Lost your shares, debentures? They’re retrievable.
Lost your shares, debentures? They’re retrievable.
Have you misplaced a tangible item such as your phone, wallet, laptop, or something else? There is always a way to find them and get them back after you put in the effort. What, however, takes place if you fail to keep tabs on your stocks, investments, dividends, and other forms of financial property or if you simply forget about them? Is it possible to retrieve them in any way? Indeed, there is, despite the fact that the process is somewhat involved. Continue reading to learn everything you need to know about retrieving your misplaced financial assets.
Shares, dividends, and deposits that have not been claimed
The Investor Education and Protection fund, often known as the IEPF, is finally given access to any funds that have accrued in accordance with the following categories but have been unclaimed continuously for a period of seven years.
Unpaid and unclaimed dividends are referred to as “dividends.”
Matured deposits and debentures
The money received from the purchase of back preference shares
Share application funds that are not claimed following an organization’s share allotmentAccording to data from the Lok Sabha, the IEPF has a total value of Rs 5,675.25 crore as of the 31st of January 2023. This number has been constantly climbing, having started at 1,672 crore in the 2016–17 fiscal year and moving up to 5,262.25 crore in the 2021–22 fiscal year. The low and delayed acceptance rate for these claims is one of the many factors that have contributed to this increase.
A Sluggish Response
Try some of this. According to information gleaned from documents presented in the Lok Sabha, as of the 31st of January in 2023, the IEPF had received approximately 30,317 claims, but it had only authorised 8,216 of them. In certain circumstances, the average time required for clearance can go up to 200 days. But despite this, you shouldn’t let that stop you from claiming what is legitimately yours to begin with. This is the process you need to follow in order to get your money back from IEPF.
Online submission of Form IEPF-5 is required, as is the physical submission of a copy of the form, along with any other required documentation, to the nodal officer of the company whose shares or dividends are being verified. This will allow the verification process to move forward.
After receiving the claim, the company will send the verification report to the customer within 15 business days.
The IEPF conducts independent checks to determine the validity of the documents that are presented. In the event that everything is in order, the amount of your shares or refund will be transferred back to your account by electronic means.You are required to submit the following documents along with form IEPF-5. This list is not exhaustive.
Receipt of the e-form’s acknowledgment online, together with a distinct SRN
Original bond of indemnification
Original matured debenture/deposit/share certificate
Aadhar card, a stamp receipt, a cancelled cheque and an advance receipt are required.
Insurance that was not claimed.
You have the right to file a claim for the lost insurance policies of your parents, even if you just found out about them now. Every six months, the websites of all insurance firms are updated with new information that has been collected regarding unclaimed insurance amounts that are greater than Rs 1,000. This amount can come from a variety of sources, including death claims, maturity claims, survivor benefits, or any other monies that have been unclaimed for a period of more than six months following the original due date of settlement.
In order to look for an unclaimed amount of money, you need to provide the policyholder’s Permanent Account Number (PAN) as well as their date of birth. After the amount has been validated, insurance firms return it through a digital form of transfer.
