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CLAIM OF UNCLIAMED DIVIDEND AND SHARES TRANSFERRED TO IEPF AUTHORITY
(Series 2, Article 1 - 2023)
CONTENT OF THE ARTICLE:
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(A) BRIEF NOTATION (B) STATUTORY ASPECTS AND PROVISIONS IN BRIEF (C) STATUTORY PROVISIONS: (D) STEP-WISE PROCEDURE FOR REFUND OF SECURITIES FROM IEPF (UNCLAIMED
DIVIDEND AND SHARES) (E) Timelines as specified by SEBI for different requested by Investor
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Covered in this Series 2; Article No 1 |
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(F) PRACTICAL ASPECTS / PROCEDURE ON THE PART OF SHAREHOLDER / CLAIMANT (G) MOST IMPORTANT THINGS TO BE NOTED BY INVESTOR (H) FAQS ON IEPF CLAIM PROCESS
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Will cover in Next Article, Series 2; Article No 2 |
(A)
BRIEF NOTATION
Dear Reader,
In this Article,
we are back once again with an aim we had i.e, to create a Platform
specifically for the Investors whose investments were transferred to Investor
education and protection fund. Still we coming across several cases, where a
General mass of people stand un-aware of their shareholding/investments which lies
with the Company due to Non-updation of KYC and other several reasons. Once
they came to know that their shareholding/investment have been transferred to
IEPF, in some of the cases they stand helpless regarding the practical aspects and the procedure to claim the same though
online portal i.e, IEPF website which is currently a web-based Form and much
easier as compare to the earlier situation.
After transfer
of shares, shareholder seeks the reason of transfer and wish to claim the same
form the IEPF authority for which form is available on IEPF Website. Here is
responsibility of the Company Secretary cum Nodal Officer of the Company to
provide solution and guidance to the concerned claimant/shareholder.
(B)
STATUTORY ASPECTS AND
PROVISIONS IN BRIEF
MCA has issued
Investor Education and Protection Fund Authority Rules, 2017. As per these
rules, any money transferred to the Unpaid Dividend Account of a company in
pursuance of this section which remains unpaid or unclaimed for a period of
seven years from the date of such transfer shall be transferred by the company
along with interest accrued, if any, thereon to Investor education and
protection fund. Recently MCA has amended The Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules,
2019 dated 14th August, 2019 which was effective from 20th
September, 2019.
Any person,
whose unclaimed or unpaid amount has been transferred by the company to IEPF
may claim their refunds from the IEPF authority. For claiming such amount,
claimant needs to file web based Form IEPF-5 along with requisite documents.
Access link to the refund webpage of IEPF Authority is www.iepf.gov.in/IEPFA/refund.html
Hence once again
we came here with the detailed and revised procedure to claim the shares and
dividend from the IEPF authority and practical aspects of the same from the
point of view of shareholder.
(C)
STATUTORY PROVISIONS:
As
you are aware, dividend declared by the Company is remitted either
electronically to the designated bank account or by sending dividend warrant to
the registered address of the shareholders.
As
per Section 124(5) of the Companies Act,
2013, any dividend remaining unpaid/unclaimed for a period of 7 (seven)
years is required to be transferred by the Company to the Investor Education
and Protection Fund (IEPF) established by the Central Government. The Company
has regularly uploaded on its website and also on the website of the Ministry of
Corporate Affairs, Government of India, full details of such unpaid or
unclaimed dividends before transferring to IEPF.
(D)
STEP-WISE PROCEDURE FOR REFUND
OF SECURITIES FROM IEPF (UNCLAIMED DIVIDEND AND SHARES)
1.
Initially
Claimant need to create a Login ID from the Link viz http://www.mca.gov.in/mcafoportal/login.do and Click Register Now, fill
the details and submit.
2.
Login
with the Portal and Click on Form IEPF-5 from the Tab MCA Services – Investor
Services, a web based Form IEPF-5 shall be open
3.
Fill
the complete and correct details in web Form IEPF-5 for claim of Shares,
dividend or any other investments which have been transferred to IEPF. Read the
instructions provided on the website/instruction kit along with the e-form
carefully before filling the form.
4.
For
filling-up the details in web Form IEPF-5, Claimant should be ready with the
following information / documents:
a) Name as per PAN and Fill
accordingly as in First, Middle and Last Name and Copy of PAN
b) Father’s name as per PAN
c) Date of Birth as per PAN and
Click on VERIFY PAN
d) Enter Address, Mobile No,
e) Aadhaar number if the applicant
is an Indian citizen and passport/OCI or PIO card number if the applicant is
NRI or foreigner
f) Details of the company
including the CIN no.
g) Particulars regarding the
shares to be claimed
h) Particulars about the amount of
dividend to be claimed
i) Particulars of deposits and
securities mentioned year wise, if any
j) Details of bank account and in
which the refund of the claim will be made in case of a Resident Indian.
k) Details of Demat Account Number
5.
After
filling the form, make requisite attachments and proceed further;
6.
Enter
the Mobile No and email id for the OTP Verification, enter the OTP and submit.
7.
On
successful submission of the Form IEPF-5, an acknowledgement challan will be
generated indicating the SRN. Please note the SRN for future tracking of the
form.
8.
Download
the following documents:
(a) Form IEPF-5,;
(b) Acknowledgement;
(c) Indemnity Bond.
9.
Get
the documents signed and notarised as per the requirement and submit the same
with Nodal officer of the Company along with KYC and other documents.
(E)
TIMELINES AS SPECIFIED BY SEBI FOR
DIFFERENT REQUESTS BY INVESTOR
“IGNORE OF
LAW IS NO EXCUSE ~ BE AWARE”
We have compiled the different categories of
Investor Service Request for helping the Investors/Claimant to know their right
to seek feedback from respective Company or its Registrar & Share Transfer
Agent (R&TA).
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Timelines SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/670 of November 26, 2021 |
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INVESTOR SERVICE REQUEST |
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Nature of Service |
Expected Timelines (Number
of days) |
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Processing of Transmission
Request (SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65) |
30 |
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Processing of Issue of
Duplicate Security Certificate Request (Letter of Confirmation) |
30 |
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Processing of
Dematerialization Request |
15 |
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Processing of Remat
Request |
30 |
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Processing of
Transposition Request |
15 |
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I. PROCESSING of REQUEST
FOR CHANGE IN UPDATION OF |
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A. Name |
30 |
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B. Signature |
30 |
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C. Nomination |
30 |
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D. Contact Details
(Address, E-Mail Address and Mobile Number) |
15 |
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E. Bank Account Details |
15 |
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II. PROCESSING of REQUEST
FOR UPDATION of PAN |
15 |
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Processing of
Re-Validation of Dividend I Interest I Redemption Instruments And Sending The
Remittance Request Files To The Bank I Company |
15 |
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GRIEVANCE REDRESSAL |
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Providing Response To The
Inquiries of The Investors And Redressal of Grievance |
30 |
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OTHER OPERATIONAL
ACTIVITIES |
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Allotment of Securities
(IPO) |
6 |
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INTIMATION REGARDING
DISTRIBUTION of CORPORATE BENEFITS (DIVLDEND, BONUS, STOCK SPLIT) |
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A. E-Mail Communication |
15 |
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B. Physical Communication |
30 |
-:Note
for Investors/ Claimant:-
Feel free to discuss any query related to Claim of Shares and Dividend from IEPF Authority.
Disclaimer:
IN NO EVENT THE AUTHOR SHALL BE LIABLE
FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR
ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.
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END------------------------------------------------------
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