Portal to track unclaimed shares, dividends to debut by August
What's the story
The Investor Education and Protection Fund Authority (IEPFA) will launch an 'integrated portal' by August this year.
The platform will make it easier to refund unclaimed shares and dividends (worth over ₹1 lakh crore) to their rightful owners in India.
At present, there are over 1.1 billion unclaimed shares with the IEPFA and around ₹6,000 crore in unclaimed dividends.
Mechanism
Integrated portal to streamline claims process
The forthcoming digital platform is designed to make the claims process easier for investors.
It will provide real-time tracking, direct communication with firms, and instant data validation by integrating PAN, depositories, and banks.
The idea is to make the user experience more efficient and transparent for investors.
As of now, individual investors have to upload multiple documents online to validate their claims on dividends and shares.
Assistance
Plans for 'Niveshak Shivirs' to assist people
The IEPFA, along with capital market regulator Securities and Exchange Board of India (SEBI), intends to hold 'Niveshak Shivirs' in major cities. These events will help address investor issues and enable transfer of unpaid dividends directly from companies to investors.
Help
IEPFA's initiatives to empower investors
Over the past two years, IEPFA has taken a number of steps to empower investors and ease access to unclaimed stocks and dividends.
From relaxing documentation for claiming the shares, replacing notarization with self-attestation, to exempting succession certificates for claims of up to ₹5 lakh, the organization has done it all.