Before the concept of dematerialisation came into existence, the securities were allotted in the form of physical paper certificates. The risk associated with the paper certificates being destroyed, lost, misplaced, defaced, or torn is too high when the shares are issued in the physical state. There have been several instances where the shareholders passed away, and the concerned heirs failed to claim the unclaimed amount. It exerted pressure on the system to develop a mechanism to recover shares in India.
The Central Government had established the IEPF (Investor Education and Protection Fund) a few years back to curb the problem of unclaimed shares and promote and protect the shareholders’ interests. It works as a safe & secure custody of shareholders’ funds. In addition to this, it pools all the dividends of AMCs (Asset Management Companies), share application interests, debentures, matured deposits, and other interests that are unclaimed for a minimum time period of 7 years.
Recovery of shares from IEPF is concerned with retrieving such securities through the processes of transfer of shares, transmission of shares, retrieval of bonus shares and unclaimed dividends.
Talking about this, Enterslice Co-founder Narendra Kumar says, “Recovery of shares from IEPF is a challenge faced by many individuals. We, however, have addressed this issue and decided to provide shares recovery services to our clients. From providing advisory services on the recovery of shares from IEPF to providing end-to-end assistance in document filing and application submission with the concerned authorities, we are ready to support you in every possible way. We have formed a team of top-rated shares recovery agents who have helped in recovering 42 crore+ shares value till now. Also, they have resolved 4500+ shares & dividends-related disputes.”
According to Kumar, the IEPF claim received the transfers of unclaimed shares worth Rs 18,000 crore and unclaimed dividends worth Rs 2,300 crore. As per the estimates, less than 2% of unclaimed shares with the Investor Education and Protection Fund make their way back to the concerned shareholders. “We are standing for the shareholders and are leaving no stone unturned in providing them the desired solution. All your doubts and queries related to recovery of shares from IEPF, transfer of shares, transposition of shares, transfer of shares, forgotten shares, name deletion, etc will be resolved by our team of shares recovery agents,” he adds.
The Enterslice team is assisting their clients with the recovery of shares from IEPF and also helping with the recovery of mutual funds, issue of duplicate shares from IEPF, issue of succession certificate, name deletion, transfer and transmission of shares, etc.