Latest news with #IEPFA
India Gazette
4 days ago
- Business
- India Gazette
IEPFA and SEBI launch first Niveshak Shivir in Pune to empower investors and resolve unclaimed dividends
New Delhi [India], June 1 (ANI): The Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs, in collaboration with the Securities and Exchange Board of India (SEBI), successfully launched the pilot chapter of Niveshak Shivir in Pune on Sunday. The initiative is a part of IEPFA's continued mission to empower investors and strengthen financial literacy. The event marked a significant step in facilitating direct engagement with investors and addressing unresolved financial claims, according to the Ministry of Corporate Affairs. In line with IEPFA's broader investor outreach initiatives, Niveshak Shivir was conceptualised to assist investors in resolving pending issues related to unclaimed dividends and shares, updating KYC and nomination details, and facilitating faster settlements of claims - all under one roof. Over 450 claimants participated enthusiastically in the event, which attracted investors and stakeholders from Pune and nearby regions. By bringing together representatives from MIIs (Market Infrastructure Institutions), Registrars and Transfer Agents (RTAs), Depositories and Depository participants, the event successfully created awareness of the processes, thereby ensuring a transparent and seamless awareness towards demat of physical shares, updating KYC and nomination and the processes of IEPF claim were demystified. Investors were guided through every step of the process by trained officials at nineteen dedicated kiosks. To further streamline the process, search facility was made available at the venue, enabling participants to quickly check whether they or their family members had held any unclaimed shares or dividends. Once verified, trained officials assisted claimants in accurately filling out the IEPF-5 form, ensuring a smooth and guided claim submission process. Anita Shah Akella, CEO of IEPFA and Joint Secretary, Ministry of Corporate Affairs, along with Ananth Narayan, whole time Member, SEBI, and other officials inaugurated a special investor guide brochure developed by NSDL titled 'Investor Guide to Claiming Unclaimed Shares and Dividends.' The brochure outlines, in simple language, the step-by-step process for reclaiming unclaimed dividends and shares through the IEPF portal, key documents required (such as PAN, Aadhaar, and Entitlement Letter), and tips for avoiding common reasons for claim rejections. This initiative is expected to further empower investors with the knowledge needed to effectively navigate the claim process. The Shivir is the first in a planned series of Niveshak Shivir events to be held in major cities with significant volumes of unclaimed investor funds. This reflects IEPFA's deep commitment to investor-centric governance and transparency. Citywise calendar of events of Niveshak Shivir would be rolled out based on the learnings of this pilot. The Government of India established the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs. Its mandate is to promote investor awareness, ensure effective grievance redressal, and facilitate the recovery of unclaimed investments through accessible and user-friendly platforms. (ANI)
India Gazette
11-05-2025
- Business
- India Gazette
SEBI, Corporate Affairs Ministry initiate 'Niveshak Shivir' to assist and educate investors
New Delhi [India], May 11 (ANI): Market regulator Securities and Exchange Board of India (SEBI) and the Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs, convene a strategic preparatory meeting in Mumbai for Niveshak Shivir initiative. Niveshak Shivir - a nationwide investor assistance initiative aimed at enabling investors to reclaim unclaimed dividends and shares with greater ease, improving financial literacy and reducing reliance on intermediaries. The initiative will feature dedicated helpdesks, allowing investors to interact directly with company representatives and Registrars and Transfer Agents (RTAs) for end-to-end assistance. The 'Niveshak Shivir' initiative will commence later this month in Mumbai and Ahmedabad, with plans to expand to other cities with high volumes of unclaimed investor assets. The meeting was attended by Anita Shah Akella, CEO of IEPFA and Joint Secretary in the Ministry of Corporate Affairs, along with IEPFA officials; Ananth Narayan G., Whole-Time Member, SEBI; Shashi Kumar Valsakumar and Jeevan Sonparote, Executive Directors, SEBI; and other SEBI officials. Representatives from key financial market infrastructure institutions were also present, including the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), and Registrars and Transfer Agents (RTAs) such as Link Intime and KFin Technologies. Several key action points were discussed during the meeting aimed at enhancing communication with shareholders whose shares are subject to transfer to IEPFA. Shareholders holding shares in dematerialised form that are due for transfer to the IEPFA are advised to contact the respective company directly for clarification and support. Those holding shares in physical form should check the status of their shares on the IEPFA website. If the shares have already been transferred, they can file a claim using Form IEPF-5. Alternatively, they may seek assistance from the company's Registrar and Transfer Agent (RTA). The IEPFA also offers a search facility that enables shareholders to verify whether their shares have been transferred or are still held by the company. This feature helps claimants determine the current status of their shares, promoting timely action and minimising delays in the recovery process. (ANI)
