Iepf Authority

More approachable, claimant-friendly: IEPFA reaches out to investors

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

Public-sector banks may be allowed to transfer unclaimed shares to IEPF

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

Govt to launch portal for unclaimed shares, dividends by February 2024

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

IEPFA reaches out to top hundred firms to ease investor claims' process

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

Investor queue outside IEPF grows longer by the year, shows data

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

Searchable database for unclaimed shares needed

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

Over a billion unclaimed shares in IEPF, shows Lok Sabha data

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

Exchanges must provide data on unclaimed shares

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

MCA amends provisions of SBO's share transfer to investor awareness fund

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

Govt approves 6,000 investor claims through IEPF in a span of 10 months

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 Ministry open to amending IEPF norms to ensure compliance

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