DETAILED NOTE ON FORM IEPF-1 (PREVIOUSLY KNOWN AS IEPF-7)
Prepared by: CS J Swarnalakshmi

I. Purpose of Filing Form IEPF-1 (Previously IEPF-7)

Form IEPF-1 is filed for transferring the dividend on shares that have already been transferred to the Investor Education and Protection Fund (IEPF) Authority.

Applicable Criteria for Filing Form IEPF-1

A company must file Form IEPF-1 if it meets the following conditions:

1. A portion of the company’s shares is lying with the IEPF Authority.

2. The company has declared a dividend during the financial year.

Legal Basis

As per Section 125 of the Companies Act, 2013, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Rules, 2016, any dividend declared on shares already transferred to the IEPF must also be transferred to the IEPF Authority. The filing of Form IEPF-1 is required to facilitate this transfer.

II. Availability of Form IEPF-1

According to General Circular No. 07/2024, dated July 17, 2024, issued by the Ministry of Corporate Affairs (MCA), Form IEPF-7 has been merged into Form IEPF-1 under the MCA V3 system to ease compliance and simplify filings. The form has also been made Straight Through Process (STP) enabled.

III. Timeline for Filing Form IEPF-1

Form IEPF-1 must be filed within 30 days from the date of the Annual General Meeting (AGM) in which the dividend was declared, and before transferring the funds to the IEPF Authority.

Process Overview

Note: The entire process, including filing Form IEPF-1 and transferring funds to the IEPF Authority, must be completed within 30 days of dividend declaration.

IV. Step-by-Step Process for Transferring Dividend to IEPF Authority

Step 1: Submission of Form IEPF-1 on MCA V3 Portal

1. Login to MCA V3 Portal

2. Navigate to: MCA Services > Company E-filing > IEPF Services > IEPF-1

3. Select Purpose of Filing: "Statement of Transfer of Amounts on Account of Shares Transferred to the Fund."

4. Attach Mandatory Excel Template: Investor-wise details must be uploaded in the prescribed format.

5. Submit Form: Once submitted, the Excel file will be validated by MCA/IEPF Authority.

Step 2: Filing of Form

1. Once the Excel file is successfully validated, download the final form.

2. Upload the validated form back on the MCA portal.

3. Make the required payment online.

Step 3: Payment of Miscellaneous Fee

1. After successful filing, navigate to "My Application" on the MCA portal.

2. Click on "PAY MISCELLANEOUS FEE".

3. Select Payment Mode as Offline.

4. NEFT Challan will be generated and redirected to the NTRP/Bharatkosh website.

5. Enter details:

   • Depositor’s details

   • Purpose of transaction

   • Bank details

   • Amount payable

6. Upon successful validation, a deposit slip will be generated.

7. Submit the deposit slip (hard copy) to the bank for NEFT processing.

8. The bank will provide a UTN (Unique Transaction Number).

9. Link the UTN on NTRP Portal within 7 days from NEFT challan generation (or two days after the due date, whichever is earlier).

Step 4: Linking UTN with NTRP/Bharatkosh Portal & Generating UTR

1. Login to NTRP/Bharatkosh Portal using the credentials received via email.

2. Navigate to "Track Your Transaction".

3. Click on "Enter UTRN No".

4. Provide the following details:

   • Payment Mode

   • UTRN Number

   • Date of Transfer

5. Click Submit. The entered UTR number will be displayed with a message "UTR yet to be validated by system".

6. Once validated, a Receipt can be downloaded, and the form status will change to "Under Processing".

V. Important Notes and Disclaimers

• The above process ensures compliance with the IEPF Rules and avoids penalties for delays in dividend transfer.

• Companies must strictly adhere to the 30-day timeline from AGM to complete the entire process.

• In case of any errors or mismatches in UTR validation, immediate corrective actions must be taken by coordinating with the respective bank and MCA portal.

• Any failure to comply may attract penalties as per Section 124 and 125 of the Companies Act, 2013.

DISCLAIMER: The interpretation provided herein is intended solely for informational purposes and does not constitute professional advice. This should not be construed as legal advice, and no liability is accepted for any consequences arising from it.