Claim Unclaimed Dividend !

Claim Unclaimed Dividend

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Claim Unclaimed Dividend!

On 5th September 2016, Ministry of Corporate Affairs had notified Investor Education and Protection Fund Authority (Accounting, Audit,Transfer & Refund) Rules 2016 which allows claimants to seek the refund from Investor Education & Protection Fund Account.
If the amount of unclaimed dividend is transferred to Investor Education & Protection Fund Account than it can be claimed by following the procedure:

  1. Any person, whose unclaimed dividend, etc. has been transferred to the Investor Education & Protection Fund Account, may claim by making an application in Form IEPF 5
  2. The claimant shall send the copy of IEPF5 duly signed by him along with the following requisite documents to the concerned company at its registered office for verification of his claim:
  • Copy of Acknowledgement
  • Copy of Aadhar
  • Original Certificate
  • Proof of entitlement
  • Advance Stamped Receipt
  • Cancelled Cheque
  • Copy of Passport in case of NRI
  1. The company shall within 15 days of receipt of claim form, send a verification report to the IEPF Authority as per the format specified by the Authority along with all documents submitted by the claimant.
  2. After verification of the entitlement of the claimant to the amount claimed,the IEPF Authority and Drawing and Disbursement Officer of the Authority shall present a bill to the Pay and Accounts Office for e-payment as per the guidelines to the shares claimed.
  3. The IEPF Authority shall issue a refund sanction order with the approval of the Competent Authority and shall either credit the shares which are lying with depository participant in IEPF suspense account (name of the company) to the demat account of the claimant to the extent of the claimant’s entitlement or in case of the physical certificates, if any, cancel the duplicate certificate and transfer the shares in favour of the claimant.
  4. The IEPF Authority shall, in its records, cause a note to be made of all the payments made.
  5. An application received for refund of any claim duly verified by the concerned company shall be disposed of by the Authority within 60days from the date of receipt of the verification report from the company, complete in all respects and any delay beyond 60 days shall be recorded in writing specifying the reasons for the delay and the same shall be communicated to the claimant in writing or by electronic means.
  6. In cases, where the application is incomplete, a communication shall be sent to the claimant by the Authority detailing deficiencies of the application.
  7. In case, the claimant is a legal heir or successor or administrator or nominee of the registered security holder, he has to ensure that the transmission process is completed by the company before filing any claim with the Authority.
  8. The claimant shall file only one consolidated claim in respect of a company in a financial year.

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