Home » Corporate » Ministry of Corporate Affairs and IEPFA further simplify IEPFA Claim Settlement Process towards Ease of Doing Business and Ease of Living

Ministry of Corporate Affairs and IEPFA further simplify IEPFA Claim Settlement Process towards Ease of Doing Business and Ease of Living

In a major step towards the mission and vision of Government of India of Ease of Living and Ease of Doing Business, Ministry of Corporate Affairs (MCA) has further simplified claim settlement process through rationalization of various requirements under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

For claimants, requirement of Advance Receipt has been waived off, requirement of Succession Certificate/ Probate of Will/ Will has been relaxed up to Rs 5,00,000 (five lakh) both for Physical & DEMAT shares, notarization of documents has been replaced with self-attestation and requirements of Affidavits and Surety relatively have been eased.

For companies, requirement of attaching documents related to Unclaimed Suspense Account has been eased and companies have been given flexibility to accept transmission document viz. Succession Certificate, Will etc. as per their internal approved procedures and Newspaper Advertisement requirement for loss of physical Share Certificate has been waived off up to an amount of Rs.5,00,000.

The focus of the change has been to make the process simpler and quicker for the claimants. The new regime envisages a trust-based model for faster citizen centric services and turnaround time. It is expected that with these changes many more claimants shall come forward to claim their shares and amounts from Investor Education and Protection Fund Authority (IEPFA). Till date IEPFA has approved more than 20,000 claims refunding more than 1.29 crore shares. Shares of market value of more than Rs 1,011 crore and dividends and other amounts exceeding Rs 20 crore have been refunded.

ABOUT IEPFA

Investor Education and Protection Fund Authority (IEPFA) has been established under Section 125 of the Companies Act 2013 for administration of the IEPF fund as per section 125 (3) of Companies Act 2013. The main objective of the authority includes to promote Investor Education, Awareness & Protection, refund unclaimed shares, dividends and other amounts transferred to it under sections 124 and 125 of the Companies Act 2013 to the rightful claimants. IEPFA works under the administrative control of MCA.

About IIPnews

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

NALCO Registers Highest Ever Quarterly Total Turnover and Export Turnover in Q3 of FY22  

National Aluminium Company Limited (NALCO), one of India’s largest integrated manufacturer and exporter of alumina ...

• Historic Moment for NALCO – Operationalization of all 960 Pots in Aluminium Smelter

National Aluminium Company Limited (NALCO), the Navratna CPSE, under Ministry of Mines, Govt. of India, ...

12,892 companies removed from Registrar of Companies in 2020-21

The removal of name of companies from the Registrar of Companies is a continuous process. This ...

More than 7 lakh companies incorporated after announcement of Make in India programme

‘Make in India’, is an initiative launched on 25th September 2014, a major national programme of ...

ONGC’s sixth handicraft project under Azaadi Ki Amrit Mahotsav to generate income among especially-abled launched

Minister of Primary & Secondary Education and Sakala of Karnataka B C Nagesh launched Oil ...

Measures taken by MCA to ameliorate difficulties faced due to COVID-19 pandemic

The Ministry of Corporate Affairs (MCA) administers the provisions of the Companies Act, 2013 (the ...

17,130 Implementing Agencies are registered with MCA21 registry

The Government provides the broad framework for Corporate Social Responsibility (CSR) through Section 135 of ...

Impressive back-to-back profits pushes NALCO’sNet Profit to Rs.1095cr at half-yearlymark, Net Profit of Q2 FY 21-22 jumps by 600% over Q2 of last year

National Aluminium Company Limited (NALCO) registered a handsome rise in net profit for Q2 FY ...

Union Mines Secretary Shri Alok Tandon, , inaugurates NALCO’s Lean Slurry Project at Angul

Shri Alok Tandon, ,Secretary, Ministry of Mines, Govt. of India, inaugurated NALCO’s Lean Slurry Project ...

Mahanadi Coalfields Limited (MCL) Scales New Heights in Coal Supply Dispatches 5.47 lakh tonne coal on Sunday

Mahanadi Coalfields Limited (MCL), the leading coal producer, has dispatched over 5.47 lakh ton coal ...

WP2Social Auto Publish Powered By : XYZScripts.com