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procedure for claiming refund from iepf

Also what should be the idemnity format since the amount is more than No Basis of Difference Right Iss Provisions 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.

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:.

WHEN THE CLAIMANT IS REGISTERED SHAREHOLDER OF THE COMPANY

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.

Particular of Applicant. Particular of Company. Details of Shares to be claimed. Details of amount claimed. No need to affix DSC on the eform. There is no option to attach any document in the form. Print out of duly filled claim form IEPF-5 with claimant signature. Copy of acknowledgement. Indemnity Bond original with claimant signature.

Advance Stamped receipt original with signature of claimant and two witnesses. In case of refund of matured deposit or debenture, original certificate thereto. Cancelled Cheque leaf. 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.In this post, we will discuss amended provisions related to refund of such amount and shares related to unpaid dividend transferred to the Investor Education and Protection Fund Authority.

Amendment relevant to this post comes into effect with effect from 20 th September except fraudulent claim and deceitful impersonation related provisions under Rule 7 11 which came into effect on 20 th August According to clause a of sub — section 1 of section of the companies Act, discussed earlier here, the Investor Education and Protection Fund may be utilised for refund in respect of unclaimed dividends, matured deposits, matured debentures, the application money due for refund and interest thereon.

According to proviso to sub — section 6 of sectionany 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 may be prescribed. According to sub — rule 1 rule 7 of the Investor Education and Protection Fund Authority Accounting, Audit, Transfer and Refund Rules,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.

The claimant shall after making an application online in Form IEPF — 5, send the same duly signed by him along with requisite documents to the Nodal Officer of the concerned company at its registered office for verification of his claim. These requisite documents are:. The company shall, within thirty days of receipt of claim form, send an online verification report to the Authority in the format specified by the Authority along with all documents submitted by the claimant.

If the online verification report is not sent by the company within thirty days of filing of claim, the company may do so by paying additional fee of fifty rupees for every day subject to maximum of two thousand and five hundred rupee. This seems to be permanent record however it may render useless after expiry of limitation period for anyone disputing the claim of the claimant.

In case of loss of original physical share certificate or original bond or deposit or debenture certificate or proof of entitlement, the company and the claimant shall follow the procedure as laid down in:. In addition, the company shall attach a scanned copy of both sides of share certificate generated under clause d of sub-rule 3 of rule 6 of these rules along with the e-verification report.

The Company shall be solely responsible for collecting original physical share certificate or original bond or deposit or debenture certificate or proof of entitlement from the claimant and shall be liable for any misuse thereof. In case of claim of an amount, after verification of the entitlement of the claimant, the Authority and then Drawing and Disbursement Officer of the Authority shall present a bill to the Pay and Accounts Office for e- payment.

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, complete in all respects.

Any delay beyond sixty days shall be recorded in writing specifying the reasons for the delay and the same shall be communicated to the claimant in writing or by electronic means. On failure of providing such information or rectify the defect or resubmit the form, the Authority may reject the claim.

If such information or incompleteness is called from the claimant, he shall file the e-form and shall send such documents as called for within fifteen days, duly signed by him, to the Nodal Officer of the concerned company for verification of the claim. If any such information or incompleteness is called from the company, the company shall file the revised verification report and shall send such documents as called for within thirty days.

Earlier there was a requirement that in case claimant is a legal heir or successor or administrator or 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. Now this has been changed. The claimant shall submit in original all these documents duly signed by him, to the Nodal Officer of the concerned company at its registered office for verification of the claim.

Procedure for claiming refund by investors from IEPF under IEFP Rules, 2016.

The authority shall dispose such request of transfer or transmission based on the e-verification report of the company subject to verification of such request. The verification process and its consequences shall be sole liability of the company. The company shall be liable under all circumstances whatsoever to indemnify the Authority in case of any dispute or lawsuit that may be initiated due to any incongruity or inconsistency or disparity in the verification report or otherwise.

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The Authority shall not be liable to indemnify the security holder or Company for any liability arising out of any discrepancy in verification report submitted etc. Any fraudulent claim by the claimant shall be deemed to be fraud within the meaning of section of the Act and the claimant shall be liable accordingly.

If any person deceitfully personates an owner of any security or of any share warrant or coupon issued in pursuance of this Act and thereby files any claim to obtain or attempts to obtain any such security or interest or any such warrant or coupon due to the lawful owner, he shall be punishable under sections 57, and of the Act.

For Email Subscription use this form —. Follow Blog via Email Enter your email address to follow this blog and receive notifications of new posts by email. You are commenting using your WordPress.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.

The Nodal officer of the Company is required to verify the documents within a period of 15 days from the date of receipt and send its report to the IEPF authority. The claimant has to send the following documents to the Company for verification:.

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In consideration of the payment of Rs. However, every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information. You are commenting using your WordPress.

procedure for claiming refund from iepf

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एक डीमेट अकाउंट से दूसरे डीमेट अकाउंट में शेअर ट्रान्स्फर कैसे करें?

