shares and dividends on a single government portal. The government can launch it soon by February next year. With this, investors will not need to go to different places to see the information. Rather, their work will be done through the government portal itself.
IEPFA i.e. Investor Education and Protection Fund Authority will create a government integrated portal under the Corporate Ministry to make it easier for people to invest. In this, investors will be informed about the unclaimed dividend ie the dividends which have not been claimed.
These shares and dividends will be known
Shares, dividends and matured debentures which have not been claimed for seven years will be transferred by the companies to the IEPFA. According to official data, the unclaimed amount with the IEPFA stood at Rs 5,262 crore in March 2022, which is 9% higher than a year ago. Since then the numbers have been increasing continuously.
At present, about two dozen documents are required for refund, which are checked several times at different levels. This leads to inordinate delays in the process and disposal often takes more than a year against the targeted 60 days.
Investors will be able to see this information
To speed up the settlement, Corporate and Finance Minister Nirmala Sitharaman had announced the Integrated Portal in the budget of this financial year. Through the proposed portal, investors can instantly check whether their shares or dividends are lying with IEPFA or not.
The official said, other work including claim application form and e-verification can be done online. There can also be a dashboard of information for investors.
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