On 31st July 2025, the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs (MCA) dropped a final public notice that has sent a wave of urgency across thousands of companies in India — both listed and unlisted.

This notice, quietly published on the MCA portal, mandates the filing of Form IEPF-1A — a compliance form that many companies either missed, misunderstood, or simply ignored for years. The deadline? 30th August 2025. No further extensions.

But wait — this is not just another form. This notice is backed by Rule 5(4A) of the IEPF Rules, 2016, and targets companies that transferred unclaimed dividends, deposits, debentures, etc., but failed to file the correct data using MCA’s prescribed Excel format.

Why Are Over 3,000 Companies Still Non-Compliant?[2]

Here’s the shocking part — despite this rule being notified way back in August 2019, and repeated reminders in the form of circulars, emails, and webinars:

More than 3,000 companies — including 1,758 listed and 1,103 unlisted — are still not compliant.

Here’s why:

Some companies filed IEPF-1 in scanned formats, PDFs, or Word docs instead of Excel.
Others never filed IEPF-1 at all for certain transfers.
Many ignored the format requirement, thinking “filing is filing” — but MCA’s system doesn’t agree.

The result? Over 31,000 SRNs (Service Request Numbers) are pending in non-standard formats, causing:

Investor claim delays
Incorrect refunds
Regulatory data inconsistency

What Exactly Is Happening — And Why Now?

Two major things:

MCA has migrated to MCA21 V3
The new system needs clean, structured data — Excel-based filings only. Anything else is a red flag.
IEPFA wants to clean up the mess before refund volumes grow
The more investor complaints pile up, the more scrutiny MCA is under. They’re now:
- Matching filings with transfers
- Verifying SRNs
- Alerting Nodal Officers of mismatches

This is why MCA issued the final 30-day compliance window through this public notice. It’s not a soft reminder — it’s your last chance to correct past mistakes and avoid regulatory penalties.

2. What is IEPF[3] and Why Should You Care?

Unclaimed Dividends, Deposits & IEPF — What’s the Story?

Every year, crores of rupees go unclaimed by investors — dividends that weren’t encashed, matured deposits not collected, debentures lying untouched. These are not small errors. They’re massive compliance gaps.

To ensure these funds don’t sit idle or get misused, the Government of India created a special fund under the Companies Act, called the:

Investor Education and Protection Fund (IEPF)

This fund acts as a safe holding zone for all such unclaimed investor money, until:

The rightful owner claims it back, or
It is used for investor education, protection, and awareness

So if your company has ever had:

Unpaid or unclaimed dividends
Matured but unclaimed fixed deposits
Debentures, interest, redemption amounts, or application money unpaid

You are legally obligated to transfer those amounts to the IEPF after 7 years of no claim.

IEPFA – The Watchdog Under the Companies Act, 2013

The Investor Education and Protection Fund Authority (IEPFA) is the statutory body responsible for:

Receiving these unclaimed funds from companies
Maintaining transparency in investor records
Ensuring claims are verified and refunded to genuine shareholders
Promoting investor awareness through outreach programs

It was established under Section 125 of the Companies Act, 2013 and functions under the Ministry of Corporate Affairs (MCA).

Section 125[4] vs. Section 205C[5] – Explained Simply

Particulars	Section 205C (Companies Act, 1956)	Section 125 (Companies Act, 2013)
Governs transfers before 2013	Yes	No
Governs transfers after 2013	No	Yes
Focus	Creation of the IEPF	Broader powers: claim refunds, audits
Administering Authority	Central Government	IEPF Authority (IEPFA)
Filing Requirements	IEPF-1 (manual, early versions)	IEPF-1 (Excel format, digital)
Excel Format Mandatory?	Not mandatory earlier	Mandatory post-2019 (Rule 5(4A))

In Simple Terms:

If your company transferred funds before 2013, it was governed by Section 205C.
After 2013, it comes under Section 125, and the IEPFA takes over administration.
From August 2019, the MCA made it compulsory to file this data in a prescribed Excel format — this is where Form IEPF-1A becomes relevant.

