What is the Process to Claim Shares from the IEPF Account?

Money transferred to the company's Unpaid Dividend Account that hasn't been redeemed or paid out for more than seven years from the day the dividend was declared must be transferred, along with any accrued interest, to the Investor Education and Protection Fund (IEPF). This article will outline the steps involved in claim shares from the IEPF account. To make your registration simple & quick, you can contact our team of legal advisors if you have any questions about the same.

Read also this -: Process to Get Back Shares From IEPF

Recovery of Share from IEPF Procedure

Step 1: Claimant's Authority Filing:A claimant should submit the Form IEPF-5 on the MCA site if they want a refund or to obtain their shares back in their name.

Step 2: Provide the Business with the Claim:After filing the Form IEPF-5, the claimant should send a copy of the form along with the necessary paperwork to the company's Registrar for claim shares from the IEPF account."

Step 3:The corporation must compile a verification report and send it to the IEPF Authorities along with the claimant's supporting paperwork within 15 days of receiving a claim for shares from the IEPF account from a claimant.

Step 4: Refund from IEPF Authority to Claimant: After obtaining the verification report from the relevant company that has authorised the claimant's application, the IEPF Authority has 60 days to make a decision regarding the claimant's reimbursement.

Documents need to complete the form

  • Data of the applicant (claimant).
  • The firm details, including the CIN number, from which the payment is due.
  • Information about the shares and the amount due.
  • Aadhaar number(if claimant is an Indian citizen).
  • Passport, OCI, or PIO card number(NRI or foreigner).
  • To claim shares from the IEFP account, provide bank account information and your Demat account ID.
  • Indemnity bond
  • Share certificates or a copy of the transaction statement if the securities are in Demat form if the shares are in physical form.

    • Who is able to get the shares back from IEPF?

    A shareholder can file Form IEPF-5 on the MCA (Ministry of Corporate Affairs) portal to claim the shares from IEPF. In the event of a shareholder's demise, the shares may be claimed by a co-holder, legal heir, or nominee. Receive professional guidance to meet your financial objectives more quickly; schedule a free consultation with one of our advisors to take advantage of the advantages.

    Read also this -: How do you deal with shares loss

    Conclusion

    An application is submitted in the required form, Form IEPF 5, to recover shares from IEPF. The Ministry of Corporate Affairs has released the 2017 Investor Education and Protection Fund Rules in order to reclaim such shares. Additionally, in accordance with this Regulation, any dividend that is underpaid or unclaimed for more than seven years in a row following the date of declaration is transferred to the Investor Education and Protection Fund (IEPF).

    We believe you now have a good understanding of the procedure for trying to claim shares from the IEPF account and can fill out the form with ease. However, if you have any questions about completing the form or are unable to do so, call Legalraasta. Our experts will be pleased to assist you in submitting your claim to the IEPF.

    Location: India

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