Claim dividend from IEPF & Claim Share: The goal is to make the iepf unclaimed shares claiming procedure entirely online, reducing the amount of paperwork required.
How to Claim Shares From IEPF?
Thousands of investors with shares in the government's Investor Education and Protection Fund (IEPF) are likely to benefit as the Ministry of Corporate Affairs (MCA) overhauls the share transfer and dividend refund systems over the next two months, according to sources.
Listed businesses have transferred approximately 30 lakh investors' shares to the IEPF in the previous 14 months. These shares have a current market value of Rs 18,000 crore, and investors have been experiencing difficulties in getting them transferred to their accounts. The fund has a total of Rs 2,300 crore in dividends.
Because heirs were uninformed of inheritance or share certificates were missing, the shares remained inactive when investors did not iepf claim them for seven years or longer. Some cases included long-term investments.
According to an MCA ruling that took effect on November 1, 2017, all listed companies must transfer inactive shares to IEPF claim if a dividend has not been paid to a shareholder for seven years.
Previously, only dividends, debentures, deposits, share application money, sale sales of fractional shares, and redemption proceeds of preference shares were to be transferred to the fund, which was established in October 2001.
Process for iepf claim
The government intends to put the claim procedure totally online in order to eliminate procedural delays. Currently, investors must complete the IEPF 5 online form, but they must also mail all of their documentation to the relevant firm. Following the iepf claim verification, the firm must mail a report to the IEPF Authority. Long delays result as a result of this.