IEPF-1 vs. IEPF-1A: What’s the Difference?

When it comes to reporting unclaimed funds to the IEPF, many companies assume IEPF-1 is all they need to file.

That’s true — but only if you filed it correctly, on time, and in the prescribed Excel format.

But what if:

You uploaded a PDF or scanned copy of the statement?
You submitted data in Word, CSV, or handwritten attachments?
You never filed IEPF-1, even after transferring money?

That’s where Form IEPF-1A comes in — and why the MCA issued the final notice on 31 July 2025, giving companies a last chance to fix their past filings.

Here’s the Clear Difference:

Feature	IEPF-1	IEPF-1A
Purpose	Original transfer declaration	Correction / re-filing in Excel format
Applicable to	All transfers to IEPF	Only for past filings that were non-Excel or missing
Excel Template Needed?	Yes	Yes
Filing Portal	MCA21 V2 / V3	MCA21 V3 only
Deadline	At time of transfer to IEPF	⏳ 30 August 2025 (Final deadline)
Regulatory Reference	Rule 5(1) of IEPF Rules	Rule 5(4A) of IEPF Rules
Consequences of Non-Compliance	Filing not accepted, possible penalties	Investor complaints, regulatory action

In Simple Words:

IEPF-1 is your regular form — to be filed at the time you transfer unclaimed amounts to the IEPF.
IEPF-1A is your clean-up form — to be filed now only if your previous IEPF-1 was incorrect or missing.

Real Use Cases:

Company	What They Did	Action Now
ABC Ltd.	Filed IEPF-1 in PDF in 2020	Must file IEPF-1A in Excel
XYZ Pvt. Ltd.	Transferred unclaimed deposit in 2018, never filed	Must file IEPF-1A now
PQR Ltd.	Filed IEPF-1 in Excel via MCA V3 in 2023	No IEPF-1A needed

Rule 5(4A) – The Hidden Rule Triggering All This

Inserted via GSR 571(E) — Effective from 20 August 2019[6]

This whole IEPF-1A story begins with a small rule that many companies either missed or misunderstood — Rule 5(4A) of the IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016.

This rule was inserted through a government notification:

G.S.R. 571(E) dated 14 August 2019[7], and came into force on 20 August 2019.

It added a crucial requirement:

If your company transferred money to the IEPF but did not file the IEPF-1 in the prescribed Excel format, then you must refile the correct details within 60 days of that notification — i.e., by 20 October 2019.

What Does Rule 5(4A) Actually Say — In Plain English?

Here’s the legal version (simplified):

If your company transferred any amount mentioned in clauses (a) to (d) of Section 205C of the Companies Act, 1956 to the IEPF or Central Government,
but you either:

Did not file Form IEPF-1 at all, or
Filed it in any format other than the prescribed Excel,
then you are required to re-submit the statement in Form IEPF-1A + Excel template,
within 60 days of the rule’s notification.

Why Didn’t Most Companies Take It Seriously Back Then?

Because it seemed like a technical clarification, not a strict enforcement.
MCA had not begun automated scrutiny back in 2019.
The Excel format was not yet integrated deeply with the MCA system.
Many thought PDF or scanned statements were “okay enough.”

So, companies:

Filed wrong formats,
Attached scanned images,
Or simply forgot to comply.

The result? Thousands of non-standard filings flooded the system — unusable, unreadable, untraceable.

Why MCA Is Acting Hard in 2025?

Now in 2025, with the migration to MCA21 V3, the Ministry means business.

IEPFA discovered 31,000+ SRNs of Form IEPF-1/7 that were not filed in the Excel format.

These lead to:

Inability to track investor amounts
Delays in claim approvals
Short payments or mismatches
Increasing investor complaints

Hence the final public notice on 31 July 2025, where MCA said:

“If you don’t file Form IEPF-1A in Excel by 30 August 2025, expect regulatory action.”

What You Need to Do Now:

Check if your IEPF-1 filing was made after 20 Aug 2019,
Verify the format used — Excel, PDF, Word, scanned?
If it was not Excel, you are non-compliant, and must now file Form IEPF-1A using the prescribed Excel sheet.

