Recover Asian Paints shares from IEPF
How to Get back Shares from IEPF?
Asian Paints Limited is a multinational company engaged in manufacturing paints. The company
is known to hold the market capitalization worth INR 2,55,702.95 crore as of 16th April 2021.
Established in the year 1942, the company reported quarterly revenue of INR 5,872.81 crore
towards the end of December 2020. Asian Paints is listed on the Bombay Stock Exchange (BSE)
with code 500820 and on the National Stock Exchange (NSE) with the symbol ASIANPAINT.
Asian Paints Ltd. is India's largest paint manufacturer and the third-largest in Asia. It ranks
among the world's top ten paint manufacturers. With 27 paint production plants in around 22
countries across the globe, people are consistently buying its shares for investment. As of 21
February 2022, the price of share of Asian Paints is 3,258.45 INR.
Recovering Asian Paints Shares from IEPF
Have you invested in shares of Asian Paints and want to recover them from IEPF? A lot of
people tend to forget claiming their shares after investing their money into them.
Investors tend to forgot their investments or sometimes shares are lost, torned or mutilated and
under such situations, the money remains unclaimed for many years together!
The Ministry of Corporate Affairs (MCA) introduced the Investor Education and Protection
Fund (IEPF) with an aim to help transfer unclaimed shares to their owners. Shareholders of a
company may get a refund of their unclaimed shares transferred to the IEPF by company under
the provisions of Section 124 of the Companies Act, 2013 and the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.
Transfer of Unclaimed Shares to IEPF
A company must is bound to transfer the shares to IEPFA when:
1-The dividend has not been claimed or encashed by the investor
2- Dividends were not paid for over 7 years to the IEPF (including interest accrued)
The details of any such transfer should be submitted to the IEPF Authority by the company. A
shareholder needs to send an application to the IEPF Authority to reclaim his/her unclaimed
shares transferred to the IEPF by the company.
Process of Share Recovery from IEPF
Step 1: Filing
The first step is to file a claim to Authority (by Claimant). The claimant should submit the Form
IEPF-5 on the MCA portal. The claimant should provide the following information on the form:
Information of the applicant (claimant)
1-The company information from which the amount is due and CIN number
2-Details of the shares to be claimed
3-Details of the amount of the dividend to be claimed
4-Aadhaar number (for Indian claimant)
5-Passport/OCI/PIO card number (for is an NRI/foreigner claimant)
6-Details of the bank account linked to Aadhaar to which the claim would be refunded
7-Demat account number
Step 2: Submitting the Claim to the Company
Once the Form IEPF-5 is submitted, the claimant should send the copy of the form enclosed in
an envelope labeled as ‘Claim for refund from IEPF Authority’ to the IEPF Nodal
Officer/Registrar of the company. This envelope should also include the following documents:
Printout of the filled Form IEPF-5 sealed with claimant’s signature.
1-A copy of the acknowledgement with the SRN number.
2-Original indemnity bond with the signature of claimant on a non-judicial stamp paper of the
amount stated under the Stamp Act.
3-Original advance stamped receipt with signature of the claimant and witnesses.
4-Aadhaar card
5-Copy of Demat account’s client master list
6-A cancelled cheque
7-Original share certificates (if shares are in physical form) or copy of transaction statement (if
securities are in Demat form)
8-Proof of entitlement( certificate of share, interest warrant application number, etc.)
9-Passport, Overseas Citizen of India (OCI), or Person of Indian Origin (PIO) card in case of
NRIs and foreigners
Step 3: Submission of Claim
This step involves submission of claim from the Company to the IEPF Authority. Here, the
company gets a timeframe of 15 days (after receiving a claim form) to prepare a detailed
verification report and submit it to the IEPF Authorities. The form should also have claimant’s
documentation.
Step 4: Refund from IEPF Authority to the Claimant
It is important that the IEPF Authority decides on the reimbursement of claimant’s application
within 60 days after obtaining the verification report from the relevant company that has
validated the application of claimant.
Once it is clear that the claimant is entitled to shares under the permission of competent
authority, the IEPF Authority issues a refund sanction order.
The entitlement of claimant to shares is verified by the IEPF Authority.
Thereafter, a bill for payment is sent to the Pay and Accounts Officer by the IEPF Authority and
the Drawing and Disbursing Officer.
Once the bill is sent, the amount will be credited to the Demat account of the claimant.
If you need any assistance for recovering Asian Paints shares from IEPF Authority then contact us today.
