Have you ever been concerned about your parent's money, and despite this, you cannot follow them, and you gradually learn that certain investments have gone unclaimed for several years?
The Investor’s Education and Protection Fund is abbreviated as IEPF. The IEPF Authority is in charge of unclaimed dividends and works to protect investors' interests. Directly tracing the claim is a time-consuming job. To alleviate your concerns, we are skilled in obtaining your unclaimed or underpaid payments that the corporation has transferred to IEPF!
However, if you require assistance with IEPF, such as how to claim your unclaimed dividend because many people have no idea how to claim their shares that have been transferred to IEPF by the corporation, feel free to contact us.
If IEPF has held your money, you must trace them down and file a claim as soon as possible. Then, without further ado, call an expert who can advise you and assist you in covering all of your IEPF unclaimed shares.
Looking for a technique to fetch unclaimed dividends transferred to the IEPF, you are just one step away from the Solution.
IEPF refers to Investor’s Education and Protection Fund, as previously stated. In layman's terms, it's a fund established by the Ministry of Corporate Affairs to increase investors’ knowledge and defend their interests.
Types of Funds Transferred to IEPF:
- Unclaimed dividends are amounts paid by the firm but not collected or claimed by the shareholders; the reason for the dividend not being claimed may be a misunderstanding, or the investor may have relocated and missed the dividend payment. Unclaimed dividends are recorded in the company's balance sheet under current liabilities and provisions since shareholders might claim them at any moment.
- Unclaimed shares are investments made in the name of an unknown individual or corporation. Some shares may be undetected for years in response to fluctuations in banking systems, government operations, or perhaps even the stock market.
Causes for unclaimed shares or dividends:
The govt has planned to take over all those IEPF shares where corporate perks and dividends have gone unclaimed for the past seven years or more.
There are several reasons why shares or dividends go unclaimed -
- You could have forgotten track of transactions you put into the firm.
- A financial institution or firm failed to contact or locate you to pay your dividend. Bank and contact information change regularly, and many businesses fail to keep up.
- Legal heirs and nominees sometimes neglect to claim shares and dividends because they are ignorant of the existence of this property.
- Shares that have been torn, lost, deconstructed, or ignored.
Procedure for Filing an IEPF Claim/Refund:
Step I: Before claiming shares, it is necessary to finish the transmission procedure with the firm in question, following which a petition for such shares may be submitted.
Step II: Claimant to Authority: If a person wants to claim their profits and shares back, they must fill out the IEPF Form-5 with the necessary information.
- Applicant/claimant details
- Company details ( CIN number)
- Specifics about the shares to be claimed
- Details on the amount of dividend to be claimed.
- Yearly, specific deposits and securities are highlighted.
- Applicant must be Indian( Aadhaar number) and if they are NRI or a foreigner, passport/OCI or PIO card number).
- In the event of a Resident Indian, the bank account details are linked to Aadhaar and into which the claim reimbursement would be paid.
- There is no opportunity to attach additional documents to the form.
Step III: After completing or filling out the IEPF-5 application form, the claimant/applicant must make a photocopy. They submit photocopies and the necessary documentation to the main company's IEPF Nodal Officer/Registrar in an envelope titled "Claim for a reimbursement from IEPF Authority."
- Copies of the acknowledgment with the SRN number and a printout of the completed Form IEPF-5 with the claimant's signature are required.
- Genuine indemnity bond signed by the claimant on a non-judicial stamp paper in the amount permitted by the Stamp Act.
- Original advanced stamped receipt, signed by claimant and witnesses, and so forth.
Step VI: The relevant firm must prepare a verification report and deliver it to the admin in the proper format within 15 days of the Claim form, along with the claimant's proof.
Step V: The claimant's reimbursement application, which the company has validated, is forwarded to the authorities. After receiving the verification report from the company's RTA, the authorities must decide within the next sixty days. The claimant validates their right after getting the necessary papers. A reimbursement sanction order is given, and the funds are sent to the claimant's Bank account.
How Can You Reclaim Your Unclaimed Shares?
It is evident from understanding the preceding approach to claim shares transferred to IEPF that it is a complicated process. Because the shares are so old, the IEPF fund manager thoroughly examines the claim application with documents. As a result, the odds of an application being rejected due to a minor error or a missing document increase. This is when the expertise of a reputable financial and legal consulting organization might come in handy. These firms have professionals who understand the complexities of completing an error-free application with all the necessary paperwork. As a result, the likelihood of rejection is lowered, and claiming shares becomes simple.
How Can We Assist You in Reclaiming your Dividends from IEPF ?
Learning about the Investor’s Education and Protection Fund and reclaiming all your lost and unclaimed dividends is tedious and time-consuming. So, we've got your back if you have an underpaid or unclaimed dividend and wish to collect what is rightfully yours.
For further information, contact an IEPF unclaimed shares specialist. They aren't just retrieving your unpaid dividends, they also assist you in every situation and expedite your recovery in your bank account.