What is the IEPF Recovery?
The Investment Enhancement Program Recovery is an online cash recovery platform that can be used by any type of investor, either experienced or novice. It leverages existing networks of business owners and professionals to find the right assets for the best profits, faster.
In simple terms, IEPF is the Investor Education and Protection Fund. It was established by the Securities and Exchange Board of India (SEBI), with an objective to protect the interest of investors. This fund is used for the purpose of investor education, investor awareness, and investor protection. The fund is managed by SEBI to protect the interest of investors.
How to apply & Legal process
If you have all the necessary documents or proof of your deposits, you can visit the nearest branch of the bank and file proof such as deposit slip, passbook, deposit form, etc. If the proof is accepted, the bank will issue you a claim form and will forward it to the Indian Embassy or Consulate in that country. You will need to submit the proof and the claim form along with documents relating to your investment. At the Indian Embassy, you will need to follow up and attend several interviews, and it may take more than five months for the Embassy to settle your claim. If your claim is approved, you will be sent a draft payable to the bank. It will be your responsibility to convert this draft into cash at your end. You will also need to pay for the courier charges to send the cash to India.
These were few steps to recover shares from iepf.
IEPF member’s entitlements
The Ministry of Corporate Affairs vide has clarified the position in respect of the IEPF Recovery Shareholder’s entitlements. In the matter of Employees’ Provident Fund Scheme, 1952, the undersigned is directed to say that the “Shareholder/Associate” category of the Employees’ Provident Fund Scheme, 1952, are eligible for all the benefits under the Scheme.
Shareholder value
The IEPF is a fund that helps all investors to recover their money. As there is no other body that can help investors to recover their money, and hence the IEPF was set up.
The main aim of setting up the IEPF is to protect the interest of investors and to minimize the scope for any kind of manipulation by the company promoters. The
government has also provided for a regulator as the IEPF as it wants to ensure that all the investors are paid back as early as possible. In order to ensure that all the investors are paid back as fast as possible, the government has also decided, as a gesture of goodwill.
The IEPF was launched by SEBI. This was a result of a program that was begun in 1993. The purpose of this program was to protect the investors from the frauds and scams that were occurring around that time. The idea was to provide an investment safe haven for those who chose to invest in the market. It was determined that investor protection was needed. This was based on market conditions of that time, which included the presence of some dubious companies as well as a rise in the number of frauds. This led to a need for a market where trust was maintained.
Lost shares
In case you have lost the share certificate of a dematerialized company, then you can apply to your dematerialized company that will issue a duplicate certificate for you. In case you have not been able to track the shares, you can contact the company directly and ask for a copy of the share register. The person dealing with the matter will decide whether a duplicate certificate would be issued or not.
Common misconceptions in IEPF
IEPF (Investor Education and Protection Fund) raise money from investors and use it to pay out investors who lose money for reasons for which they are not responsible. These include (1) Death (2) Incapacity (3) Bankruptcy (4) Mis-selling. It is common for general individuals to believe that the government will reimburse them for their losses. This is a common misconception.
We hope that we answered your question that is “how do I get my shares back from iepf.” Keep reading further articles for more clarity on “retrieve shares from iepf.”
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