This is your last chance to fix it — before MCA starts taking action under the Companies Act, 2013.

Who MUST File IEPF-1A Before 30 August 2025?

Is It Mandatory for You? Take This 15-Second Compliance Test

Ask yourself just 3 questions:

Question	If YES
Did your company transfer any unclaimed amount to IEPF after 20 Aug 2019?	You’re under Rule 5(4A)
Did you file IEPF-1 in any format other than Excel (PDF, Word, scanned)?	You must file IEPF-1A
Did you forget to file IEPF-1 altogether for that transfer?	You must file IEPF-1A

If you answered “Yes” to even one of the above, you are mandatorily required to file Form IEPF-1A in the Excel template before 30 August 2025.

What MCA Means by “Non-Compliant Format”?

MCA’s final notice (dated 31 July 2025) uses a specific term:

“Filed the statement in a format other than the mandated Excel template…”

Let’s simplify this:

Non-Compliant Formats	Compliant Format
PDF attachments	Prescribed Excel template
Word documents (.doc/.docx)	Excel sheet with defined headers
Scanned images / handwritten forms	Validated Excel from MCA site
CSVs with missing fields	Excel as per Rule 5(1) format

Even if you filed through the MCA21 portal — if the attachment was not the prescribed Excel, you are non-compliant under Rule 5(4A).

MCA’s V3 Migration = Excel-Only Policy

Since 2023–24, the MCA has been rolling out its new compliance system — MCA21 Version 3 (V3), and now, in 2025, it’s fully live.

Here’s what V3 changed:

Before V3 (Old System)	After V3 (MCA21 V3)
Allowed manual uploads	Automated validation of Excel formats
Could accept scanned docs	Only Excel accepted for IEPF-1A
No alert if format was wrong	Auto rejection if template not matched
Officers had to verify manually	SRNs tracked digitally + Excel-mapped

MCA is digitizing everything, and that means non-Excel files break the system.
IEPFA can’t:

Identify shareholders
Match amounts
Track refunds

So now they’ve drawn the line:

Fix your non-Excel filings before 30 August 2025, or face the consequences.

Final Conclusion Who Absolutely Must File IEPF-1A?

If your company:

Filed Form IEPF-1 in PDF/Word format after 20 Aug 2019
Didn’t file IEPF-1 at all
Filed old-format Excel or partial CSV without headers
Has SRNs flagged by IEPFA for re-submission

Then you must file Form IEPF-1A using the prescribed Excel template via MCA21 V3.

You’ll likely get:

An email alert to your Nodal Officer, and
A list of SRNs that require correction

Don’t wait. File it now and stay clean.

Compliance Table – Do You Need to File IEPF-1A?

Still confused whether your company needs to file IEPF-1A by 30 August 2025?

This quick reference table will save you hours of back-and-forth between your secretarial and finance teams. Just match your situation, check your format, and take the right action.

IEPF-1A Compliance Decision Table

Situation	Filed IEPF-1?	Format Used?	🚦 Action Required?
Filed before 2019, in Word/PDF/scan	Yes	Wrong Format	File IEPF-1A again
Filed after 2019 in correct Excel format	Yes	Excel	No action needed
Transferred funds but never filed IEPF-1	No	–	File IEPF-1A immediately
Filed using image or scanned documents post-2019	Yes	Wrong Format	File IEPF-1A again
Filed IEPF-1 in MCA21 V3 with correct Excel	Yes	Excel	Fully compliant

If you’re unsure about the format used, check your SRNs and download your earlier attachments from the MCA portal.

Sources for This Table:

Rule 5(4A) of the IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016
Inserted via Notification G.S.R. 571(E) dated 14 August 2019
Deadline for IEPF-1A compliance: 30 August 2025
Source: IEPFA Public Notice – 31 July 2025 (PDF)

How to File Form IEPF-1A – Step-by-Step Walkthrough?

Filing Form IEPF-1A is not complicated — but it must be done precisely as per MCA V3 rules.

