ACS Divesh Goyal

CS Divesh GoyalProvisions of Investor Education and Protection fund:

Transfer of Dividend: Any money transferred to the Unpaid Dividend Account of a company in pursuance of this section which remains unpaid or unclaimed for a period of seven years (7 year and 37 days from the date of declaration of dividend) from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to Investor education and protection fund.

  • The company shall send a statement in the prescribed form of the details of such transfer to the authority which administers the said Fund and that authority shall issue a receipt to the company as evidence of such transfer.

Transfer of Shares:

All shares in respect of which [dividend has not been paid or claimed for seven consecutive years or more shall be] transferred by the company in the name of Investor Education and Protection Fund along with a statement containing such details as may be prescribed:

Whether Shareholder can claim transfer of shares/Dividend from Investor Education and Protection Fund.

Yes, any claimant of shares transferred above shall be entitled to claim the transfer of shares from Investor Education and Protection Fund in accordance with such procedure and on submission of such documents as discussed below.

Process to get refund shares from IEPF:

Any person, whose shares, unclaimed dividend, matured deposits, matured debentures, application money due for refund, or interest thereon, sale proceeds of fractional shares, redemption proceeds of preference shares, etc. has been transferred to the Fund, may claim the shares under provision to sub-section (6) of section 124 or apply for refund under clause (a) of sub-section (3) of section 125 or under proviso to sub-section (3) of section 125, as the case may be, to the Authority.

Note:

√ The claimant shall file only one consolidated claim in respect of a company in a financial year.

√ In case, claimant is a legal heir or successor or administrator nominee of the registered security holder, he has to ensure that the transmission process is completed by the company before filing any claim with the Authority.

Step- I

Claimant to Authority

I. Person have to make application to MCA in eform IEPF-5 by mentioning following details:

i. Particular of Applicant

ii. Particular of Company

iii. Details of Shares to be claimed

iv. Details of amount claimed

v. Year wise details of securities/deposits

vi. Aadhaar Number or Passport/OCI/PIO Card No. (in case of NRI/foreigners)

vii. Details of Bank account (Aadhar linked, in case applicant is not NRI/foreigner)in which refund of claim to be made

viii. No need to affix DSC on the eform

ix. There is no option to attach any document in the form.

Step- II

Claimant to Company

The claimant and after filing the refund claim in this form online, shall to send the attachments prescribed below to Nodal Officer (IEPF) of the company at its registered office in an envelope marked “claim for refund form IEPF Authority” for initiating the verification for claim:

i. Print out of duly filled claim form (IEPF-5) with claimant signature

ii. Copy of acknowledgement

iii. Indemnity Bond (original) with claimant signature

  • On a non-judicial Stamp Paper of the value as prescribed under the Stamp Act if the amount of the claim is Rs.10, 000 or more.
  • On a plain paper if the amount claimed does not exceed Rs.10,000.
  • In case of refund of shares, on a non-judicial Stamp Paper of the value as prescribed under the Stamp Act.

iv. Advance Stamped receipt (original) with signature of claimant and two witnesses

v. In case of refund of matured deposit or debenture, original certificate thereto

vi. Copy of Aadhaar Card(For Indian Nationals)

vii. Proof of entitlement (certificate of share/Interest warrant Application No. etc.)

viii. Cancelled Cheque leaf

ix. Copy of Passport, OCI and PIO card in case of foreigners and NRI

Step- III

Company to Authority

The company shall within 15 days of receipt of claim form, send a verification report to the Authority in the format specified by the Authority along with all documents submitted by the claimant.

Step- IV

Authority to Claimant

After verification of the entitlement of the claimant-

 To the Amount Claimed, the Authority and then Drawing and Disbursement Officer of the Authority shall present a bill to the Pay and Accounts Office for e- payment as per the guidelines.

To the Shares Claimed. the Authority shall issue a refund sanction order with the approval of the Competent Authority and shall either credit the shares which are lying with depository participant in IEPF suspense account (name of the company) to the Demat account of the claimant to the extent of the claimant’s entitlement or in case of the physical certificates, if any, cancel the duplicate certificate and transfer the shares in favour of the claimant.

Time Period: An application received for refund of any claim under this rule duly verified by the concerned company shall be disposed of by the Authority within sixty days from the date of receipt of the verification report from the company

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION. This is only a knowledge sharing initiative and author does not intend to solicit any business or profession.

(Author can be reached at csdiveshgoyal@gmail.com )

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46 responses to “Process to get back shares from IEPF”

  1. Samuel Dias says:

    Dear Sir
    I have uploaded the IEPF-5 form online but did not print the copies. Please advise how can I get copies of the loaded forms as required by the nodal officer.
    I have managed to print the copy of SRN challan acknowledgment.
    Please advise any suggestions.

