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Everything you need to know regarding claiming IEPF unclaimed dividend

In this article mentioned below, we have mentioned a brief note on how to claim unclaimed IEPf dividends. Let us hope that you will find this article to be interesting as well as useful. Generally speaking, a dividend refers to a portion of the companyu2019s earnings that are distributed amongst the shareholders.

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Everything you need to know regarding claiming IEPF unclaimed dividend

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  1. Everything you need to know regarding claiming IEPF unclaimed dividend In this article mentioned below, we have mentioned a brief note on how to claim unclaimed IEPF dividend. Let us hope that you will find this article to be interesting as well as useful. • What do you mean by the term dividend? Generally speaking, a dividend refers to a portion of the company’s earnings that are distributed amongst the shareholders. Section 2 (35) under the 2013 Companies Act defines a dividend as a specified profit proportion from the company’s net profit not retained in the company for a financial year and has been allocated amongst the company’s shareholders.

  2. When will a dividend become unpaid or unclaimed? According to the Companies Act 2013 Section 124, if the dividend hasn’t been claimed or paid within a span of 1 month of the declaration, it will become mandatory for the company to transfer the unclaimed or unpaid dividend after seven days to an account in any scheduled financial institution, and this account will be known as an Unpaid dividend account. If the amount has not been paid or claimed for seven successive years, then that unclaimed or unpaid amount will be transferred within the subsequent 30 days to the IEPF (Investor Education Protection Fund).  • What do you mean by IEPF? The Central Government, according to the Companies Act 2015 Section 125 and under the supervision of SEBI, has established the IEPF for safeguarding the interest of the investors and enhancing their numbers by educating and motivating them and making them aware of their legal accountabilities in the security market. 

  3. How is it feasible to claim IEPF unclaimed dividend? Any shareholder who has been unpaid and unclaimed and whose amount the company has transferred to the IEPF will be capable of claiming the paid sum from the IEPF by submitting the IEPF-5 form. The process of claiming an IEPF refund is not very complicated after all. One has to use the following particulars for filling out this form: • Particulars of the amount or shares that have to be claimed. • Details of the company where the sum is due plus the applicant. • The total number of claims. • Passport when it comes to foreigners or NRIs.

  4. A Demat account number (A dematerialized account or Demat account is used for converting plus holding physical shares in a digital format, or simply, it happens to be digital evidence for proving that the individual is holding investments such as mutual funds, shares, bonds, and so on). • Particulars of the bank account (it has to be linked with Aadhar when it comes to Indian citizens). • The applicant’s declaration. • After the form has been updated, it will be essential for the applicant to dispatch an envelope to the respective company’s Nodal officer for initiating verification of the claim of the IEPF unclaimed dividend.

  5. Thank You • Source Url: https://medium.com/@sharesamadhanindia/everything-you-need-to-know-regarding-claiming-iepf-unclaimed-dividend-1d6b4f87e48a • Address: Share SamadhanPvt. Ltd. B - 35, Lower Ground Floor, South Extension - Part II, Block B, New Delhi - 110049

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