Here’s your go-to walkthrough: what to download, what to avoid, and how to complete the filing process confidently before the 30 August 2025 deadline.

Step 1: Download the Official Excel Template

MCA accepts only machine-readable Excel files with specific headers and sheet structure.

Download the Excel template from:

MCA Portal → IEPF → Downloads → IEPF-1A Template
Or via the email sent to your Nodal Officer’s registered ID (IEPFA will share the list of required SRNs + template)

Do not use your own Excel or convert PDFs into .xls — it will be rejected.

Step 2: Fill the Excel Template Properly

The Excel file has fixed columns like:

Column	Field Name	What to Fill
A	CIN	Company Identification Number
B	Name of Shareholder	As per previous IEPF-1
C	Amount Transferred	In ₹, exact figure
D	Nature of Amount	Dividend / Deposit / Debenture, etc.
E	Date of Transfer to IEPF	As per challan/records
F	SRN (if available)	Original filing SRN (if applicable)
…	Additional fields as per format	Follow template guidelines strictly

Use clean data — no merged cells, no extra columns, no filters.
Double-check the date format, amounts, and shareholder names.

What to Avoid in the Excel Sheet

Mistake	Consequence
Using an old or modified template	Auto-rejection by MCA
Adding extra columns or renaming	File won’t be read by the system
Leaving mandatory fields blank	Error in validation
Using formulas or merged cells	System cannot parse the data

Keep it simple. Plain text only.

Step 3: Validate & Submit on MCA21 V3 Portal

Now that your Excel is ready, log into www.mca.gov.in

Filing Process:

Login using your Company/Professional account (Business User)
Go to: “e-Filing” → “Company Forms Download” → Form IEPF-1A
Upload your filled Excel inside the form
Attach supporting documents if required (challans, proof of transfer)
Affix DSC of the Director or Authorised Representative
Click Submit

The system will generate a Service Request Number (SRN) and acknowledgment.

Step 4: Track Your Filing (SRN-Based)

You’ll get:

An SRN for the IEPF-1A submission
A PDF acknowledgement of successful upload
Option to track status under “My Workspace” → “Track SRN”

Save the SRN and link it with your original IEPF-1/IEPF-7 filings for audit trail and internal compliance reports.

What is an SRN & Why MCA is Tracking 31,000+ of Them

When it comes to MCA compliance, SRN isn’t just a reference number — it’s your digital compliance fingerprint.

If you’re filing Form IEPF-1A under the final notice dated 31 July 2025, your company’s old SRNs could be the reason you’re being asked to refile.

Let’s break it down.

What is an SRN?

SRN = Service Request Number

Every time you file any form on the MCA portal (like IEPF-1, DIR-3, INC-22, etc.), the system generates a unique SRN — something like “SRN A12345678”.

It helps:

MCA track your filing status
You retrieve or resubmit filings
Auditors and regulators cross-check documents

In the context of IEPF:

Every Form IEPF-1, IEPF-1A, IEPF-7** you file generates an SRN
The SRN links to the amount, shareholder details, and compliance status

Why MCA is Tracking 31,000+ SRNs Now?

As per the MCA’s 31 July 2025 public notice:

“The Authority holds more than 31,000 SRNs of IEPF-1/7 that were filed in formats other than the Excel template, which leads to difficulty in identifying the amounts due to investors, causing short payments and complaints.”

Translation?

These filings were in wrong formats — PDFs, scanned files, handwritten, etc.
MCA’s system can’t parse them
Now, in MCA21 V3, the system is digitally scanning all past SRNs
Companies linked to these SRNs are being asked to re-file via IEPF-1A

How Nodal Officers Are Getting Email Alerts

MCA/IEPFA is emailing Nodal Officers directly with:

A list of affected SRNs (flagged for non-compliant format)
A link to download the official Excel template
Instructions to complete IEPF-1A filing within 30 days

These emails are being sent to the registered Nodal Officer ID — if you haven’t received it:

Check spam/junk
Check MCA login contact details
Or update your Nodal Officer via Form IEPF-2

Not Sure if You Need to File IEPF-1A?

