In order to resolve the grievances of claimants and stakeholders, the Investor Education and Protection Fund Authority (IEPFA) is testing a new five-digit short-code, which will be used to resolve queries, regarding claim status of investors. The IEPFA will launch a revamped Interactive Voice Response System (IVRS) and a call centre on August 15 to enhance the resolution of investor queries.
On Monday, the authority conducted “Niveshak Sunwai”, as it aims to safeguard investors and advance financial literacy nationwide. The event, which saw participation from a diverse group of claimants, served as a clear demonstration of the Authority’s commitment to transparency, accessibility, and effective communication within the investor community, an official release said.
The event was inaugurated by Anita Shah Akella, CEO of IEPFA said: “Investor protection remains central to our mission. Through Niveshak Sunwai and other outreach programs, the gap between investors and the financial system is being bridged.”
IEPFA has been set up under Section 125 of the Companies Act, 2013 with the objective of promoting investor education, awareness, protection and to make refunds of claims to the investors.
The government is planning to take a host of steps to expedite the refund of unclaimed shares and dividends to the rightful parties. It is likely to be entrust the task of processing the refunds with the companies concerned, which is currently the responsibility of the Investor Education and Protection Fund Authority (IEPFA).
At present, the total number of unclaimed shares lying with the IEPFA is over 1.1 billion, valued about Rs 1 trillion; and the total value of unclaimed dividends stands at Rs 5,700 crore.
