Lok Sabha Question No. 198 (UNSTARRED), answered on 2020-02-03
Subject: IEPF Fund
Ministry: CORPORATE AFFAIRS
Asked by: Pritam Gopinath Munde, Chandra Sekhar Sahu

## GOVERNMENT OF INDIA

## MINISTRY OF CORPORATE AFFAIRS

## LOK SABHA

UNSTARRED QUESTION NO. 198 ANSWERED ON MONDAY THE 3 RD  FEBRUARY, 2020 MAGHA 14, 1941 (SAKA)

IEPF FUND

QUESTION

198. Dr. PRITAM GOPINATHRAO MUNDE: SHRI CHANDRA SEKHAR SAHU:

Will the Minister of CORPORATE AFFAIRS be pleased to state:

कारपोरेट कार्य मंत्री

- (a) Whether the Investor  Education and Protection Fund  Authority has been transferred the fund unclaimed dividend,  matured deposit, etc;
- (b) If so, the details of funds transferred to the IEPF since its inception and the details of investors who reclaimed their funds from the  IEPF during each of the last three years;
- (c) Whether there are any guidelines and citizen charter to assist the individuals who reclaim their deposits, if so, the details thereof;
- (d) Whether a large number of senior citizens are facing   great  difficulties  in getting their funds back; and
- (e) if so, the corrective steps taken by the  government to streamline the process so that they get their funds expeditiously?

## ANSWER

THE MINISTER OF STATE FOR FINANCE

AND CORPORATE AFFAIRS                                           (SHRI ANURAG SINGH THAKUR) वित्त एिं कारपोरेट कार्य मंत्रालर् में राज्र् मंत्री                                                                        (श्री अनुराग स ंह ठाक ु र)

(a)&  (b):  Yes  Sir,  Companies  are  required  to  transfer  unpaid  and  unclaimed amounts to IEPF as per the provisions of Companies Act, 2013.  The shares related to unpaid and unclaimed dividends are also required to be transferred to IEPF.  Till the end of the financial year 2018-19, Rs.2423.19 crore have been transferred to IEPF.  Details of amount and shares credited to IEPF, amount and shares refunded to the investors during the last three years is as under:-

Contd…2/-

|   Sl.No | Particulars                                | 2016-17   | 2017-18   | 2018-19   |
|---------|--------------------------------------------|-----------|-----------|-----------|
|       1 | Amount Transfereed to IEPF (Rs. in lakh)   | 30,491    | 34,352    | 40,647    |
|       2 | NO. of online applications filed           | 343       | 4,026     | 19,188    |
|       3 | No. of Claims filed with IEPF Authority    | 73        | 1,324     | 8,255     |
|       4 | Amount Refunded to claimants (Rs. in lakh) | 47.4      | 72.9      | 177.7     |
|       5 | Shares Refunded to claimants               | Nil       | Nil       | 5,00,771  |

(c) to (e) :  The Investor Education &  Protection Fund (Accounting, Audit, Transfer and Refund ) Rules 2016 as amended from time to time provides  that the claims completed  in all respects are required  to be settled   by the IEPF Authority  within a period of 60 days.  The Rules have been further amended vide GSR No.571 (E) dated  14.08.2019  to  simplify  the  process  of  refund  of  claims  filed  with  the Authority.  The amended rules inter alia provide for authentication of identity of claimant through online verification of PAN, an e-verification of claim by the Nodal Officer of the Company and online processing of claim by the IEPF Authority. To assist  the  claimants  in  filing  the  form  and  for  ascertaining  the  status  of  their claims a toll free number 1800-114-667 has been opened in the Authority. An email id iepf@mca.gov.in has been provided for claimants to reach out to the Authority. A detailed Frequently Asked Questions (FAQ) and an instruction kit has been made available to assist the claimants in filing the online application and the documents that  are  required  to  be  submitted  alongwith  the  application.  To  rectify  the incorrect entries in the online application form, the Authority has provided a resubmission option.  For timely settlement of the claims and in order to expedite verification  report  from  companies,  notices  are  being  issued  regularly  to  the companies.

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