Here’s what you can do:

Step	What to Check
1	Log in to MCA V3 Portal
2	Go to “My Workspace” → “View SRN History”
3	Filter for “IEPF-1” and “IEPF-7” forms filed post-2019
4	Open attachments — check if they were Excel or not
5	Cross-verify if any emails from IEPFA mention your SRNs

If your form was:

Filed in proper Excel → You’re safe
Filed in PDF or non-Excel → You must refile via IEPF-1A

What Happens If You Don’t Comply by 30 Aug 2025?

The Ministry of Corporate Affairs (MCA) has given companies a final 30-day window — till 30 August 2025 — to file Form IEPF-1A using the Excel template.

This is not a soft reminder. It’s a last warning, and failure to comply can lead to legal, reputational, and financial consequences under the Companies Act, 2013.

Let’s break down what’s at stake

Legal Consequences Under the Companies Act, 2013

Form IEPF-1A flows directly from:

Section 125 of the Companies Act, 2013
Read with Rule 5(4A) of the IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016

Non-compliance = violation of Rule 5
That means your company can be penalized under:

Section 450 – Punishment where no specific penalty is provided

“If a company or any officer… contravenes any of the provisions of this Act… and for which no penalty is elsewhere provided… the company and every officer shall be liable to a penalty which may extend to ₹10,000, and where the contravention is continuing, with a further penalty of ₹1,000 for each day after the first.”

In simple words:

One-time penalty: ₹10,000 per company + per officer in default
Plus ₹1,000 per day until you comply

MCA Audit Flags, Show-Cause Notices & Prosecution Risk

MCA V3 is built to auto-flag anomalies. Your company could get flagged for:

Red Flags	Trigger
SRNs filed in non-Excel formats	Detected by MCA automated system
Duplicate or mismatched transfer entries	Excel not filed → verification fails
No IEPF-1A filed despite email notification	Show-cause notice or inspection
Past investor complaints linked to your SRNs	Escalated for scrutiny by IEPFA/MCA

Once flagged, MCA may:

Issue a Show-Cause Notice to the company and CS
Freeze refunds for unclaimed investors
Initiate adjudication proceedings before ROC
Delay other e-filings or approvals (like PAS-3, SH-7, DIR-12)

Impact on Investor Claims and Refund Processing

This is perhaps the most practical consequence:

If you don’t refile in Excel using Form IEPF-1A, MCA/IEPFA can’t match investor records, and this leads to:

Delayed refunds to rightful shareholders
Investor grievances escalated to SEBI, MCA, ROC
Loss of credibility for listed companies
Share transfer hold-ups during buybacks, mergers, or IPOs

In listed entities, even a small delay in IEPF filings can become a red flag during due diligence or audits.

Common Mistakes Companies Are Making (And You Shouldn’t)

MCA’s IEPF-1A filing isn’t just about “upload and forget.”
It’s about clean, compliant, and Excel-perfect data. But many companies — including listed ones — are still making avoidable mistakes, despite the 31 July 2025 notice.

Here are the most frequent errors we’ve seen, and how your company can avoid falling into the same trap:

1. Excel Formatting Errors

MCA V3 expects data in a machine-readable format — no shortcuts allowed.

Common Error	⚠️ Why It Fails
Merged cells	MCA portal can’t read the structure
Extra columns added or renamed	Breaks validation rules of the IEPF-1A template
Incorrect date format (e.g., DD/MM)	MCA expects standard format (YYYY-MM-DD)
Formulas or hidden characters	Creates XML errors during upload
Leaving mandatory fields blank	Results in upload failure

Fix it:
Always download the latest template from MCA, avoid edits to headers, and test the Excel using their offline validation tool (if available).

2. Uploading Old Formats or Partial Data

This is the #1 reason companies are still non-compliant.

Many companies reused their old IEPF-1 Excel files from 2019–2021
Some uploaded partial records (e.g., only 1 year’s data instead of all 7 years)
Others modified the file format to .csv or .xlsm — which is not accepted

Fix it:
Use only the prescribed .xlsx Excel file format, and ensure all historical SRNs that require correction are captured in your filing.

