The Ministry of Corporate Affairs (MCA) notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2025 [G.S.R. 733(E)], effective October 6, 2025, to modernize the process for claiming refunds of unclaimed securities and amounts from the IEPF. The amendment introduces a revised Form IEPF-5 for filing claims by individuals or entities, which now requires OTP verification for security. The form demands specific details regarding up to 15 entries of shares or claims, including the reason for non-receipt of payment and precise information on the transferor’s details to the IEPF. Claims involving transfer or transmission due to the original security holder’s death impose a significant documentary requirement, mandating the submission of an attested death certificate, succession certificate, NOC from nominees, indemnity, surety, and an affidavit, which may be challenging for claimants to collect. The new structured format aims to enhance transparency and accelerate processing but places a rigorous compliance and documentation burden on applicants.
Let us understand the details as below:
- On October 1, 2025, the Ministry of Corporate Affairs (MCA) notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2025 [G.S.R. 733(E)], effective from October 6, 2025. The amendment introduces key changes to the refund process for unclaimed amounts and shares under the IEPF framework.
- A revised form IEPF-5 has been introduced
- The claim can be filed by self or as authorized representative with the authority letter.
- The applicant can be individual or an entity and accordingly, details to be filled up in the form. Please note that the form is based on OTP verification, so the mobile and email ID needs to be correctly filled up.
- In case of transfer or transmission, the details of original security holder. relation with the applicant, number of nominees, beneficiary are to be correctly filled up. Please note that a copy of claimant attested death , certificate, succession certificate, NOC from other holders/nominees, indemnity and surety and affidavit are to be attached in the form. It will be little tiring to collect them and upload them.
- In the para of shares, number of folios (not more than 15), details of physical/demat details of the transferor to the IEPF needs to be filled.
- In para on amount claimed, the number of claims being not more than 15 entries, and type of claims are required. The type of claims year-wise can be unpaid dividend, application money due for refund, matured deposits, matured debentures and others. The reason of non-receipt or non-encashment of payment needs to be given. It will again be subjective.
- In bank para, fill properly claimant bank details and attach a copy of blank cheque leaf.
Impact of the Amendment :
For Investors
- Easier and faster access: The new form reduces complexity, making it simpler for investors to recover unclaimed dividends, matured deposits, shares, and other amounts.
- Reduced errors and delays: A structured format minimizes mistakes in filing and processing, ensuring quicker refunds.
- Better protection of rights: Investors can be more confident that their financial entitlements will be returned to them efficiently and fairly.
For Companies
- Simplified procedure: The revised rules give companies a clear and uniform process for verifying and forwarding claims, reducing administrative confusion.
- Smoother compliance: Companies must follow the updated rules, which streamlines coordination with the IEPF Authority and helps avoid penalties or delays.
For the Corporate and Financial System
- Greater transparency and accountability: The standard process ensures claims are handled fairly, improving governance in IEPF matters.
- Boosts investor confidence: A reliable claim mechanism reassures investors, encouraging them to stay engaged with financial markets.
In the end, the amendment is welcome. However, the claimant has to make rigorous efforts in collection of documents, some of which may be difficult to get, in case of death of original security holder. Further, the claimant needs to know the details of transfer made to the IEPF, which may not easy to get.
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In case, you have any concern and queries or need any support in claiming refunds from IEPF, you may like to contact us.
Abhinarayan Mishra, FCA, FCS; Managing Partner, KPAM & Associates, Chartered Accountants, and SAM Law Associates LLP, Dwarka, New Delhi; +91 9910744992, ca.abhimishra@gmail.com
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