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Business Market 27 Jun 2019 Rise in investors de ...

Rise in investors demanding unclaimed money

DECCAN CHRONICLE. | MADHUSUDAN SAHOO
Published Jun 27, 2019, 1:40 am IST
Updated Jun 27, 2019, 1:41 am IST
As per rules, companies have to transfer any unclaimed payment to the IEPF Authority and then investors have to claim the same from the authority.
Ministry of Corporate Affairs
 Ministry of Corporate Affairs

New Delhi: This fiscal year may see a steep jump in the number of investors seeking un-claimed dividends, shares and deposits from the Investor Education and Protection Fund (IEPF). The Ministry of Corporate Affairs (MCA) expects to receive 24,000 claims this year against just about 2,000 two years back.

The ministry has sent notices to several listed and non-listed companies, including non-banking financial companies (NBFCs), to transfer unclaimed amounts lying with them at the earliest.

 

As per rules, companies have to transfer any unclaimed payment to the IEPF Authority and then investors have to claim the same from the authority.

"The MCA's Investor Education and Protection Fund Authority (IEPFA) is reaching out to companies and investors in large numbers who have unclaimed dividends, shares and deposits and expects to receive about 24,000 claims by end of this year," a top MCA official said at an Assocham event in New Delhi on Wednesday.

"In the last to last year, we had received something about 2,000 claims in the entire year but today we are receiving 2,000 a month, so we will be ending this year by about 24,000 claims, that is a huge increase," said Rajiv Bansal, Additional Secretary & Financial Adviser, MCA and CEO, IEPFA, adding that the MCA is also in the process of issuing notice to companies both listed, non-listed and NBFCs to transfer unclaimed amounts.

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