Latest News
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

Measures by Government shall lead to three-fold increase in Natural Gas consumption by 2030: Petroleum Minister Hardeep S Puri

In a significant stride towards achieving 100% coverage of country’s area for the development of ...

Coal India Limited Signs MoU with Indian Institute of Managements (IIM) to boost PM’s mission Gati Shakti

The Coal India Limited entered into a Memorandum of Understanding (MoU) with Indian Institute of ...

ODISHA THE LAND OF OPPORTUNITIES

 A 3600 APPROACH Odisha has become a destination for investors and entrepreneurs from across the ...

South Eastern Coalfields Ltd Plans to Develop Solar Power Projects of 600 MW

South Eastern Coalfields Ltd (SECL), one of the largest coal-producing subsidiaries of Coal India Ltd, ...

NALCO surpasses past production records, posts Net Profit of Rs. 1544 crore and Clocks all time High Revenue from Operations at Rs.14, 255 crore in FY 22-23

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

1,67,080 companies registered in FY 2021-22 as compared to 1,55,377 in FY 2020-21

Limited Liability Partnership (LLP) and Companies are incorporated under the Ministry of Corporate Affairs as ...

Ministry of Coal with the support of Power, Steel and Mines Ministries organizes National Mineral Congress in Bhubaneswar

The Ministry of Coal organized the National Mineral Congress in Bhubaneswar today with the support ...

Retail Outlets are set up by Public Sector OMCs at identified locations based on field survey and feasibility studies

The Minister of State for Petroleum and Natural Gas, Shri Rameswar Teli in a written ...

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, ...

WP2Social Auto Publish Powered By : XYZScripts.com