
In rule 3, in sub-rule (2) for clause (g),
(g) all amounts payable as mentioned in sub-section (3) of section 10B of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and section 10B of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; and
the following clause shall be substituted, namely:-
‘(g) all amounts payable as mentioned in sub-section (3) of section 10B of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, section 10B of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and section 40A of the State Bank of India (Subsidiary Bank) Act, 1959; and’.
2. Inserted by The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2019. Dated 01st May 2019 Effective from 05th September 2016
3. Omitted by The Investor Education and Protection FundAuthority (Accounting, Audit, Transfer and Refund)Second Amendment Rules, 2019 Dated 14th August, 2019 Effective from 20th August 2019
4. Inserted by The Investor Education and Protection FundAuthority (Accounting, Audit, Transfer and Refund)Second Amendment Rules, 2019 Dated 14th August, 2019 Effective from 20th August 2019
5. Inserted by The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund)Amendment Rules, 2021 Dated 09th June, 2021 Effective from 09th June 2021 |