How  IEPF Claim Advisor Can Help in Recovering Lost Shares

As per an old saying, one should “invest and forget”. Although this makes a lot of sense, when it comes to conserving assets, ignoring or forgetting about shareholdings may result in serious losses.

Older investors do not prefer dematerialization of missing share certificates. The process involves exchange or redemption of shares. All investors are not the same. Some maintain close track of their holdings and save important documents such as bank account details, equity share certificates, mutual funds etc. However, these shareholders may lose track of things due to various issues such as getting older, sick etc.

Filing an IEPF unclaimed shares for recovery of shares in India

Step 1: Claimant should submit an IEPF Form-5 to MCA with the following information:

Information of the Claimant

Company’s information including the CIN number

Information about shares to be claimed

Information about the amount of the dividend to be claimed

Deposits and securities details

Step 2: Complete the online refund form as directed. Email it to the company’s Nodal Officer/Registrar with all documents listed below attached. The documents should be mailed in an envelope labelled “Claim for reimbursement from IEPF authority.”

Attach the following documents:

1. Printout of IEPF-5 with signature of the claimant on each page.

2. A copy of the acknowledgment with the SRN number.

3. Original indemnification bond with the claimant’s signature.

– You need to use a non-judicial stamp paper bond if the claim exceeds Rs. 10,000.

– Use a plain paper if the claim is smaller than Rs. 10,000.

– For return of shares claim, use a non-judicial stamp paper of the amount stated in the Stamp Act.

4. Original Advance Stamped Receipt with claimant’s and witnesses’ signatures. (Make sure you affix your signature to the revenue receipt).

5. Original certificates (if the deposit or debenture being refunded is mature). In case of loss, duplicate formalities should be performed).

6. An Aadhaar card (for Indian nationals) and a copy of passport.

7. OCI, and PIO cards (for NRIs and foreigners).

8. Proof of entitlement such as the number of the initial stock/interest warrant application.

9. Cancelled cheque leaf for the IEPF Form-5 bank account.

10. A self-attested copy of your Demat Account’s client master list.

Step 3: From the Company to the Authority

The responsible firm is supposed to prepare a verification report and transmit it to the authorities in the appropriate format. This should be done within 15 days of receiving the Claim form along with the claimant’s documentation.

Step 4: Delegation of Authority to the Claimant

The Accounts Officer will verify entitlement of claimant.  Based on the guidelines, the Authority and the Drawing and Disbursing Officer shall send a bill to the Pay and Accounts Officer for payment. In case, it is verified that the claimant is entitled to the shares, the authority will issue a refund sanction order with the permission of the competent authority.

Finally, the shares will be credited to the claimant’s demat account. In case, the shares are physical certificates, duplicate certificates are annulled before handing out to the claimant.

The corporation validates reimbursement application of claimant. It will be sent to authorities who must make a decision within 60 days after obtaining the verification report from the relevant firm.

Legal Change

The ministry is looking for changes in laws to ease the process of stock transfer to the government for businesses.

At present, The Ministry of Corporate Affairs (MCA) is trying to impose a change to the Firms Act. This change is aimed at allowing the government to take over the task of transferring shares from companies. According to officials, the change will centralize and streamline the procedure of share transfer and solve issues related to unclaimed dividends (total approximately Rs 2,000 crore).

As per top ministry officials, the claimant needs to place a request to the government to transfer shares into their name. This can be done under the revisions done to the Companies Act. You can take help of a professional agency to recover lost shares.

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