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Recover Shares of Info Edge (India) Limited from IEPF

Recover Shares of Info Edge (India) Limited from IEPF

Have You Lost Track of Your Info Edge (India) Shares? Reclaim Them From the IEPF!

Info Edge (India) Limited is one of the leading IT services companies in India, offering applications, business process outsourcing and infrastructure services globally. As an investor, you may have invested in Info Edge (India) shares long back. But over time, you might have forgotten, lost track, or misplaced the details of your shareholding. Well, fret not! If your Info Edge (India) shares are lying unclaimed, there is a proper legal process to recover them, known as the IEPF route. 

What is IEPF? 

IEPF or Investor Education and Protection Fund is a body established by the central government under the Ministry of Corporate Affairs. All companies periodically transfer dividends, shares, or other amounts to the IEPF if they remain unpaid or unclaimed for seven straight years or more. The purpose is to safeguard the rights of small and retail investors.

As per rules, companies have to attempt to reach out to investors multiple times before transferring unclaimed dividends/shares to the IEPF. But still, investors do lose track for various reasons. That’s where the process of claiming back the shares from IEPF comes into the picture.

Why Should You Recover Your Unclaimed Shares?

First and foremost, recovering your rightful dues should be reason enough to make a claim. But here are some more benefits of the exercise:

– Realize the true current value of shares you had invested in several years back

– Revive an investment you had completely forgotten about  

– Utilize the recovered value towards new financial goals

Step 1: Verify If You Have Unclaimed Info Edge (India) Shares

 The first step is checking whether you actually have any shares of Info Edge (India) Limited lying unclaimed with the IEPF authority. Here is how you can check:

1. Visit the IEPF website – iepf.gov.in

2. Go to the “Search Database” section. Here you need to select the company name as “Info Edge (India) Limited” from the dropdown options.

3. Next, you can search your PAN to find unclaimed amounts or by selecting the option ‘By Investor Name’ and entering your name in the search field.

4. If your name appears in the final search report generated, it confirms you have unclaimed shares/amounts transferred to IEPF. Note down the details shown like number of shares, amount, last declared dividend etc.

If your name does not show up but you believe you held some Info Edge (India) shares which you forgot to encash, you can directly proceed to file your claim by providing relevant ownership details from your end. The IEPF enquiry report should not be treated as conclusive proof.

Step 2: Gather All Relevant Documents

Before you initiate the IEPF claim for your shares, gather the necessary paperwork which will act as supporting proof:

1. Identity Proof: PAN card copy and Aadhar card copy are mandatory. You can also attach your passport, driver’s license etc.  

2. Address Proof: Voter ID, Aadhar, Electricity bill etc. Documents should reflect your updated official address.

3. Info Edge (India) Share Details: Collect past e-CAS statements, contract notes, share transfer deeds, demat account statements etc. showing your ownership of the shares. Track old emails or SMS alerts regarding share transfers, dividends paid out on shares etc. Even a screenshot reflecting your Info Edge (India) shareholding can be submitted.

If you have absolutely no physical documents as proof for the shares claimed, don’t worry. Fill in the best details you remember like number of shares last held, reference folio numbers etc. IEPF will conduct an internal examination to ascertain if records match your claim details.

Step 3: Fill Up IEPF-5 Form And Attach Documents

With documents ready, now fill up the common claim form known as IEPF-5 to file for refund of unclaimed shares from IEPF. Here are the key steps to fill IEPF-5 form correctly: 

1. Download IEPF-5 form from the e-forms section under ‘Forms’ tab on IEPF website.

2. The form has 5 parts – Fill your personal details like name, father’s name, current address, email ID, PAN in Part I.

3.In Part II, select ‘7’ for shares from the dropdown field under the claim type. Then fill in the details of Info Edge (India) shares like number of shares claimed, folio number, share certificate numbers, distinctive numbers etc. to identify shares. You can refer to the documents collected.

4. Leave Part III blank as it is for other claim types. Come to Part IV and enter your bank account details. This account will be credited electronically once the shares are verified and transferred by IEPF. So double check your bank details.

5. Finally, sign the IEPF-5 form under the declaration section (Part V) along with date and place details.

Make sure the form is properly filled, without any error or overwriting. Attach documents collected earlier as separate attachments to support your claim application.

