Recovery of Shares from IEPF Account.
2 years ago
My father has bought 20 shares of Ultratech cement long ago in physical format long ago when he was working in a company on recommendation from one of his colleagues. But my father has the least knowledge of shares and the stock market. He just took it as an investment thinking it to give a good return at later stages. Now when he tried to convert physical share to Demat, his Demat request rejected because as per law, my father did not claim dividends for more than 7 years and so, the shares have been transferred to the IEPF account. I need help and advice regarding which lawyer to consult in order to claim back the shares that belong to my father.
A.Dear Sir,
Approach share broker.
Approach share broker.
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A.See, those shares which remain inactive and are not traded are put into IEPF account for safeguarding the interest of the investors. Investor Education and Protection Fund (IEPF) is for promotion of investors' awareness and protection of the interests of investors.
Any person, whose unclaimed or unpaid amount has been transferred by the company to IEPF may claim their refunds to the IEPF authority. For claiming such amount, claimant needs to file form IEPF-5 alongwith requisite documents.
PROCEDURE TO CLAIM REFUND
1. Download the form IEPF-5 from the website of IEPF (http://www.iepf.gov.in) for filing the claim for refund. Read the instructions provided on the website/instruction kit along with the e-form carefully before filling the form.
2. After filling the form save it on your computer and submit the duly filled form by following the instructions given in the upload link on the website. On successful uploading an acknowledgement will be generated indicating the SRN. Please note the SRN for future tracking of the form.
3. Take a printout of the duly filled IEPF-5 and the acknowledgement issued after uploading the form.
4. Submit indemnity bond in original, copy of acknowledgement and self-attested copy of e-form along with the other documents as mentioned in the Form IEPF-5 to Nodal Officer (IEPF) of the company at its registered office in an envelope marked "Claim for refund from IEPF Authority".
5. Claim forms completed in all aspects will be verified by the concerned company and on the basis of company's verification report, refund will be released by the IEPF Authority in favor of claimants' Aadhaar linked bank account through electronic transfer.
Any person, whose unclaimed or unpaid amount has been transferred by the company to IEPF may claim their refunds to the IEPF authority. For claiming such amount, claimant needs to file form IEPF-5 alongwith requisite documents.
PROCEDURE TO CLAIM REFUND
1. Download the form IEPF-5 from the website of IEPF (http://www.iepf.gov.in) for filing the claim for refund. Read the instructions provided on the website/instruction kit along with the e-form carefully before filling the form.
2. After filling the form save it on your computer and submit the duly filled form by following the instructions given in the upload link on the website. On successful uploading an acknowledgement will be generated indicating the SRN. Please note the SRN for future tracking of the form.
3. Take a printout of the duly filled IEPF-5 and the acknowledgement issued after uploading the form.
4. Submit indemnity bond in original, copy of acknowledgement and self-attested copy of e-form along with the other documents as mentioned in the Form IEPF-5 to Nodal Officer (IEPF) of the company at its registered office in an envelope marked "Claim for refund from IEPF Authority".
5. Claim forms completed in all aspects will be verified by the concerned company and on the basis of company's verification report, refund will be released by the IEPF Authority in favor of claimants' Aadhaar linked bank account through electronic transfer.
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A.Hey,
You should take help from lawyer who has expertise in filing forms related to shares and have expertise in regulation of share market. You should fill form IPEF-5 to retrieve the shares of your father and then transfer share to the demat account.
If you find my answer helpful then please rate my answer. Thank you
You should take help from lawyer who has expertise in filing forms related to shares and have expertise in regulation of share market. You should fill form IPEF-5 to retrieve the shares of your father and then transfer share to the demat account.
If you find my answer helpful then please rate my answer. Thank you
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
You can fill IPEF form-5 to claim your father's share and its dividend but you have to careful while filing the form as you can only file it once a year. Take the help from the advocate who has expertise in share market rules and sebi rules. After your form is accepted then you can transfer the share into the demat account.
If you find this helpful then please rate my answer. Thank you
You can fill IPEF form-5 to claim your father's share and its dividend but you have to careful while filing the form as you can only file it once a year. Take the help from the advocate who has expertise in share market rules and sebi rules. After your form is accepted then you can transfer the share into the demat account.
If you find this helpful then please rate my answer. Thank you
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