3. Not Informing Your Nodal Officer or Compliance Team

“But we thought the CS was handling it…”
“I didn’t get any MCA email…”
“Our Nodal Officer left last year…”

These are actual excuses companies give — and they can cost you.

Since IEPFA is now emailing SRN-specific alerts to Nodal Officers, failure to coordinate internally leads to:

Missed SRN lists
Missed Excel templates
Missed deadlines

Fix it:

Inform your Company Secretary, CFO, or Compliance Head
Check and update your Nodal Officer info via Form IEPF-2
Ensure someone is tracking the MCA communication trail

Bonus Mistake: Assuming “We Already Filed IEPF-1 So We’re Safe”

This is the most dangerous assumption.
Even if you filed IEPF-1 before, if it was in a non-Excel format, you are not compliant under Rule 5(4A).

MCA doesn’t care what you filed — only how you filed it.

Real-World Company Examples (Fictional, But Relatable)

What Companies Are Doing Right — and What They’re Doing Very, Very Wrong

Sometimes, the best way to understand MCA compliance is through examples. Below are 3 fictional but realistic cases that reflect exactly what’s happening with companies across India right now — from listed giants to mid-size private firms.

Let’s decode each one in LawgicalSearch-style.

Case 1: ABC Ltd. — Filed in Word Format (Now Has to Refile)

Type: Listed Company
Transfer Year: 2020
Action Taken: Filed Form IEPF-1 with all shareholder details — but in a Word document attachment
Assumption: “We submitted all details. Format doesn’t matter.”
Reality Check: Format does matter. MCA only accepts Excel from August 2019 onward.
Current Status: Received email from IEPFA with list of SRNs flagged.
Next Step: Must now file Form IEPF-1A using the correct Excel template.

Takeaway: Even if you filed, the wrong format = non-compliance.

Case 2: XYZ Pvt. Ltd. — Never Filed IEPF-1 (Urgent Action Required)

Type: Unlisted Private Company
Transfer Year: 2017 (Unclaimed fixed deposits matured and transferred to IEPF in 2024)
Action Taken: Transferred amount via challan, but did not file IEPF-1 at all
Assumption: “Since we paid via challan, we’re done.”
Reality Check: Wrong. Filing IEPF-1 or IEPF-1A is mandatory, even after the transfer is complete.
Current Status: No SRN exists. MCA has no record of declaration.
Next Step: Must immediately file Form IEPF-1A with full details. Risk of penalty under Section 450.

Takeaway: Transfer without filing = zero compliance.

Case 3: PQR Ltd. — Fully Compliant and Safe

Type: Listed Company
Transfer Year: 2023
Action Taken: Filed IEPF-1 via MCA21 V3 using prescribed Excel template
SRN is valid, template matches, shareholder data clean
Proactive Team: Nodal Officer is up to date, and all Excel filings cross-verified
Current Status: Fully compliant. No IEPF-1A required.
Bonus: Company didn’t receive any email from IEPFA — because everything is already in order.

Takeaway: Clean filings = zero stress, zero penalty risk.

Moral of the Examples?

Company	Filed IEPF-1?	Format Used	Action Now
ABC Ltd.	Yes	Word (wrong)	File IEPF-1A again
XYZ Pvt.	No	–	File IEPF-1A immediately
PQR Ltd.	Yes	Excel (correct)	No action needed

Quick Compliance Checklist for CS, CAs & Compliance Heads

Your Last-Minute IEPF-1A Filing Blueprint — Before 30 August 2025

If you’re a Company Secretary, Chartered Accountant, CMA, or Compliance Officer, this section is for you.
Use this quick checklist to ensure your company doesn’t fall into the non-compliant list flagged by MCA.