Step 4: Submit Documents to Info Edge (India) Nodal Officer

Once your IEPF-5 form is ready with supporting papers attached, you need to submit it to the Investor Service Department of Info Edge (India) Limited which acts as the Nodal Officer (IEPF) for the company. 

**To send documents via post/ courier, here are the contact details:**

To,

The Nodal Officer (IEPF) 

Info Edge (India) Limited

Bagmane World Technology Center, 

Marathahalli Outer Ring Road, 

Doddanakundhi Village, Mahadevapura, 

Bengaluru-560048.

You can also opt to personally submit the physical copy of the claim documents if feasible. Do obtain and keep an acknowledgement receipt of documents submitted to Info Edge (India) Nodal officer. Follow up after a week to check the application status.

Step 5: Track Claim Status And Receive Shares

Once you submit IEPF-5 form along with attachments, the following processing will take place:

Initial Scrutiny: The Nodal Officer of Info Edge (India) will scrutinize all documents, verify whether your shareholder details match company records and accord initial approval to claim.

Claim ID Generation: Your claim will be registered based on documents and allotted a dedicated claim ID number for all future reference.

Detailed Examination: The claim documents along with initial remarks of the Nodal Officer will next be sent for detailed examination to the IEPF authority. Further verification and validation checks will take place as per company act and accounting guidelines. 

Claim Approval Decision: The IEPF authority can approve or reject your claim application based on such examination. If any deficiency is found, you may receive communication to rectify it or provide clarification before final approval.

Share Transfer on Approval: Once IEPF fully verifies and approves your claim as genuine, the unclaimed shares will get debited from the IEPF demat account and credited back to your demat account furnished in the IEPF-5 claim form. In case you provided physical share certificate details, a new share certificate will get issued in your name.

The end-to-end claim approval, verification and settlement process typically takes 2-3 months but can vary depending on case complexity or if further clarification is needed from your end. 

You can regularly follow-up with the Info Edge (India) Nodal Officer using your allotted claim ID to get updates on the current status of your IEPF refund claim for shares. Once approval finally comes through and lost shares are revived, do not forget to encash future dividends on which you are now re-eligible!

Common Mistakes to Avoid When Filling IEPF-5 Form

The IEPF-5 form is your gateway to reclaiming your unclaimed Info Edge (India) shares. But investors often end up making some common mistakes in filling up the form that leads to claim rejection or delays in processing. Be careful to avoid these errors:

1. Incorrect Personal Information: Ensure your name, PAN details, address etc. match exactly with how your KYC details are recorded in Info Edge (India)’ shareholder register. Mismatches due to something as minor as the wrong spelling of your city or father’s name can derail claims.

2. Wrong Bank Details: Double, triple check the bank details carefully before submitting. The refunded amount will come to this linked account only. Incorrect or unverified bank accounts lead to huge delays and complications.

3. Attachments Missing: Not attaching identity proof or confusing the address proof leads to complications that are difficult to rectify post application submission. The IEPF-5 form without proper KYC documents is as good as invalid.

4. Overwriting/Illegible Details: Share-related information like number of shares claimed or folio number should be clearly legible without any scope for doubt or manipulation. Stick to black ink only while filling the form manually. 

5. Mismatch in Supporting Documents: Cross-verify that share details filled in form match with supporting statements attached like demat statement screenshots reflecting the same number of shares claimed.

Following up After Claim Submission

Once you submit the IEPF-5 claim form to Info Edge (India), when should you start following up? Here is the ideal timeline: 

1. Within 7 days: Check with the nodal officer if the form and documents submitted have been successfully received from their end. Get an acknowledgement receipt if possible.

2. Within 1 month: Check with the nodal office on initial claim status. Have the documents furnished been scrutinized? Is any other information needed from your end?

3. Within 2 months: Has the claim scrutiny been completed by the company and documents submitted to the IEPF authority? Has a claim ID been generated that you can use to track further status updates?

4. Every 2 months: Connect with nodal officers and IEPF officials using allotted claim ID to get periodic status updates. Update correspondence address or contact details if they change.

5. After 6 months: If claim approval is still pending after 6 months, formally enquire by writing to IEPF (copy marked to company nodal officer) seeking specific reason for pendency and expected timeline for claim settlement.

