Since the change in the companies act in 2013, a lot of unclaimed dividends and shares are being transferred to the IEPF. The investor education and protection fund or the IEPF is a fund that has been set up under the ministry of corporate affairs for the promotion of investor awareness and to protect investor interests. Unpaid and unclaimed funds like application money from a refund, debentures, and shares are deposited by the companies in the IEPF.
A lot of people are unaware of the procedure that goes into the IEPF claims since it is a new and technical phenomenon. Investors are unaware of the proper procedures that go into the process which starts by filling an IEPF form-5 online after getting all the required documents ready.
Here is how you can fill the form online:
- Go to the ministry of corporate affairs or IEPF website(www.iepf.gov.in). This is the official government site where the form can be found.
- In the form section at the top bar, click on refund/ claim refund from the drop down list.
- The page appears where you can download the IEPF form 5 with the instruction kit, which clearly provides you with all the information required to fill the form.
- Read the instructions very carefully and have the necessary details ready before filling up the form.
- Enter the relevant details in the form.
- After filling up the form, save it on your computer before moving to the next step.
Before you start to fill up the form, here is some of the information that should be kept ready and handy:
- Details of the applicant.
- Particulars of the company from which the amount is due
- Details of shares claimed
- Identity proof like Aadhar card or passport details for Indian residents and OCI or POI No. In case of NRI residents.
- Details of the amount to be claimed.
- Details of the Demat account and the bank account, which should be linked to Aadhar.
Buttons like the pre-fill and check form button can help you in filling up the form. It is advisable to be connected to a steady and stable network connection to be able to use many features of the website and prevent any unforeseen errors.
The process is quite complicated. There are a lot of things that a claimant has to get right. A single mistake can make you wait for one year. Usually, people seek help from untrained brokers and agents who can end up ruining the application. It is best to go to a well-trained professional who can guide you through the process. IEPFclaim(https://iepfclaim.in/), India’s only IEPF claim advisors are here to save the day. The experts at IEPF take care of all the complexities and assist investors to prepare all the documents accurately and guide them through the process, for effective results. It’s always best to leave it to the experts.