How to Get back Shares from IEPF -347

How to Get back Shares from IEPF?
An endeavor to help General Investors.

As MCA has issued [1]Investor Education and Protection Fund Authority Rules, 2017. As per these rules “Any money as dividend not claimed by investor within 7 year and 37 days from the date of declaration of dividend, shall be transferred by the company along with interest accrued, if any, thereon to Investor education and protection fund.

Even All Shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the company in the name of Investor Education and Protection Fund.

In previous 7-8 months shares of many persons has been transferred in the name of Investor Education and Protection Fund. As a normal person main issue is how to get recover such shares from the IEPF in their name.

In this editorial author shall endeavor to briefly discuss “Process for a general person to claim their shares from IEPF to their names and mistakes which a person should not made while applying for the same”.

By using the below mentioned process a General Person himself can apply for refund of shares from IEPF to their names.

A. Whether Shareholder can claim transfer of shares/Dividend from Investor Education and Protection Fund.
Yes, any claimant of shares transferred to IEPF shall be entitled to claim the transfer of shares from Investor Education and Protection Fund in accordance with such procedure and on submission of such documents as discussed below.

Process to get refund shares from IEPF:
Any person, whose shares, unclaimed dividend, matured deposits, matured debentures, application money due for refund, or interest thereon, sale proceeds of fractional shares, redemption proceeds of preference shares, etc. has been transferred to the Fund, may claim the shares under provision to sub-section (6) of section 124 or apply for refund under clause (a) of sub-section (3) of section 125 or under proviso to sub-section (3) of section 125, as the case may be, to the Authority.

B.   In respect of a Company, how many claim form can be file by the claimant in a financial year.
The claimant shall file only one consolidated claim in respect of a company in a financial year. Claimant have to very conscious while filing the form, because for a company he will get only one chance in a financial year.

C.  In case of claimant is legal heir or successor or nominee of the registered share holder. In this case whether they can directly apply to IEPF for refund of shares or dividend?
In case, claimant is a legal heir or successor or administrator nominee of the registered security holder, he has to ensure that the transmission process is completed by the company before filing any claim with the Authority.

Step- I                                                                                 Claimant to Authority

I.    Person have to make application to MCA in eform IEPF-5 by mentioning following details:
     i.        Particular of Applicant
    ii.        Particular of Company
  iii.        Details of Shares to be claimed
  iv.        Details of amount claimed
    v.        Year wise details of securities/deposits
  vi.        Aadhaar Number or Passport/OCI/PIO Card No. (in case of NRI/foreigners)     
 vii.        Details of Bank account (Aadhar linked, in case applicant is not NRI/foreigner)in which refund of claim to be made

D.  Whether any documents required to be attached in the form IEPF – 5?
No need to attach any documents in the form.             

     i.        Claimant have to download the form IEPF – 5 from the website of
    ii.        After download have to fill the above mentioned information.
  iii.        After that claimant has to upload the form on website of IEPF only.

Step- II                                                                                Claimant to Company

The claimant and after filing the refund claim in this form online, shall to send the attachments prescribed below to Nodal Officer (IEPF) (the name of Nodal Officer and his e-mail ID shall be published on its website) of the company at its registered office in an envelope marked “claim for refund form IEPF Authority” for initiating the verification for claim:

     i.        Print out of duly filled claim form (IEPF-5) with claimant signature
    ii.        Copy of acknowledgement
  iii.        Indemnity Bond (original) with claimant signature
§  On a non-judicial Stamp Paper of the value as prescribed under the Stamp Act if the amount of the claim is Rs.10, 000 or more.
§  On a plain paper if the amount claimed does not exceed Rs.10,000.
§  In case of refund of shares, on a non-judicial Stamp Paper of the value as prescribed under the Stamp Act.
  iv.        Advance Stamped receipt (original) with signature of claimant and two witnesses
    v.        In case of refund of matured deposit or debenture, original certificate thereto
  vi.        Copy of Aadhaar Card(For Indian Nationals)
 vii.        Proof of entitlement (certificate of share/Interest warrant Application No. etc.)
viii.        Cancelled Cheque leaf
  ix.        Copy of Passport, OCI and PIO card in case of foreigners and NRI

Step- III                                                                             Company to Authority

The company shall within 15 days of receipt of claim form, send a verification report to the Authority in the format specified by the Authority along with all documents submitted by the claimant.


In case of non receipt of documents by the Authority after the expiry of 90 days from the date of filing of Form IEPF-5, the Authority may reject Form IEPF-5, after giving an opportunity to the claimant to furnish response within a period of 30 days.

Step- IV                                                                              Authority to Claimant

After verification of the entitlement of the claimant-

 To the Amount Claimed, the Authority and then Drawing and Disbursement Officer of the Authority shall present a bill to the Pay and Accounts Office for e- payment as per the guidelines.

To the Shares Claimed. the Authority shall issue a refund sanction order with the approval of the Competent Authority and shall either credit the shares which are lying with depository participant in IEPF suspense account (name of the company) to the Demat account of the claimant to the extent of the claimant’s entitlement or in case of the physical certificates, if any, cancel the duplicate certificate and transfer the shares in favour of the claimant.

Time Period: An application received for refund of any claim under this rule duly verified by the concerned company shall be disposed of by the Authority within 60 days from the date of receipt of the verification report from the company.

If Incomplete Application:
In cases, where the application is incomplete or not approved, a communication shall be sent to the claimant and the concerned company by the Authority detailing deficiencies of the application.

“Provided that in case of non receipt of rectified documents by the Authority after the expiry of ninety days from the date of such communication, the Authority may reject Form IEPF-5, after giving an opportunity to the claimant to furnish response within a period of thirty days.”

(Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at
Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION. This is only a knowledge sharing initiative and author does not intend to solicit any business or profession.


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