Mint
29-04-2025
- Business
- Mint
Top politicians and investors among those who've lost track of ₹90,000 crore of assets
To say the awareness around unclaimed assets is quite low would be a huge understatement. Taking into account unclaimed dividends and current market value of unclaimed shares, assets worth more than ₹ 90,000 crore are lying unclaimed with the Investor Education and Protection Fund Authority (IEPFA), according to data collected by Fee-Only Investment Advisors, a financial planning firm. Established in 2016 under the ministry of corporate affairs, IEPFA is a custodian of investors' funds that have not been claimed for more than seven years. Its job is to transfer these funds back to investors safely after verifying their identity. Also read: Why are health insurers sending private detectives to claimants' homes? Even Prime Minister Narendra Modi has unclaimed shares and dividends from the erstwhile Raymond Ltd. Of these, 288 shares and associated dividends are unclaimed, as per the ministry of corporate affairs' (MCA) portal, according to Ankit Garg, advocate and founder of Garg Law Chambers. Modi has another ₹ 4,032 in unclaimed Raymond dividends, IEPFA's database showed. These are scheduled to be in IEPFA's custody from 9 July, the authority's database showed. Details on the number of shares underlying these dividends is unavailable. An email sent to the Prime Minister's Office remained unanswered. IEPFA's database, available on its website can be used to look up investors' unclaimed shares. Three search methods are available: Find your unclaimed investments by entering basic information such as your name and location; Search using your PAN; Enter the company's name or your demat ID and folio number. IEPFA data also showed that union minister of communications Jyotiraditya Scindia has 6,000 unclaimed shares of HDFC Bank with a market value of more than ₹ 1 crore, and dividends worth ₹ 2 lakh. Veteran stock market investors Vijay Kedia, Madhusudan Kela and Radhakishan Damani also have unclaimed shares and dividends from multiple companies, as do former solicitor general of India Harish Salve and Piramal Group chairman Ajay Piramal. Kedia, however, said that he has already recovered all shares and dividends. "I got it done for Glycol 6 months ago, ITC 1 year ago, and Somany Ceramics , 2 years ago," Kedia said. This suggests the IEPFA database may not be updated since it still shows shares and dividends pending unclaimed for Kedia. "The data comes to IEPFA through the MCA-21 portal. It is updated in company filings though," said an IEPFA spokesperson. IEPFA has been struggling with applications that have already been filed, and has faced criticism for its slow procedures and lack of transparency. The authority has yet to release its annual report for 2023-24. The IEPFA spokesperson said that the report will be out only after it is placed in the winter session of Parliament. Also read: Why Marcellus's Saurabh Mukherjea has 40% global weight The 2022-23 annual report estimates that ₹ 120 crore worth of shares were lying unclaimed as of March 2023. An IEPFA official told Mint in September that only 1% of this amount had been released. The IEPFA website shows it is currently handling applications filed in August 2023 in the 'other than senior citizen' category—a backlog of 21 months. For senior citizens (above 75 years), it is currently reviewing applications filed in December 2024. Meanwhile, a much-anticipated integrated portal that will digitise the claims process—which was originally scheduled for launch in February 2024. "Once it goes live, a lot of the manual work we currently do will be digitised, significantly reducing the time required to approve claims. The portal's launch is expected by August 2025," the IEPFA spokesperson said. Also read: When math mistakes cost more than money 'More than two crore shareholders are awaiting updates on their applications. Of these, 70-80% have assets with a market value of less than ₹ 5 lakh," said Khagesh Chitlangiya, founder of Jeevantika Consultancy Services. "While IEPFA has taken some welcome measures to ease the claims process, extended delays at their end make the whole effort futile. We see no visible improvement at the ground level." Mint reported earlier this month that to reduce IEPFA's burden, the government planned to work closely with businesses and market players such as share transfer agents to find the rightful owners of unclaimed assets so that the money could be transferred directly to them from the company itself before it flowed to IEPF.
