Are You Desperate To Regain Your Unclaimed Investments?
There are many of us who are in dire need of help in reclaiming those shares, debentures, dividends, mutual funds, deposits, etc. that never reached us. As we have either lost, misplaced, or forgotten about their certificates & details, many of us often find ourselves questioning how to find unclaimed dividends. Earlier, all shares and certificates were issued in physical form, and often, they were lost or torn or simply the owner passed away without handing over the same to his heir(s).
Regaining such benefits is an arduous task, as we lack the knowledge of the complete process that needs to be performed for successful recovery of them.
What Is IEPF?
Have you heard about the IEPF Claim? Are you aware of what it does & how? Do you know how it helps in IEPF unclaimed shares funds recovery?
Well, for beginners, it is the abbreviation of Investor Education and Protection Fund. It is a fund that has been set up by the Ministry of Corporate Affairs (MCA) and is funded by IEPF unclaimed shares, dividends, deposits, debentures, et al.
A trust monitors the IEPF claim and utilizes money that remains unclaimed for more than 7 years. You can claim shares from iepf under this situation. After 7 years IEPF unclaimed shares dividend transfer to IEPF is done by nodal or transfer officer of the company.
Type of Funds That Are Moved To IEPF:
Stay informed that under mentioned funds are transferred to IEPF:
- IEPF Unclaimed Shares
- Unclaimed Dividends
- Unclaimed Debentures of companies & the interest accrued on it.
- Unrealized Proceeds from matured deposits of companies
Can A Shareholder Reclaim Such IEPF Unclaimed Shares?
Yes, a shareholder can reclaim any such investment from IEPF as the authority maintains the details of all the accounts. The aforesaid can be done by following the prescribed procedure and on submission of duly filled form and required documents.
Process To Secure Refund Shares From IEPF or IEPF Unclaimed Dividend:
Any person, whose IEPF unclaimed shares, unclaimed dividend, matured deposits, matured debentures, application money due for refund, or interest thereon, sale proceeds of fractional shares, redemption proceeds of preference shares, etc. has been transferred to the Fund, may IEPF claim the shares under the provision to sub-section (6) of section 124 or apply for a refund under clause (a) of sub-section (3) of section 125 or under proviso to sub-section (3) of section 125, as the case may be, from the Authority. The transfer of company shares or claiming the shares from IEPF claim can be done with the help of a legal consultancy.
- In the company, the claimant is entitled to only one consolidated claim in a financial year.
- On the other hand, if the claimant is an administrator nominee or a legal heir, or a successor. Then, before filing any claim with Shares from IEPF authority, he needs to ensure that the transmission process has been completed by the concerned company.
Steps for Claim Shares from IEPF
Step 1. Completion of Transmission process from Company: Prior to claiming shares it is important to complete the transmission process with the company considered after which the application may be made for claiming such shares
Step 2. Claimant to Authority: E-Form IEPF-5 needs to be downloaded from the site, duly fill in and then upload.
This form requires all details of the unclaimed investment to be filled. In addition, it also seeks the details of the claimant.
Step 3. Claimant to Company: After filing the e-form, the claimant is required to send copies of required documents by post to the Nodal Officer of the concerned company.
Step 4. Company to Authority: The company shall send a verification report to the Authority, within 15 days of receipt of the claim form.
Step 5. Authority to Claimant: After the receipt of all relevant documents, verification of the entitlement by the claimant is done. Thereafter, a refund sanction order and finally, the transfer materializes in the Demat account of the claimant.
How to Successfully Claim Shares from IEPF or IEPF Unclaimed Shares?
After reading the above procedure to claim shares from iepf transferred to IEPF, it has been clear that it is a complex process. Since the shares are really old, the fund manager of the IEPF conducts a thorough scrutinization of the claim application with documents. Thus, the chances of rejection of an application due to any small error or missing document are higher. This is where assistance from a reputed financial and legal consultancy firm could play a major role. These companies have experts who know all the nuances of filing an error-free application with all the essential documents. So, the chances of rejection are reduced, and claiming shares becomes easy.
Who Can Apply to IEPF Authority for Recovery of Shares?
Any stakeholder whose IEPF unclaimed shares have been transferred to the IEPF may request a reimbursement from the IEPF claim Authority. A claimant, however, can only bring one consolidated claim against a corporation in a fiscal year. The data from the multiple Folios from the same firm should be included in the aggregated IEPF claim.
When the claimant is the registered shareholder’s legal heir, nominee, or successor, he or she must first confirm that the corporation completes the share transmission procedure and provides an entitlement letter before filing the IEPF claim shares from iepf with the authorities.
Many individuals buy in shares and then forget to claim them, or many of them expire before they can be claimed. In such circumstances, the money might go unclaimed for years. As a result, the MCA established the Investor Education and Protection Fund (IEPF) to ensure that IEPF unclaimed shares are transferred to and received by the correct individual.
Claim Shares From IEPF: Unrivaled & Unsurpassable Services!
When it comes to reputation in the success rate of IEPF claims, MUDS stands second to none. With a satisfied clientele across India, experts at MUDS will give you easy-to-follow solutions for any issues related to IEPF claims. We also have experienced legal advisors who can help in claiming ownership of shares from relatives who didn’t name heirs. These kinds of shares often end up in legal disputes. Muds can help in the resolution of such disputes in a legal way. So, if you want a hassle-free solution for claim shares from iepf recovery then contact the experts at MUDS today.
Q: How much time does it take for an IEPF claim?
The Authority shall dispose of any application for repayment of any IEPF claim under this regulation that has been duly confirmed by the concerned company within 60 days of receipt of the verification report from the firm.
Q: How do I check my Iepf claim status?
You may check the progress of your registered complaint with the Ministry of Corporate Affairs. You must submit your complaint SRN number, start date, and finish date to monitor your complaint.
Q: How do I go for IEPF claim shares?
Share all your share documents and information to MUDS. We will restore it for you.
Q: Why do companies transfer shares to the IEPF claim?
The Company is obligated to transfer all shares of the Company for which dividends have remained unpaid or encashed for seven or more years in a row to the Investor Education and Protection Fund (or “IEPF”) set up by the Government of India.
“There are lots of formalities to be followed to recover the unclaimed shares from IEPF, which is a little demanding for a layman, therefore, it is better to seek professional help.”
-Shweta Gupta, Founder and CEO, MUDS