Lok Sabha Question No. 1651 (UNSTARRED), answered on 2023-02-13
Subject: Refund by IEPFA
Ministry: CORPORATE AFFAIRS
Asked by: Dipsinh Shankarsinh Rathod, Anil Firojiya, Mohanbhai Kalyanji Kundariya

## GOVERNMENT OF INDIA

## MINISTRY OF CORPORATE AFFAIRS LOK SABHA

UNSTARRED QUESTION NO. 1651

ANSWERED ON MONDAY, FEBRUARY 13, 2023/ MAGHA 24, 1944 (SAKA)

## REFUND BY IEPFA

## QUESTION

1651. SHRI DIPSINH SHANKARSINH RATHOD: SHRI ANIL FIROJIYA: SHRI MOHANBHAI KALYANJI KUNDARIYA:

Will the Minister of CORPORATE AFFAIRS be pleased to state:

- (a) Whether any action being taken to simplify the process for refund of claims by the Investor Education and Protection Fund Authority (IEPFA);
- (b)
- if so, the details thereof; and
- (c) the details of the measures being taken by Indian Institute of Corporate Affairs in partnership with Damodaram Sanjivayya National Law University to provide alternative  for  the  syllabi  for  research  and  publication,  enhancement  of knowledge, capacity building, awareness and assistance in law related work?

## ANSWER

THE MINISTER OF STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION; MINISTER OF STATE (INDEPENDENT CHARGE) OF  THE  MINISTRY  OF  PLANNING  AND  MINISTER  OF  STATE  IN  THE  MINISTRY  OF CORPORATE AFFAIRS.                                                                   (RAO INDERJIT SINGH)

(a)& (b): Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules 2016 (Rules) notified vide GSR No. 854(E) dated 05.09.2016, have been amended from time to time. To further simplify the process of refund of claims filed with the IEPFA, said rules were amended vide GSR 785(E) dated 09.11.2021. For the  claimants,  requirement  of  Advance  Receipt  has  been  waived,  requirement  of Succession Certificate/ Probate of Will/ Will has been relaxed up to Rs 5,00,000 both for Physical  &  DEMAT  shares,  notarization  of  documents  has  been  replaced  with  selfattestation. For companies, requirement of attaching documents relating to Unclaimed Suspense Account has been relaxed, companies have been given flexibility to accept transmission  documents,  like  Succession  Certificate,  Will  etc.  as  per  their  internal approved procedures and newspaper advertisement requirement for loss of physical share certificate has been waived upto an amount of Rs.5,00,000. The process of filing claims by the claimants and verification of such claims by the companies has been made completely online.

Further as announced in budget, for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease, an integrated IT portal will be established.

Contd…2/ -

- 2 -

(c): As per information provided by the Indian Institute of Corporate Affairs (IICA), the IICA has signed an MoU with Damodaram Sanjivayya National Law University (DSNLU) on 14 th  December 2022 for the purpose of academic collaboration, which encompasses  subjects  like  offer  and  award  of  degree,  diploma  and  certificate courses  of  contemporary  importance  including  in  the  field  of  Law;  exchange  of members  of  faculty  and  students;  research  and  publication;  other  academic activities; organising  awareness/outreach programmes for society; offer of expert advice and consultancy and joint workshops, seminars and conference.

********