With crores of investors’ dollars remaining unclaimed with different firms and economic institutions, the Investor Education and Protection Fund (IEPF) has been formed with the objective of refunding shares, unclaimed dividends, matured deposits, debentures, and so on. to investors and to market awareness amongst them.
For this the Ministry of Corporate Affairs has set up the Investor Education and Protection Fund Authority (IEPFA) in September 2016 beneath Section 125 of the Companies Act, 2013.
As per the IEPFA provisions, investors’ dollars remaining unclaimed for 7 years or more in respect of shares lying in demat accounts, the application moneys received by firms for allotment of any securities and due for refund, matured debentures / bank deposits, unpaid dividends by firms, interest accrued on debentures / bank deposits / securities and dollars of investors, which is recovered from fraudulent firms, has to be transferred to IEPF.
If your shares, unpaid dividends, matured deposits or debentures and so on. have been transferred to IEPF, you can not claim them straight from the business / economic institution.
You could claim refund of such dollars via the following methods:
Step 1: Register your self on IEPF web page iepf.gov.in
Step 2: Fill the new net kind IEPF-5 Online
Step 3: Attach scanned copy of requisite documents with kind
Step 4: Take print out of auto generated advance receipt and indemnity bond (to take the print out, pay a visit to IEPF web page –> Forms –> Web Forms IEPF-5 –> MCA Services)
Step 5: Send all original documents to the business
Step 6: Company to e-confirm the claim in 30 days
Step 7: On the basis of verification report, IEPFA will refund the shares and quantity
Before filing e-kind IEPF-5, assure that all the important documents are out there with you as delay in submission of the documents could lead to rejection of the e-kind.
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The data you would require to fill IEPF-5 Form contain PAN facts, valid e-mail ID, an active mobile quantity, bank account facts with IFSC and demat account facts (for shares).
No charge is charged for filing IEPF-5 Form and you will get a single re-submission selection to rectify discrepancies, if any.