Investor Education and Protection Fund (IEPF)

[Anirudha Bhat]

25th November 2024

Any latest news on IEPF as MCA had reported to expedite the back logs of the claims lodged since the last couple of months. 

Many shareholders are inquiring about the payment of the shares and dividends under IEPF.

Anirudha M Bhat
Practicing Company Secretary
Flat No.1(New 502), ADINARAYAN CHS,
NAIKWADI, GOREGAON EAST,
MUMBAI 400063

Tel: (022)35099375 Mob: 98-676-17540

[N. MR]

IEPF is now managed by looters. they are demanding money for releasing the unclaimed dividend. find some mechanism. 

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[sandeep dhimn]

Our shareholder could claim shares and dividend in October, 2024 (last days), whose application was approved during first week of April, 2024

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[Chirag Sangatani]

IEPF Authority acts like it doesn't even exist. 

Claims filed before a year and already approved by the company in their reports are still under processing and  are not approved by the IEPF Authority yet. 

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[Anirudh Tanvar]

Hi Anirudha,

As far as i know ,The IEPF department has engaged around 35-40 Company Secretaries (CS) under a young professionals scheme to process claim forms. Each CS is responsible for handling a set number of forms daily.

 However, the primary issue lies in the quality of documentation submitted, which is often unprofessionally prepared. This results in resubmissions, as incomplete or incorrect forms are sent back to the queue and treated as fresh submissions. The Approval from Company end is only establishing the identity and genuineness of Claimant and its status. That said, it is undeniable that there is a backlog in the system.

 It is worth noting that the department maintains complete transparency in its processes. They have also appointed a dedicated Public Relations Officer (PRO) to address public queries effectively.

 This situation is not unique to the IEPF and parallel can be drawn to other regulatory processes. For instance, an inexperienced professional applying to the RBI for an NBFC license might struggle with responding to queries or meeting requirements, leading to frustration and misplaced concerns about the department’s efficiency. Similarly, for company incorporation, a lack of familiarity with the relevant rules may result in resolutions missing required details or declarations being incorrectly formatted. This, in turn, leads to complaints about perceived unnecessary resubmissions.

 Ultimately, the efficiency of application processing depends heavily on how well-prepared and well-versed the applicant or his professional is with the procedural requirements.

 Please let me know if you have any question(s).

 

Kind Regards,

Anirudh  Kumar Tanwar

M.Com (Accounts & Business Statistics)

Practicing Company Secretary

Registered Valuer - IBBI

Peer Reviewer -ICSI

Cell – 8268649291

(Valuations, IEPF, NBFC Registration, ESOP, NCLT, Trademark, All Secretarial Services)