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In Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017, in Rule 6(3)(d) , in case where shares are held in physical form under (iv) the following is given ' after issue of duplicate share certificates, the company shall inform the depository by way of corporate action to convert the duplicate share certificates into DEMAT form and transfer in favour of the Authority.' Query: An unlisted company which has not registered with any depository for holding shares in demat form and hence has not given option to share holders to hold shares in demat form and all shares are held in physical form, In the above case, for complying with IEPF Rules as per Rule 6(3)(d)(iv) in order to transfer unclaimed shares to IEPF, should the company has to compulsorily get themselves registered with a depository and offer its entire shares the option to hold in demat form and then transfer such of those unclaimed shares from physical to demat form to the credit of IEPF authority. Also as per Rule 7 (4) After verification of the entitlement of the claimant- (b) to the shares claimed, the Authority shall issue a refund sanction order with the approval of the Competent Authority and shall credit the shares to the DEMAT account of the claimant to the extent of the claimant’s entitlement. Query: When the shares of the unlisted company itself is not demat form and company has not offered such facility to shareholders, how the claimant shareholder can hold shares refunded by the Authority in demat account. Requesting your goodself to please clarify

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Posted By: Mukund govindharajan 7 year(s) ago

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    Shivam Singhal

After issuing duplicate share certificate in the name of IEPF Authority, company need to open a DEMAT account with any depository (i.e. NSDL or CDSL), afterthat, the company shall tranfer the shares to the DEMAT account of IEPF Authority

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