Section 6(1) in The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016
(1)The shares shall be credited to DEMAT Account of the Authority to be opened by the Authority for the said purpose, within a period of thirty days of such shares becoming due to be transferred to the Fund:Provided that, in case the beneficial owner has encashed any dividend warrant [or any dividend amount has been credited to bank account of the owner of such shares] [Substituted by Notification No. G.S.R. 571(E), dated 14.8.2019 (w.e.f. 5.9.2016).] during the last seven years, such shares shall not be required to be transferred to the Fund even though some dividend warrants may not have been encashed:[Provided further that in cases where the period of seven years provided under sub-section (5) of section 124 has been completed or being completed during the period from 7th September, 2016 to 31st October, 2017, the due date of transfer of such shares shall be deemed to be 31st October, 2017.;] [Substituted by Notification No. G.S.R. 1267(E), dated 13.10.2017 (w.e.f. 5.9.2016).][Provided further that transfer of shares by the companies to the Fund shall be deemed to be transmission of shares and the procedure to be followed for transmission of shares shall be followed by the companies while transferring the shares to the fund.] [Inserted by Notification No. G.S.R. 1267(E), dated 13.10.2017 (w.e.f. 5.9.2016).][Explanation. [Inserted by Notification No. G.S.R. 571(E), dated 14.8.2019 (w.e.f. 5.9.2016).] - For removal of all doubts, it is hereby clarified that all shares in respect of which dividend has been transferred to Investor Education and Protection Fund on or before the 7th September 2016, shall also be transferred by the company in the name of Investor Education and Protection Fund].
