Shares and investors are common terms frequently used in the field of commerce and business. Various types of shares are sold by one part whereas purchased by another. There is always a constant motion of such documents of movements in the market. If you are already aware of the basic terminology of shares and investment, you might have already heard about the iepf shares.
What are iepf shares
IEPF shares, also known as the investor’s education and protection fund are a type of share that is delegated to promote the interests of the investors as well as their awareness. These are also unclaimed by any of the investors which are then transferred to the IEPF shares gradually if left unclaimed further.
Any registered company can transfer its shares to IEPF if its shares have not been claimed or paid for more than a period of 7 years.
This brings us to the next question, can we retrieve transferred iepf shares back to the organization? Keep reading to know further.
IEPF share transfer
Many companies rethink their choice of giving their shares to IEPF and then want to get them back. However, not many people are aware of whether the once transferred shares can be retrieved or not. The answer to this question is – yes. The IEPF share transfer can be redone to get them back.
Process for IEPF share transfer
The process of retrieving the shares might not be the easiest for someone doing it for the first time. But there is a detailed process you must go through before you go ahead with the work.
- Visit the portal: There are generally online portals regulated by central authorities that conduct the process of redoing the process. Firstly, one must visit the website and check for any new updates on such websites. There might be something that one must know about before filing.
- Form: The central authorities often start the process by filling up a form. This form is usually available on the website itself. It is important to ensure that this form is filled by the claimant and no other authority of the company. It is also important to ensure that all the information provided by the claimant is accurate and legal.
- Submitting claim to the company: After the form has been filled out carefully, a copy of the form should be also sent to the respective organization. The copy of the form must be sent along with SRN and acknowledgment number, identity proofs, and stamped receipts along with other documents that are important to send according to the website. In many cases, a canceled cheque is also to be sent along.
- Submission from the company: After the individual’s work is done, it is also important for the organization to submit a report and confirmation that they have received a claim from the claimant. Moreover, this work should be done as soon as possible as there is not much time available. The better it is done within 10 days.
- Receiving from IEPF authority: This is the final stage, where the individual and the organization just have to wait for the retrieval. They will receive a retrieval from the responsible authorities. Many times both parties are notified that their refund has been processed and is now available for them.
IEPF share transfer is a lengthy process, especially for people who have not done it before, but it doesn’t mean that it is very difficult to complete. With the right guidance, it can be done by anyone easily. One just has to remain careful of the steps that they are competing in the procedure. Moreover, it is also very important to provide only accurate information.
Also Read: Procedure for Recovery of Shares from IEPF