The Central Government has issued a Consultation Paper on refund process at Investor Education and Protection Fund (IEPF) Authority. The paper was issued on 9th January, 2023.
The paper aims at simplifying and expediting the process of claim refund filed with IEPF Authority under Companies Act, 2013.
The Authority regularly invites suggestions from industry, companies and investors to make the process more investor friendly and relaxations and amendments are made in rules accordingly. However, currently it is observed that there is considerable delay in submission of the e- verification report by companies. In some instances, the companies submit report without requisite documents required under the rules or the companies reject the claim in its verification report without intimating the claimant.
Hence, in order to ease the process of refund, suggestions are invited on the following:
- Realtime Online interface between IEPFA, Claimant and Company
- Shares transferred through Reverse Corporate Action
- Limitation Threshold