Write notes on the following: Investor Education and Protection Fund

Investor Education and Protection Fund shall be governed and managed through section 125 of the Companies Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, holding of meetings and provision for Offices and Officers) Rules, 2016. Pursuant to the provisions of Section 125(2) of the companies Act, 2013, certain specified amounts are required to be credited to the Investor Education and Protection Fund after a period of seven years from the date it became due for payment. Further, Investor Education and Protection Fund shall be utilized for the particular purpose specified in Section 125(3) of the Companies Act, 2013. Any person claiming to be entitled to any money transferred to the Unpaid Dividend Account of the company may apply to the company for payment of the money claimed. The person can claim this amount from company only within seven years of its transfer to Unpaid Dividend Account. After this period not only his dividend amount but also shares shall be transferred to the Investor Education and Protection Fund (IEPF), in respect of shares for which dividend has not been paid or claimed for seven consecutive years or more. Any person claiming to be entitled to an amount lying in the Investor Education and Protection Fund may apply to the authority constituted under sub-section (5) of Section 125 of Companies Act, 2013 i.e. Investor Education and Protection Fund Authority for the payment of the money claimed. The section provides for the items to be credited to the Fund and items for which the amount for which may be utilized for.