#lostshare

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IT Portal: Thousands of crores of rupees stuck in unclaimed shares and dividends, IT portal is ready to help

New IT Portal: The government has taken steps to help its investors or legal heirs to reclaim shares and dividends lying unclaimed for years. The Finance Minister announced during the Union Budget 2023 that the government will set up an integrated IT portal for the Investor Education and Protection Fund (IEPF) Authority. Announcing the new portal, the Finance Minister said that this step will strengthen the protection of investors, making it easier for them to claim their unclaimed shares or dividends. Through this portal, the entire financial sector will be made more robust and transparent.

What are unclaimed shares and dividends?There are some companies in the world of stock market which give a share of their profits to their shareholders from time to time. This part received in the form of profit is called dividend. Unclaimed dividend means that the company has paid the dividend but it is yet to be claimed by the shareholders. This can happen due to various reasons like, the shareholder has not updated his address in the records of the company and the dividend has not been received by him or the bank account has not been updated in the records of the company or the shareholder has died. Apart from this, there are many other reasons like non-matching with the name present in the record.

When no one inquires or claims about dividend of shares for seven years, the shares are transferred to Unclaimed Suspense Account and then to IEPF Account. This can also happen due to various reasons like change of address, overseas migration of the investor, death of the investor, loss of share certificates or name mismatch.

Investor Education and Protection Fund (IEPF)The Investor Education and Protection Fund was conceptualized in 2016 by the government under the Ministry of Corporate Affairs to raise awareness among investors about their unclaimed dividends and shares. The primary objective of the government was to prevent misuse of unclaimed shares and to promote and protect the interests of the shareholders. Interestingly, unclaimed dividends worth Rs 5,685 crore have come to the notice of listed companies, which had no claimants or claimants. Similarly 117 crore unclaimed shares have been transferred to IEPF. According to the current market prices, today their value would be around Rs 50,000 crore.

Presently, to get the shares and dividends lying in IEPF, the claimants have to claim online by filling IEPF Form-5. After that the hard copy of the documents has to be submitted to the nodal officer of the concerned company. In this entire process it is necessary to follow up with the company, its Registrar and Transfer Agent (RTA) and IEPF authority. But the difficulties are that the claimants have either clear or non-existent information about this process and documentation. Apart from this, they do not have a single platform to deal with multiple parties and track their claims, due to which they have to face many problems. To ease the process, the IEPF claim Authority has recently introduced a "Consultation Paper on Refund Process in IEPF Authority" to seek feedback and suggestions from all stakeholders and also proposed an Integrated IT Portal for IEPF.

Integrated IT Portal for IEPFThis step of the government to set up this integrated IT portal will further ease the process of re-claiming unclaimed shares and unpaid dividends. Shareholders who have not tracked or claimed their dividends or shares for the last seven years can now visit the IEPF IT portal to see whether their unclaimed shares have been transferred to IEPF. After this, they can claim their shares or dividends directly through the portal by following the prescribed procedure. This will enable investors to check the real-time status of their claims and companies to deal with any discrepancy raised by the government. In addition, there is also a possibility that claims below a certain value may be approved through a direct process.

[recoveringunclaimedasstes]

Lost shares: everything you need to know

Lost stock is a common problem investors face, as shares can be lost for a variety of reasons, including incorrect addresses, unclaimed dividends, or a change in ownership. The loss of shares can have a significant impact on an investor's portfolio, as it means a loss of potential income and a reduction in the value of the portfolio. However, the good news is that there are steps that can be taken to recover lost shares. In this article, we will go over what lost shares are, how they can occur, and what you can do to recover them.

What are lost shares?

Lost shares are shares that are no longer owned by the original owner. This can happen for a variety of reasons, including incorrect addresses, unclaimed dividends, and changes in ownership. In some cases, shares can also be lost due to fraud, such as when a shareholder has been cheated out of their shares.

How do lost shares occur?

Lost shares can occur for a variety of reasons, including incorrect addresses, unclaimed dividends, and changes in ownership. For example, if a shareholder moves and fails to update their address with the company, they may not receive important notices, including dividends, and their shares may be considered lost.

In other cases, shares may be lost due to unclaimed dividends. If a shareholder fails to claim a dividend, the money may be turned over to the government as unclaimed property, and the shareholder loses his right to the payment. This can also lead to the loss of shares.

Finally, shares can also be lost due to changes in ownership. For example, if a shareholder dies and his or her estate is not properly administered, the shares may be lost. Shares can also be lost if they are transferred without proper documentation.

What can you do to recover lost shares?

Recovering lost shares in India can be a complex and time-consuming process, but with the right steps and resources, it is possible. Here are some steps you can take to recover your lost shares:

Look for unclaimed shares: Before you begin the process of recovering lost shares, it is important to check if there are any unclaimed shares that belong to you. You can do this by visiting the Investor Services Centre of the Bombay Stock Exchange (BSE) or the National Securities Depository Limited (NSDL) and searching for unclaimed shares.

Contact the company directly: If you have lost shares due to a change of address or other administrative error, you can contact the company directly to find out if they have records of your shares. Companies may be able to help you locate and return your shares.

Report the loss to the authorities: If you suspect that your shares have been lost due to fraud or other criminal activity, it is important to report the loss to the authorities. This will ensure that the perpetrators are brought to justice and that you have a better chance of recovering your lost shares.

It is important to note that the process of recovering lost stock can be time-consuming and may require perseverance and patience. However, with the right steps and resources, it is possible to recover lost shares and protect the value of your portfolio. And https://glcwealth.com/services/nri-service/ is the resource you should turn to in order to recover your lost shares. We will save you the hassle and make sure that you get back every lost share with its exact value.

Conclusion

Lost shares can have a significant impact on an investor's portfolio. However, if you take action and follow the steps outlined above, you can recover your lost stocks and regain your financial goals. Whether it's incorrect addresses, unclaimed dividends, or changes in ownership, it's important to take the necessary steps to recover your lost shares as soon as possible.

In summary, lost stock can be a frustrating and costly problem for investors. However, if you are proactive and seek help when needed, it is possible to recover lost shares and protect the value of your portfolio. From searching for NRIi assets to contacting the company directly to hiring an attorney in the event of fraud or ownership disputes, there are several ways to recover lost shares. Remember, it's important to act as quickly as possible to minimize the impact on your financial future.