All you need to know about IEPF claim rules
There is no doubt that process of claiming investment back from IEPF is effort taking long legal process Thant needs many steps form filing to serious continuous follow-ups with authorities. But you must be in mind peace with the fact that at least your investment is safe with IEPF; Government rather than being victimised with any Fraudulent withdrawal of investment like share-pro case. If you want to make your claim done effortlessly there are few aspects you need to follow them. Let’s check out the dos and don’t’s for this case. .
Several points you must avoid or you should follow
- Never loss the track of the funds owed to you.
- If your financial institution have failed to locate Shareholder for dividend payment as contact details and bank details change over the years then do not forget to updated with the company.
- Try to gather or be aware of the investments made by your parents/; keep the complete records of those investments.
Rules to follow to get done your IEPF flawlessly
If you or your family have fund invested with IEPF and you want to track and claim your dues. There are few steps to follow and you can easily get your claim back to you. All you need to do is to be up to date with your records and prompt enough to follow the procedure.
No matter whether it is shares or unclaimed dividend, matured debenture or, matured deposits , and application money due for refund, you can claim by filling an application in Form IEPF 5
After filling the form, you need to send the copy of IEPF5 duly signed by him along with the following required documents to the concerned company for verification of his claim:
- Copy of Acknowledgement
- Indemnity Bond
- Advance Stamped Receipt
- Copy of Aadhar
- Cancelled Cheque
- Original Certificate
- Proof of entitlement
- Copy of Passport, OCI and PIO card if you are foreigners and NRI) as enumerated in Form IEPF-5
You must have to know this that within fifteen days of receipt of claim form, the company should send a verification report to the IEPF Authority as per the format specified or demanded by the Authority along with all documents submitted by you.
Once the verification of the entitlement of your is done,: the IEPF Authority and then Drawing and Disbursement Officer of the Authority will. present a bill to the Pay and Accounts Office for e-payment according to the guidelines.
The IIEPF Authority will also issue a refund sanction order with the verification and approval of the Competent Authority and will either credit the shares which are there with depository participant in IEPF suspense account to the demat account of the claimant to the extent of the claimant’s entitlement or if contains the physical certificates, if any, then cancel the duplicate certificate and transfer the shares in favour of the you. The IEPF Authority must keep its records of all the payments made.
Being an applicant, you can receive the refund of any claim duly verified by the concerned company must be disposed of by the Authority within 60 days from the date of receipt of the verification report received by the the company, complete in all respects and if you find any delay beyond sixty days, you can ask for record in writing specifying the reasons for the delay and the same shall be conveyed to you in writing or by electronic means.
Know some your rights to get IEPF done quickly!
If in cases, application is incomplete, a communication shall be sent to you by the Authority detailing deficiencies of the application. You should file only one consolidated claim in respect of a company in the respective financial year.By following these steps you can easily get refund out of your IEPF claim.
