Glc wealth Recovering unclaimed asstes

Since the introduction of Demat accounts and electronic share trading in India, the ownership of physical share certificates has steadily declined. The Securities and Exchange Board of India (SEBI) has even mandated that companies issue shares only in Dematerialized form and not as physical share certificates. You are probably asking yourself now, 'What is Dematerialization?', are not you? This is an important concept to be aware of, especially if you want to trade effectively in the lucrative stock market today. Since all the functions of trading and owning securities are happening online with the help of powerful portals and apps, you should be familiar with the concepts so that you know how to use the trading and investing world to your advantage. All investors trade and invest with the aim of making a profit, so it is best that you learn about all aspects of trading and investing in stocks. Read on to learn all about the concept of Dematerializing stocks. What is Demateri...

The Securities and Exchange Board of India (SEBI) is currently focused on eliminating stock transfer fraud. To achieve this goal, the regulator has sought to shift the focus from physical shares to the digital format. By opening a Demat account , physical shares can be converted into Demat shares. The process for opening a Demat account online is simple and straightforward. When an investor has an online account for trading purposes, the entire settlement process becomes faster and hassle-free. To bring more transparency to the system, the regulator has set a deadline of April 1, 2019, for the transition. The regulator strongly believes that with the switch to electronic mode, the system will become more transparent and it will be able to monitor the movements in the beneficiaries' trading. Physical share to demat However, if you want to open a Demat account, here is a 6-step guide to convert physical shares into Demat shares. Step 1: Initiate the opening of a beneficiary account ...

For transferring of physical shares one first need to get the physical shares to Dematerialized form. It can by done by: Choose a depository participant (DP) and open a Demat account. Once you have a Demat account, fill the Dematerialization Request Form (DRF) Submit the certificates of the physical shares you want to Dematerialize and the DRF to the DP. Your DP will then send an electronic request to the Registrar and Transfer agent. The Registrar and Transfer agent will verify the certificates, form and your personal information documents. The company whose shares you own will replace your name in their Register of Members with the depository’s name. And once the Company’s Register of Members has been updated you will receive a confirmation regarding the transfer of Dematerialized shares to your Demat account. Shares & dividends worth several crores are lying unclaimed either in the form of physical shares or have been transferred to the Investor Education Protection Fund Autho...

The savings of millions of shareholders lie around unredeemed in the form of physical share certificates (demats).. As per SEBI's recent fraud prevention circulars, numerous measures have been taken, including banning the transfer of physical share certificates and subsequent transfer of shares to the share Investor Education Protection Fund (IEPF) account on account of unclaimed dividends in the last seven years. These shares cannot be traded until they are dematerialized or transferred from the IEPF account to your personal demat account. Challenges in the dematerialization process There are a number of issues that can hinder shareholders in dematerializing their physical shares, such as: 1. KYC updates: when it comes to establishing the identity of the shareholder, even the slightest difference in spelling or change of first or last name, or both, can become a major problem. In the past, when shares were purchased on the open market, the rules for matching transfer documents w...

There are many people who invest money into shares and forget about it or their elders who have invested any amount do not claim that money before their death. Now, this money might remain unclaimed for years. The Ministry of Corporate Affairs (MCA) came out with Investor Education and Protection Fund rules in the year 2017 to ensure that the dormant money lying in the form of unclaimed shares can be transferred to the rightful heir efficiently. The rules state that any amount which is part of the Unpaid Dividend Account of a company for more than 7 years should be transferred to IEPF which will handle the claims on these funds thereon.  Steps to Unclaimed Money or Shares recovery from IEPF Step 1: Claimant to Authority A claimant has to apply to MCA through IEPF Form-5 with details of their particulars, company, and shares to be claimed.  Step 2. Claimant to Company After filling the online refund form, the claimant should send it to the Nodal Officer of the concerned compan...

unclaimed investment SEBI has issued a recommendation to convert all physical shareholding to demat form in 2022, but that is still a long way off. To protect the interests of shareholders, SEBI has made KYC mandatory for all investors and has directed investors to submit copies of PAN Card, email, mobile number, bank account and nomination details to the Company/Registrar & Share Transfer Agent (RTA). Investor Education and Protection Fund (IEPF) has been set up by SEBI and Ministry of Corporate Affairs to collect all dividends from asset management companies, deposits due, interest on shares, debentures, interest etc. unclaimed for a period of at least seven years. Requests for transfer of securities, other than transfers or conversions, shall be accepted only if the securities are held in dematerialized form at a depository. This regulation became effective on April 1, 2019. The IFFP Authority has taken measures to simplify and streamline the procedure for the recovery of shares...

SEBI has made it mandatory for all physical shareholders to submit their PAN, nomination (for all eligible folios), contact details, bank account details and specimen signature and if any of the documents are not accessible, RTA will freeze the folio on or after April 1, 2023. Recovering units in India has become the easiest and fastest procedure due to the latest guidelines from the Indian government and investor- friendly regulations; nowadays, one can easily access unclaimed IEPF unit funds. It also states that the frozen accounts will be submitted to the administrative authorities under the Benami Transactions (Prohibitions) Act, 1988 and possibly the Prevention of Money Laundering Act, 2002 [1] if they remain frozen till December 31, 2025. Under the new legislation, it is critical that all holders of physical shares begin the process of amending their information in the Company's records and recovering their shares as soon as possible. IEPF claim Submission of unclaimed shares...

 MCA has set the Investor Education and Protection Fund Authority Rules 2017, which states that any money as dividend not claimed by the investor within 7 years and 37 days from the declaration date of the dividend along with the interest accumulated will be transferred by the company to Investor education and protection fund. This means that all shares for which dividend has not been claimed or paid for seven years or more shall be transferred. The process to claim these shares from IEPF claim authority to your demat account involves following due procedure and submitting documents required. Common mistakes to avoid include not filling out the claim form in a financial year, not filing the claim with authority, and not applying directly to IEPF claim authority. The claimant has to apply to MCA through e-form IEPF-5 by furnishing details such as details of the applicant, details of the company, particulars of the shares to be claimed, details of deposits or securities year wise...