Following up persistently will indicate serious intent from your end, motivate authorities to prioritize your claim and also allow you to address any shortcomings early on. Use email reminders if calls/visits are difficult to plan frequently.

Verification Checks Carried Out By IEPF  

What is the nature of scrutiny that IEPF conducts after a nodal officer forwards the claim documents? Here are some aspects checked:

1. Shareholder Register Examination: The IEPF cross-verifies all personal details provided in the claim form with the shareholder register maintained by Info Edge (India) historically since your name was entered during share allotment. Even minor discrepancies are thoroughly examined.

2. Account Statement Scrutiny: Your entire share transaction statement will be verified – right from the date shares were allotted originally till date of transfer to IEPF. This includes checking dividend payment records, shares cumulative balance matching at each reporting period end etc. 

3. Demat Account Reconciliation: If you have furnished demat account details in the claim request, IEPF authenticates the same with details in your demat account like PAN number linked, other shares held etc. Any doubtful points are clarified with the depository participant.

4. Overall Share Reconciliation: Finally, IEPF checks whether the physical or demat shares claimed by you match with the actual shares transferred by Info Edge (India) into IEPF demat account for your specific shareholder account as per traceable records. 

Verifying authorities can even contact you directly if needed to clear any information gaps before approving a share refund to your account. So do respond promptly to any clarification requests from officials to speed up your share claim settlement.

Conclusion: Exercise Your Rights, Reclaim Your Shares!

With multiple reminders, alerts and strict IEPF transfer guidelines, instances of investors losing track of shares should actually be rare. But mistakes can still happen sometimes resulting in ownership losses.

Hence it helps to remain vigilant of your investments by consolidating portfolios, monitoring dividend payouts and opting for all corporate communications digitally. However, if unclaimed shares do get transferred to IEPF, fret not! 

Follow the detailed guidelines shared above and submit Form IEPF-5 diligently along with necessary supporting documents. Cooperate with authorities for any additional verification required during the claim process. Persist with your rightful refund claim until your hard-earned shares are revived back to your demat account by IEPF.

Stay aware of your share investments and act promptly whenever you find shares slipping into unclaimed status for prolonged periods. Follow up using proper channels to recover your lost corporate investments. After all, being a shareholder also means actively exercising associated rights! Reclaim what’s yours.

FAQS

1. Who verifies IEPF-5 form and documents?  

As per the process, the Nodal Officer appointed for IEPF claims in the concerned company you held shares of will verify the IEPF-5 submitted. They check PAN records, dividend encashments, demat account details etc. before sending a report to the Central IEPF authority recommending approval or rejection.

2. Does the IEPF authority also evaluate applications?

Yes, once a nodal officer sends a verification report to the main IEPF office, the final approval authority lies with them. The IEPF evaluates company recommendations, claimant documents, and application details before giving the final nod. Only after IEPF sign-off, shares get extinguished to release payment. 

3. Whom should I contact if facing delays?

First check the online status dashboard by logging in to see the application stage – whether pending with the company or IEPF. If stuck for long, contact the respective Nodal Officer quoting acknowledgement number. If still unresolved, approach the IEPF office handling your case with all details. One can even schedule personal hearings to expedite if required by taking appointments. 

4. Can I resubmit the form if the original gets rejected? 

Yes, if your original IEPF-5 form was rejected due to any deficiencies after initial verification, you can rectify issues raised and re-apply. Filing fees don’t apply so submit online again with updated documents addressing earlier concerns. Select re-submitted form as option while eFiling. Claims can’t stay pending so there is a hastening process.

5. Is there a time limit to claim a refund from IEPF?  

Earlier there was no deadline, but a recent amendment introduced a 7 year limit. It means even if shares were transferred long ago, investors can get a refund, but you need to claim it within 7 years of the transfer date. Confirm date from company and file before deadline. After 7 years from transfer, claim right ceases per revised rules.

6. What details are sought in status updates?

While tracking IEPF-5 application status, you need to enter PAN and the acknowledgement number. It pulls up form details along with the latest processing stage highlighting if any documents pending from claimant vs approval awaited from company vs final IEPF clearance. Check in frequently for updates.