Skip to content. Click on Browse and attach the form then Click on Submit. Though Fee will be zero, hence click on Pay now option to generate the acknowledgement. The claimant has to send the following documents to the Company for verification: Print out of duly filled claim form with claimant signature along with copy of acknowledgement.

On a non-judicial Stamp Paper of the value as prescribed under the Stamp Act if the amount of the claim is Rs. On a plain paper if the amount claimed does not exceed Rs. In case of refund of shares, on a non-judicial Stamp Paper of the value as prescribed under the Stamp Act Advance Stamped receipt original with signature of claimant and two witnesses.

Signature of claimant Stamp Signature of witness: 1. Signature with date Name Address 2. Signature of the claimant. Date: Place: Witnesses: 1. Rate this:. Like this: Like Loading Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in:. Email required Address never made public. Name required. Post was not sent - check your email addresses! Sorry, your blog cannot share posts by email.

By continuing to use this website, you agree to their use. To find out more, including how to control cookies, see here: Cookie Policy.For claiming such amount, claimant needs to file form IEPF-5 alongwith requisite documents. After filling the form save it on your computer and submit the duly filled form by following the instructions given in the upload link on the website. On successful uploading an acknowledgement will be generated indicating the SRN.

Please note the SRN for future tracking of the form. Take a printout of the duly filled IEPF-5 and the acknowledgement issued after uploading the form.

User is advised to file one form for one financial year against one Aadhar Number and one Company.

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User can enter more than one claims in single form Number of claims to be entered in field 4failing which the form is liable to be rejected. 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.

Instructions to fill the eForm are tabulated below at field level. Only important fields that require detailed instructions to be filled in eForm are explained. Self-explanatory fields are not discussed. Click the Pre-fill button. Upon clicking the button, system shall automatically display the name, registered office address and email id of the company.

Enter the number of claims made. Aadhar number should be correctly filledfailing which the form is liable to be rejected. Number of Claims User can enter more than one claims in single form. The Bank details should be correctly filled and corresponding with cancelled cheque enclosed, failing which the form is liable to be rejected. Demat account number is mandatory to fill for the applicant claiming shares, failing which the form is liable to be rejected.

Declaration Click on check box given in declaration, after carefully reading all conditions Part III- Important points for successful submission of e-form IEPF-5 After pre scrutiny is done the user is required to upload the form using steps as given below:.

You will be redirected to MCA21 for form Upload. Login using your ID and Password if existing or else register yourself by clicking on register and entering the required details. Click on Browse and attach the form. Click on Submit. Though Fee will be zero, but click on Pay now option only to generate the acknowledgement.

After clicking on Pay Now, you have to click on Finish when zero fee page will be shown. Acknowledgement will be generated. Print out of duly filled and uploaded claim form IEPF-5; with claimant signature and if joint holders are involved than the Form should be signed by all the joint holders.

Please ensure to enter date, place and Signature of claimant and witness. Advance Stamped receipt original with signature of claimant and two witnesses. Format is given at Annexure I. In case of refund of matured deposit or debenture, or bonds, or where shares in physical form are claimed original certificate thereto.Claimant to register themselves online on this weblink.

Claimant to login and fill web based IEPF — 5 form. Upon submission, Form No. Provided that the claimant after making an application in Form No. IEPF-5 under sub rule 1, shall send physical set of following documentation to the Nodal Officer of the Company for verification:. Print out of duly filled claim form with claimant signature and if joint holders are involved than the Form should be signed by all the joint holders along with annexures submitted with form.

Indemnity Bond and Advance receipt original auto generated after uploading the claim Form IEPF 5 with signature of claimant and witness and after affixing requisite stamp and advance receipt.

In case of refund of dividend amount of Rs. For claim of only amount of Rs. In case any Joint holder is deceased, Copy of Death certificate to be attached. In case of non-availability of Aadhar Card for super senior citizens or some specific states, other ID Proofs issued by government clearly mentioning the address of the claimant needs to be submitted.

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In cases of transmission, loss of original shares, mismatch in name and address etc. All the documents which are required to be attached in the online IEPF -5 form needs to be provided in original in physical to the nodal officer of the company apart from the above. Any other document relevant to prove entitlement of the claimant. The nodal officer of the company shall be intimated through email notification as soon as the web-form IEPF -5 is filed by the claimant. On receipt of the original documents from claimant, the company shall be required to authenticate the same with the scanned copy attached with the claim form.

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The company shall also be required to attach scanned copy of such authenticated documents with its e-verification report.

In cases covered under rule 7 8 and 7 9the company shall also be required to issue entitlement letter under rule 7 9 of IEPF Rules in favour of claimant and send a scanned copy of it with its e-verification report.

The nodal officer or the deputy nodal officer of the company can file everification report in the e-form available for same on website www. The e-form shall be authenticated through DSC of the concerned nodal or deputy nodal officer.

