Redeem Your Unpaid Dividends From IEPF UNCLAIMED SHARES
In earlier days, businesses and stock markets were not so much in trend, they came into the picture in about the 21st century, and since then, they are not holding up and have stopped. They are growing day by day. The stock market wave has risen so much that now people are even investing in future currencies and gaining lump-sum profit from it.
As this market is growing daily, people invest in one share on one day and invest in another the next day. Sometimes they even lose the count of shares they have invested in it. Whenever an investor forgets to redeem their unclaimed shares, those get invested in IEPF UNCLAIMED SHARES, which has the collective amount to the number of unclaimed shares.
What is IEPF, and how does it work?
IEPF is an Investor Education and Protection Fund that collects the total number of unclaimed shares. The Central Government of India recently regulated this fund to distribute the unclaimed amounts to their rightful owners. These funds have amounts of seven years that haven’t been unclaimed and can be redeemed by the rightful owners.
The amounts left in IEFP are the amounts in the unpaid dividend accounts, due for refund amounts, matured deposits, matured debentures, interests accrued on mentioned amounts, and grants allotted by the government.
Rightful owners with these procedures can claim these amounts:
- First, the user needs to know that if any fund is unclaimed or unpaid,
- Then they need to search for unpaid and unclaimed shares on the site of IEPF website,
- Then they have to follow a path, such as a click on the MCA portal, then,
- Search for investor services, in that click on IEFP,
- After that, fill out the IEPF application form,
- Then finally, after submitting the form. Search for unpaid and unclaimed funds of your invests,
- In the form, the owner can search for their funds by entering their full name,
- Their company’s name, in which they may have invested,
- Or by the folio number, which is mentioned in the certificate,
- All the details should be thoroughly checked by the investors, and they should also agree to all the terms and conditions specified in the form.
This is how investors can search for unclaimed and unpaid amounts and redeem them.
All these amounts are paid to rightful owners by first making a monetary refund to the owners utilizing e-payments. If the shares are reclaimed then the shares are credited to the owner’s Demat account by the Investor Education And Protection Funds.
You can claim these amounts by using the law as it states that under sub-section 6 of section 124, refunds under sub-section 3 of section 125.
As the government makes these IEPF funds, they are very strict with them and want to return them to the owner’s money as soon as possible.
Who can claim the shares in these IEPF funds?
All the owners who forgot to claim their dividends can ask for money from IEPF. Although the reasons for their forgetting must be mentioned here, the reasons are:
- If the person loses the track of the funds he owned.
- If the company might forget to locate its shareholders and forgets about their shares over some period.
- If the bank details of the investor changed and the company couldn’t locate them because of it.
- If you lost the records of your investments
- If you had no idea about the investments made by your parents
- Nominees and heirs may also forget to claim the dividend if the owner hasn’t mentioned it in their will.
All these amounts in the IEPF are the money of the rightful owners. So if you are reading this, check out your unclaimed funds and redeem them as soon as possible.