Earlier investment investments in the form of shares were made physically through share certificates. Being tangible, these documents get lost and destroyed if not kept safe.
Due to this, many of the investors lost their shares and dividends. But with time, SEBI has come up with some friendly guidelines that help investors get back their lost shares and dividends. Through IEPF Share Recovery, it is now easy for investors to track their lost claims.
Process of recovery of share and finding lost shares
Stage 1- The Authority of the Claimant
If you wish to get back your lost shares in your name, you must submit the IEPF Form-5. This form is needed to be submitted to the MCA. While filling in the form, you must provide your entire Claimant’s information—also, the Company from where your shares belonged with the CIN number.
Also, include the amount of the lost dividend that you want to claim back. If you are an Indian citizen, you must provide your Aadhaar details. And if you are a foreigner, provide your passport or OCI or PIO card details. The bank details linked to the Aadhar number also need to be filled in—finally, the deposits and securities details.
Stage 2 – Presenting yourself as the Claimant to the Company
Once the online form is completed, you must send a mail to the Nodal Officer or Registrar of the Company where your shares belong with the documents mentioned beneath. Also, send the hard copy of the documents in a sealed envelope. The documents required are
Print out the IEPF form with your signature on each page
Copy of your acknowledged receipt number
If the share amounts to more than 10,000, then use a nonjudicial stamp paper, and if it is less than 10,000, you can use white paper with your signature.
Duplicate copy of your lost share certificate.
A copy of the Aadhaar, Passport, OCI, or PIO, whichever is applicable
Proof of entitlement can be a copy of the initial shares warrant application.
A canceled cheque for the bank account of IEPF-5 Form
Finally, a self-attested copy of your Demat account details.
Stage 3 - From the Company to the respective authority
After your share firm receives the IEPF Form-5 in the next 15 days, the firm prepares for a verification report. Once the information is prepared, it is sent to the authorities with the required format along with your entire documentation.
Stage 4- Delegation of the authority to the Claimant
A bill will be sent to the Pay and Accounts Officer from the Drawing and Disbursing Officer for payment based on the rules and regulations. If you are entitled to the shares, they will be credited to your account. If the shares are physical, duplicate certificated will be handed over to you.
To Conclude:
With the above-mentioned steps, you can claim back your lost shares and dividends by recovering shares from IEPF. You can also find your missing shares with the help of a legal advisor who will help you with the IEPF recovery procedures.
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