Let’s make your IEPF-1A filing airtight:

Before 30 August 2025, Make Sure You:

	Task	Status (✔/)
1	Collected all relevant SRNs (IEPF-1 / IEPF-7 filed since August 2019)
2	Verified the format of each past filing — Excel or non-Excel
3	Checked if your company is listed in IEPFA’s final email notice
4	Downloaded the prescribed Excel template from MCA portal
5	Prepared the Excel file in proper format (no formulas, no merged cells)
6	Cross-checked shareholder data with old records / transfer challans
7	Assigned Form IEPF-1A task to your CS/secretarial support team
8	Affixed DSC of Director / Authorised Signatory to IEPF-1A form
9	Successfully filed Form IEPF-1A on MCA21 V3 portal
10	Downloaded and saved SRN acknowledgement and shared with internal audit/legal team

Why MCA’s Push for Excel-Based Filing is Justified ?

Many companies are asking,

“Why is MCA being so strict about this Excel format now?”

Here’s the answer — and it’s a compelling one.

The Ministry of Corporate Affairs isn’t enforcing Excel just to burden you.
It’s doing it because the old way of filing (PDFs, Word docs, scanned images) was causing chaos, especially when it came to investor refunds and reconciling claims.

Let’s break down why the Excel-only policy is justified — and here to stay.

1. Investor Refund Delays Were Becoming a Crisis

Before Excel-based compliance, IEPFA received:

Thousands of poorly structured filings
With missing shareholder info, mismatched amounts, or illegible scans
Which meant: Even when investors claimed their money back — IEPFA couldn’t match them properly

That caused:

Delays in refunds
Manual verification work
Loss of investor trust

Now, with standardized Excel templates, MCA can:
Auto-match investor details
Identify the correct amount
Speed up the claim approval process

2. Duplicate Filings, Short Payments & Data Errors

Here’s what used to happen with non-Excel filings:

One shareholder’s data was entered twice by mistake
Another shareholder’s name was misspelled
Amounts were off by ₹1,000 or ₹10,000
Challan numbers didn’t match

Without structured data, IEPFA couldn’t:

Detect duplication or discrepancies
Match challan-SRN-shareholder info in real-time

This led to:

Short payments to investors
Overpayments in a few cases
Refunds sent to the wrong claimant (yes, it happened)

3. Clean Data = Faster Disbursement = Fewer Complaints

The MCA21 V3 system now wants:

Uniform Excel format
Verified SRNs
Traceable audit trail

This results in:

Benefit	Why It Matters
Faster IEPF claim approvals	Investors get their money back quickly
Fewer complaints	Less email follow-ups and grievances
Easier reconciliation	Companies can clear historic records
Transparency	Auditors, SEBI, and MCA can verify fast

Conclusion – The Final Word for Compliance Professionals

The MCA’s 31 July 2025 public notice on Form IEPF-1A is not just another compliance reminder — it’s the final call. With over 31,000 SRNs flagged for non-standard filings, the Ministry is moving toward a zero-tolerance policy on data quality, format compliance, and investor refund delays.

For companies, especially those with historical IEPF transfers after 20 August 2019, this is the last window to refile in the prescribed Excel template. Non-compliance won’t just mean penalties under Section 450 of the Companies Act, 2013 — it could also delay investor claims, attract MCA scrutiny, and trigger reputational risks.

In simple terms: File clean, file in Excel, and file before 30 August 2025. This isn’t about bureaucracy — it’s about ensuring transparency, efficiency, and trust in India’s corporate governance framework.

References

[1] https://www.iepf.gov.in/content/iepf/global/master/Home/Notifications/notices-and-circulars.html

[2] https://www.iepf.gov.in/bin/dms/getdocument?mds=K32SPNBOg%252F1CWoLPMdHQMg%253D%253D&type=open

[3] https://www.iepf.gov.in/content/iepf/global/master/Home/Home.html

[4] https://ca2013.com/investor-education-and-protection-fund/

[5] https://indiankanoon.org/doc/125059514/

[6] https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MTM2ODI=&docCategory=Notifications&type=open

[7] https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MTM2ODI=&docCategory=Notifications&type=open

Written by Mahboob Gaddi and Farman Ahmad | Founders, Lawgical Search