    My email address : diassam7@yahoo.co.uk
    Regards

  2. Ashok Reddy says:

    Hi Sir,
    I am holding 124 KPIT shares, now it transferred to IEPF, I want get back my shares; please let me know the procedure.

    Thanks,
    Ashok

    • Ravi Garg says:

      Mr Ashok,

      Kindly note that you are required to Fill Form IEPF-5 online and submit the documents with respective RTA of the Company.
      Kindly contact me on rgcorporatecare@gmail.com or 7838204665 with your specific query.
      We will guide you accordingly.

      Regards,
      Ankit Garg
      Advocate
      Garg Law Chambers

      • Ravi Garg says:

        Previous reply shall be only read as:
        Mr Ashok,

        Kindly note that you are required to Fill Form IEPF-5 online and submit the documents with respective RTA of the Company.
        Kindly contact me on rgcorporatecare@gmail.com or 7838204665 with your specific query.
        We will guide you accordingly.

  3. sridhar says:

    My shares are transferred to IEPF
    Name of company Hindustan Unilever
    Name of holder PR / SR 20 shares Rs 1 each
    SR/PR 20 shares Rs 1 each
    Demat a/c PR/SR
    Market value one share 1768
    Market value of each Folio 35364
    1) what is the value of stamp paper required
    2) should both joint holder provide seprately or jointly ideminty bond
    so whether I should submit 1 , 2 or 4 idemnity bond
    dividend claimed is 200 each folio
    3) for the second folio can ii provide transpose form and same demat a/c
    4) Demat a/c linked bank is different from Aadhar’s last linked bank a/c

  4. sridhar says:

    Respected Sir,
    I have 20 shares of Hindustan unilever of Rs 1 jointly in my mothers name and my name
    I also have 20 shares of Hindustan unilever of Rs 1 jointly in my name and My mothers Name.
    Both have been transferred to IEPF
    Demat a/c in the my mother name and my name.
    My doubts
    1) Idemnity bond value of Stamp Paper
    should both sign Idemnity bond.
    how many bonds should we submit
    2) Can I get both 20 shares deposited to same demat a/c by submitting Transpose form for the second Folio

  5. BHADRESH says:

    I HAD APPLIED FOR SHARES TRANSFERRED TO IEPF AUTHORITY AND REQUEST COMPANY ON 6.3.2018 ALL THE DOCUMENTS HAVE BEEN SENT TO IEPF BUT NEITHER IEPF AUTHORITY NOR COMPANY IS GIVING ANY REPLY, UNDERTHE CIRCUMSTANCES TO WHOM I HAVE TO CONTACT, PLEASE INFORM ME E MAIL ID OR ADDRESS OF OFFICE WHERE I HAVE TO INFORM

    • Ankit Garg says:

      Dear Bhadresh,

      IEPF is having a lot of workload and they are taking excessively long time to revert back. It is the case with every investor’s claim. And no redressal forum has been provided. Try emailing at iepf.gov.in
      For any other queries about IEPF, kindly email me at ankitgarg.attorney@gmail.com or call at 09315645898.

      Regards,
      Ankit Garg
      Advocate
      Garg Law Chambers

  6. Sukriti Chopra says:

    Sir

    My father had few shares in D-mat form which i wanted to transfer in my name which are now transferred to IEPF fund.
    I wanted to ask you about the value of Indemnity bond. The share value as on the date is arond 1.5 lacs .. can you please tell me the amount of stamp paper that i need to make my indemnity bond on.

  7. Jaspal S Kohli says:

    I am holding shares in Asian Paints and subsequently migrated to Canada and never followed up with company. I do not have a demat account in my name though i had a joint demat with my wife. I do not have physical shares due to change in my address. How can i claim my shares in physical form, can i get shares transferred to my demat in joint name with my wife though shares are in my sole name.
    Kindly guide for claiming these shares which i understand are transferred to MCA.

    • GHANSHYAM GOHIL says:

      I AM HOLDING 500 SHARES HAVING FACE VALUE RUPEES 2/- PER SHARE OF AMINES AND PLASTICIZERS LIMITED. DUE TO CHANGE OF ADDRESS MY SHARES WENT TO IEPF. HOW TO UPLOAD IEPF FORM 5 GUIDE AND HELP ME.

      • Ravi Garg says:

        Hi

        Kindly note that you are required to create a Login Id on MCA potal, then only you will be able to file Form IEPF-5 online.
        Comment further or you may ping on rgcorporatecare@gmail.com or 7838204665 for any other query.
        We will guide you accordingly.

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