7. Can I claim shares bought years ago by parents?

Suppose your parents held Info Edge (India) Limitedshares purchased 20 years back but are no more, and dividends lapsed so stocks got transferred to IEPF recently. As a legal heir, you can file a refund claim now if 7 years haven’t passed since the transfer date. Apply attaching succession certificate plus parents’ purchase proofs. Meet authorities if summoned to establish identity. 

8. Do I need a demat account for receiving payment?

Yes, in your IEPF-5 you need to provide an active demat account number linked to your PAN and IFSC code. Once approved, shares get debited from the IEPF account and simultaneously credited to your demat account as monetary proceeds electronically. Finally reflects as cash balance available for use.

9. I booked shares worth Rs 2 lakhs but the claim shows less? 

Share value fluctuates daily as per markets. IEPF extinguishes shares on the date of transfer to their account based on closing market price that day. So if your Info Edge (India) Limitedshares were transferred 3 years back when prices were lower, settlement happens as per that date’s value which gets credited now post claim, even if current value is higher. 

10. Can I follow up with IEPF over the phone for faster resolution?  

No there is no provision currently to contact IEPF authorities directly over phone or email regarding pending claims. You need to visit their office with documents in person for status inquiries or clarifications. Fill a detailed application providing contact information for them to reach out directly if they need to. Avoid third party calls.

11. What details are sought for registering mobile numbers?

While registering your mobile number during submission of e-form IEPF-5 , you need to enter your Name, PAN Number and Date of Birth again for re-verification along with the 10 digit Indian mobile number you want linked with your form. This number provides SMS alerts on claim status. 

12. I changed jobs and forgot to update my bank account for dividends?  

If job change led to change in salary account on record resulting in unclaimed dividends, contact registrar immediately providing Folio details and request them to update bank details. Send ITR, Form 15H/G, NOC if a joint holder exists. Rectify before shares get transferred to IEPF due to dividend nonpayment leading to claims. 

13. How much time does IEPF take to verify forms?

The IEPF refund claim processing typically takes 2-3 months end-to-end. Within 30 days of form submission, the company registrar checks documents and verifies. Report is sent to the Central IEPF team who approve in the next 30-60 days if all documents are satisfactory. Further delays happen only if discrepancies arise in verification.

14. If I don’t have a PAN can I still file for a share refund?

Having a valid PAN number is mandatory while filing the e-form IEPF-5 to claim shares. It is linked during registration on the IEPF website while creating login credentials. For joint shareholders, providing a second holder PAN is also compulsory. So get a PAN made before filing or claims will be rejected.

15. How much time do companies take to transfer shares?

As per revised rules, companies have to transfer eligible shares to the IEPF within a period of 45 days if dividends are unpaid for 7 straight years. Earlier 120 days time was given. If shares are not transferred on time, officers have to explain delay reasons to the government failing which penalty applies.

16. What if email/SMS alerts are not being received?  

To receive status updates, ensure your email ID and mobile number provided in the e-form are correctly entered and active for accessing messages. Contact your service provider in case of delivery failures. Also double check spam, junk folders. If issues persist, visit the IEPF office regarding missing alerts after quoting the acknowledgement number.

17. Can joint demat account holders file separate claims?

If Info Edge (India) Limitedshares are held jointly in demat account with your spouse, both names exist in company records. So either holder can independently file IEPF-5 providing joint ownership documents as proof along with the other person’s details. Payment also gets credited to the same account basis adequate documentary evidence. 

18. How much charges did MUDS ask for filing claims?

MUDS is an authorized IEPF share claims processing company. They typically charge around Rs 5000-8000 based on each case’s complexity for assisting the entire submission process end-to-end. Charges vary if it involves additional procedures like duplicate certificates, newspaper ads etc beyond standard documents. Contact for accurate quote. 

19. Why choose MUDS management for filing a refund?  

With over 15 years focused experience in IEPF claims, 95%+ success rate and assisting 25,000+ clients recover shares worth 250 crores, MUDS Management is the preferred choice for investors. Their expertise makes claim approval easier by smoothing verification processes through accurate paperwork. Peace of mind for clients!

20. Does MUDS provide consultation before filing IEPF-5? 

Yes, MUDS team of dedicated experts provide free consultation before taking up formal assignment to understand client cases to suggest best approaches. Feel free to contact them by booking an appointment to understand the overall IEPF shares refund process, documents needed, expected timelines, fee for facilitating smooth claim approval.

 

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