Many of us find ourselves in a dire strait when we cannot find any reliable assistance in reclaiming iepf unclaimed shares, mutual funds, deposits, debentures, and so forth. Since one might have either misplaced, lost, or forgotten about the details and the certificates, and thus seen whining “how do I find my unclaimed dividend/ shares?”.
Not long before, the certificates and shares were supplied in tangible form, and thus often, they were either torn, lost, or might be that the holder died without acquainting the heirs or assigning any nominee. Let’s dig into this further!
What is IEPF?
To begin with, IEPF is an acronym for Investor Education and Protection Fund. This fund has been established by the Ministry of Corporate Affairs (MCA), while funds come in through IEPF unclaimed shares, debentures, dividends, and so on. The trust supervises the IEPF and employs the capital that remains untaken for over seven years in a row. Once this criterion of seven years is fulfilled wherein no one shows up to claim the funds, transfer or nodal officer of the firm owns the entitlement to swap the unclaimed shares to IEPF. The following types of funds are typically moved to IEPF:
- Unclaimed dividends
- Unclaimed shares
- Unrealized incomes from matured deposits of firms
- Unclaimed debentures of firms & amp; the interest accumulated on the debentures
Is it possible to reclaim iepf unclaimed shares?
Absolutely! It is within the authority of a shareholder to reclaim any such monetary investment from IEPF since the IEPF body maintains and preserves the details of every account. However, one can do this by adhering to the suggested procedure and submitting it dot on time along with other requisite documents.
The process to safeguard refund shared from IEPF unclaimed divided or IEPF
Any individual whose unclaimed dividend, matured debentures, matured deposits, unclaimed shares, redemption takings of preference shares, sales takings of fractional shares, application money awaited for refund or interest upon it, has been transferred to the fund, is entitled to reclaim their shares as per the sub-section (6) of section 124.
The person may give an application for a refund as per clause (a) of sub-section (3) under section 125 or according to the provision under sub-section (3) of section (125) from the liable authority. One should resort to an experienced legal consultant or attorney specialized in the field for getting assistance in reclaiming the shares from IEPF with lesser bothers.
- The claimant has the right to pose a single claim in a financial year.
- On the flip side, if the petitioner is a legit heir, nominee, or successor of their shares, prior to entering any claim with shares from the IEPF body, the person needs to make sure that the process of transmission has been accomplished by the concerned firm first.
Here is the step-wise process of reclaiming the unclaimed shares from the IEPF:
- Transmission process completion from the concerned company: It is crucial to fulfilling the transmission procedure first with the concerned company before claiming the shares. Once done with this part, you may proceed to apply for the claim.
- Petitioner to Authority: Download the E-form IEPF-5 from its official site, fill it properly and upload it. This form demands information about the unclaimed investment and the claimant as well.
- Petitioner to Company: As soon as you fill the online form, he or she has to post the copies of needed documents to the Nodal Officer of the company it is concerned with.
- Company to the Authority body: As the application reaches the company, it peruses the document and shares a verification report which is generated and sent to the authority within 15 days of receiving the claim form.
- Authority to Petitioner: Once the authority is in receipt of all the necessary documents of the claimant along with the verification report, a refund approval order, and ultimately, the share materializes in the Demat account of the plaintiff.
How can you reclaim your iepf unclaimed shares?
While perusing the procedures above, it is evident that the process of reclaiming the unclaimed shares or dividends is a hairy one. This is because the shares are rather old, and the fund manager has to run through and inspect the claim application along with the documents submitted.
This is why any minor error or any document found missing can trigger outright rejection of the application. And therefore, it is of incredible importance to let a seasoned attorney or legal advisor guide you through the process.
You shall be able to avoid any such slips that could risk the approval of your share reclaiming application. These experts are well aware of the nuances and jargon which may naturally pass above your loaf. Thereby, it mitigates the chances of application rejection, and you get lesser headaches!