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of <h1>India Amends Investor Fund Rules: Banks to Transfer Unclaimed Dividends to Fund After 7 Years</h1> The Government of India has issued an amendment to the Investor Education and Protection Fund Rules, 2001, under the Companies Act, 1956. Effective from March 31, 2014, the amendment includes the definition of 'corresponding new bank' as per the Banking Companies Acts of 1970 and 1980. It mandates the transfer of unpaid or unclaimed money from the Unpaid Dividend Account of these banks to the fund after seven years. The term 'company' in Form I of the rules is replaced with 'company and corresponding new bank.' This notification follows previous amendments made in 2006, 2007, and 2008.
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