The world of investments is a fast-paced one, where it is easy to miss the little things. Do you remember when you inherited shares from a relative? Have you ever heard about purchase of a company’s shares in early time of your work? There exists various reasons but we may have a generally accepted reason, yet it is very promising to get back your unclaimed shares sitting in the dorm as their owner. Having the Investor Education and Protection Fund (IEPF) – one of the government bodes set up to shield investors from any form of suffering like the one you are going through from one of your earlier investments. This blog is a step by step guide on recovery of shares from the IEPF. We are going to lay out a stepwise guide, detail which of the documents need to be furnished and address what may be a source of unanswered questions. Thus, you can hit the road ahead with full power and claim what you deserve!
Recovering Shares from IEPF
Run out of time to track down some of old investments? Through the Investors Education and Protection Fund (IEPF), you have a way to get resolved investors doubt! This fund performs a significant role in sheltering dividends and shares passed on by companies as result of their activity nonexistence within a period of years. Know how to recover your lost shares in a hassle–free movement.
- Unclaimed Dividends: Funds covering unclaimed dividends within the period of seven years of inactivity are transferred to the IEPF through requirement of law. This also refers to dividends which were not received due to errors while the delivery address was wrong or the shareholders were not aware of that.
- Unclaimed Shares: Just like these shares are the transfer which is made for the IEPF if there is no contact with shareholder for more or less seven years. The missing certificate of shareholders can be a case of shareholders who have moved to another address or even those who have passed on.
All You Need to Know About Recovering Shares
Do you run tendency of forgetting your shares or trading on the market if you have stocks of a similarly named company in your portfolio? Could you be the one who had misplaced your certificates or you could be the one who had even forgotten about the old trading account? The shares you bought from a relative but were described meaningless because you have no idea how to claim them.Fear not! The Investors Education and Protection Fund (IEPF) is the exchange which is supposed to assist in the process of recovering shares which have become unclaimed or lost. The involvement of IEPF-speisung can be divided into few steps that are described in the following paragraph as an easy-to-follow guide.
1. Eligibility Check: Do You Have Your Stakes with IEPF?
The first step involved in the recovery of shares from IEPF is identifying whether the misplaced shares are literally in the IEPF. As option, you could run a check online, through the IEPF site. The Website contains a search function; here you can inscribe any of the following: your name or the company folio number or CIN if known with the Company Identification Number of the company.
2. Claim Submission: Completing Form IEPF-5
By now, you already know that you are a shareholder of the IEPF, now comes time to file a legitimate claim on this. The completion of claim form IEPF-5 can be electronically submitted on the MCA website as it is available at no cost. This form requires you to provide specific details, including:
- Your Information: Please include your full name, contacts details and permanent address above.
- Company Details: Please specify your claim numbers, company name, CIN along with any additional information on the shares (e.g., certificate numbers, date of issue etc.).
- Dividend Details (if applicable): It should be highlighted specifically which years dividends are due, you know, for example, unclaimed dividends.
3. Document Submission:
Online form is to be duly filled and requested for a printout, and along with supporting documents be immediately forwarded to the nodal officer of the company. These documents act as proof to validate your claim and typically include:
- Proof of Identity: You can submit the copy of your PAN Card, Aadhaar Card, Voter Id or passport.
- Proof of Address: As evidence, you will need a utility bill, bank statements reflecting your current address, or any document bearing your current address.
- Proof of Ownership: Give evident of your previous share certificates or Demat account statements which are depicting your ownership of the company’s shares in order to show the nature of this issue.
- Canceled Cheque (for Refund): When your evidence from tax havens is a refund for unclaimed dividends, you should append a loosened cheque showing your bank account details at the bottom of it.
4. Verification and Processing:
Before being given consideration, the company needs to verify information from the form and the documents that attain support to ensure that is in right order. Once that was ascertained, the company would prepare and send its inspection report to the IEPF authorities. Upon receipt of the claim within the prescribed claim form, the IEPF will subsequently verify your claim and also request for confirmation from the company. With successful verification from both parties, the IEPF will take the following actions:
- Shares Transfer: If you have a DP account linked to your PAN number you would receive the amount that was in the fund in your Demat account in electronically transferred mode otherwise you will have to dispose it of the shares keep you left with a credit for your accrued interest.
- Dividend Refund: If you opt for surrendering unclaimed dividends, the IEPF department will transfer the refunded amount to your bank account. The account number in your canceled cheque will be required for this purpose.
Final Thoughts
Recovery of shares from IEPF returns ownership to you for what you rightfully are entitled to, and it could also be the starting point of wealth growth within your portfolio. Although the technique is simple, one has to keep track of the supporting documents and fill in all the blanks with valid details. Shares Recover can assist you in getting through the whole procedure of your claim approval to avail funds for the missing share accumulations. Don’t be an idle spectator at the people’s demise; it’s time to seize who belongs to you now and protect it from the people!
