IEPF Authority

During the financial year 2021-22, the IEPFA settled 26,044 claims and distributed 61,21,291 shares and dividends worth Rs 10,85,53,066 to the rightful claimants

FinMin preparing to amend Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

Currently, investors have to produce about 24 documents for refunds. As a part of the refund process, these documents are checked multiple times at various stages of the process

One of the big challenges the authority currently faces is the lack of manpower which often slows down its grievance redressal mechanism

The value of dividends lying unclaimed is Rs 5,539.25 crore as of October 2022, according to Lok Sabha data

A publicly available transparent database would increase the chances of genuine claimants finding out and making their claims, thus reducing the chances of fraudulent claims

Less than 2% of such shares with IEPF make their way back to investors, shows data before Lok Sabha

The stock exchanges should aggregate data on unclaimed shares and dividends from all listed companies, and provide it on their websites with easy-to-use search functionality

An SBO is a person holding a beneficial interest of at least 10 per cent whether acting alone, together or through one or more individuals or trust, in a company

The IEPF Authority has found that many companies are sitting on such amounts and not transferring them to the Fund even after the time limit lapses.

Corporate Affairs Secretary Injeti Srinivas said the IEPF Authority, which is a new body, is facing many challenges