The company shall be required to e-verify the claim as soon as it receives original documents from the claimant but not later than 30 days from the filing of claim failing which it shall be liable to pay an additional fee of Rs 50 per day up to a maximum of Rs The proviso to section 3 provides that the person whose amounts referred to in clauses a to d of Section C 2 of the Companies Act, transferred to the Fund, after the expiry of the period of seven years as per the provisions of Companies Act, shall be entitled to get refund out of the fund in respect of such claims in accordance with the rules made under section Section 5 provides that 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.

procedure for claiming refund from iepf

The proviso to this section provides that any claimant of shares transferred above shall be entitled to claim the transfer from the Fund in accordance with such procedure and on submission of such documents as may be necessary. Every company which has deposited the amount to the Fund shall nominate Nodal Officer for the purpose of coordination with IEPF Authority and communicate the contact details of the Nodal Officer duly indicating his designation, postal address, telephone and mobile number and company authorized email id to the Authority within 15 days from the date of publication of these rules.

The company shall display the name of the Nodal Officer and his email ID on its web site. By: Mr. F : Admissibility of ITC in case of suspended service tax. F : LUT not applied but export of services made. A : Slip of tongue should not be a matter of mockery, criticism and politi Government amends the extant FDI policy for curbing opportunistic take F : Value to be mentioned in Delivery challan.

H : Following orders of the higher appellate authorities to decide the iss H : Recovery of monies due to the corporate debtor under liquidation - Res H : Clandestine removal - production capacity of machines - When the posit H : Remission of duty - samples which were destroyed in the factory itself Claim of shares Section 5 provides that 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.

Nodal Officer Every company which has deposited the amount to the Fund shall nominate Nodal Officer for the purpose of coordination with IEPF Authority and communicate the contact details of the Nodal Officer duly indicating his designation, postal address, telephone and mobile number and company authorized email id to the Authority within 15 days from the date of publication of these rules.

procedure for claiming refund 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. IEPF- 5. The said form may be applied to the Authority by submitting the application. The said online application is available on the website www. The applicant is to pay the fees specified by the Authority from time to time in consultation with the Central Government.

The claimant shall send the application duly signed by him along with the requisite documents as enumerated in Form IEPF — 5 to the concerned company at its registered office for verification of his claim. Cancelled Cheque leaf Copy of Passport, OCI and PIO card in case of foreigners and NRI Other optional document, if any The company shall send a verification report to the Authority within 15 days from the date of receipt of the claim in the specified format by the Authority along with the documents submitted by the claimant.

The claimant shall be given an opportunity of being heard before such rejection. The Authority shall record of the details of payments made to the claimants. The application shall be disposed by the Authority within 60 days from the date of receipt of the verification report from the company, complete in all respects.

Any delay beyond 60 days the Authority shall record the reasons for the delay and the same shall be communicated to the claimant in writing or by electronic mode.

Where the application is incomplete or not approved, a communication shall be sent to the claimant and the concerned company by the Authority giving the details of deficiencies of the application. In case of non receipt of rectified documents by the Authority after the expiry of 90 days from the date of such communication, the Authority may reject the IEPF — 5 after giving a reasonable opportunity to the claimant to furnish response within a period of 30 days.

If the claimant is a legal heir or successor or administrator or nominee of any registered security or in cases where request of transfer or transmission o shares is received after the transfer of shares by company to the Authority, the company shall verify all requisite documents required for registering transfer or transmission and shall issue letter to the claimant indicating his entitlement to the said security and furnish a copy of the same to the Authority while verifying the claim of such document.

The claimant shall file only one consolidated claim in respect of a company in a financial year. The company shall be liable under all circumstances whatsoever to indemnify the Authority in case of any dispute or law suit that may be initiated due to any incongruity or inconsistency or disparity in the verification report or otherwise and the Authority shall not be liable to indemnify the security holder or company for any liability arising out of any discrepancy in verification report submitted etc.

Tax Management India. Category of Documents. Forum What's New. Article Section. Submit New Article.Call: The dividend which remains Unpaid or Unclaimed for a period of 7 seven years from the date of transfer to special account is transferred along with interest accrued to IEPF.

Any money transferred to the Unpaid Dividend Account of a company in pursuance to section 5 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 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.

The claimant shall send the copy of IEPF5 duly signed by him along with the following requisite documentsto the concerned company at its registered office for verification of his claim:. The company shall within fifteen days of receipt of claim form, send a verification report to the IEPF Authority as per the format specified by the Authority along with all documents submitted by the claimant. In cases, where the application is incomplete, a communication shall be sent to the claimant by the Authority detailing deficiencies of the application.

In case, the claimant is a legal heir or successor or administrator or 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. The claimant shall file only one consolidated claim in respect of a company in a financial year. The process of claiming investment back from IEPF is cumbersome and long legal process involving form filing and serious continuous follow-ups with authorities.

But we should be happy with the fact that at least our investment in IEPF is safe with Government rather than being victimized with a Fraudulent withdrawal of investment likesharepro case. You can also submit your article by sending to article caclubindia. GST certification Professional Course. Online Excel Course Professional Course. India's largest network for finance professionals. Toggle navigation Login Login Register.

Following amount list not exhaustive shall be credited IEPF. After verification of the entitlement of the claimant- to the amount claimed : the IEPF 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. Several reasons for dividend does not get claimed Lost track of the funds owed to you. Tags : Shares Stock Recommended Read.

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Procedure for claiming refund from iepf
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