Govt to work with cos, market players to return unclaimed investor assets

Copyright © HT Digital Streams Limit all rights reserved. News whose money is it? Authorities approved more than 16,900 claims from beneficiaries and approved in FY25, authorities approved more than 12,200 claims. (IStock) Summary enterprises must transfer unclaimed dividends, corporate deposits and share money to the Investor Education and Protection Fund, which falls under the Ministry of Corporate Affairs, if they could not identify the legitimate owners for seven years. New -Delhi: The government intends to work closely with businesses and market players such as stock transfer agents to find the rightful owners of unclaimed dividends, corporate deposits and share money to stop the increasing flow of such amounts to the investor education and protection fund (IEPF), two people who are familiar with the development said. Businesses are expected to transfer such unclaimed amounts to IEPF, which is administered by the IEPF authority (IEPFA) if they could not identify the legitimate owners for seven years. IEPFA is attached to the Ministry of Corporate Affairs. The government has tried to make the process for beneficiaries easier to claim such amounts and to streamline the repayment process, but the flow of funds in IEPF rose each year, leading to an increase in the size of the fund, even after they made repayments and returned shares, the first of the two persons quoted earlier. “The Ministry of Corporate Affairs will therefore work closely with companies and registrar and transfer agents (RTAs) to ensure that beneficiaries are identified at their level themselves and that the flow of such amounts is dropping to IEPF,” this person said. Read also | £ 500 crore of unclaimed “> as £ 500 crore of unadorned wealth pile, Sebi streams a return process RTAs are entities that handle shareholder records for companies. Inquiries that were sent to the IEPF authority (IEPFA) by the UIPF Authority (IEPFA), stayed, and it is available per figures. Uncontrolled shares, dividends or investor requests are transferred to IEPF. Support, which will also help update shareholder information, says Maheshwari. In order to streamline the repayment of these assets and shares of IEPF, Sitharaman announced in 2023 that an integrated IT portal would be drawn up. A society erected under the Ministry of Electronics and IT (Meity), Bhaskaracharya National Institute for Space applications and geoinformatics builds this portal that is expected to bring together plaintiffs, enterprises, deposits and the public financial management system of the Center. “While businesses set out public notices for such demands, simplify the claims processes, dedicated campaigns for investor awareness by companies and government can further ensure that unclaimed assets are returned efficiently,” Maheshwari added. Read also | How to reduce Sebi’s attempt to integrate Digilocker will reduce unparalleled assets. The strong technology network in India can be used to identify legitimate owners and process the demands faster and efficiently by all businesses, Maheshwari said, citing a merger that Sebi announced last month with Digilocker, a civil sale of Die Burger and the focus of the financial document and to facilitating the facilitating access to the facilitating access to the facilitating access to the facilitating access to the facilitating Facilitating access to facilitating the facilitating access to facilitating access to facilitation, for facilitating seedless access to facilitating the facilitating access to facilitating access to facilitating access to the facilitating access to the facilitating. unclaimed assets. Catch all the business news, market news, news reports and latest news updates on Live Mint. Download the Mint News app to get daily market updates. More Topics #Divividends #shares Mint Special