Government simplifies claim settlement process under IEPFA

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• Nov 12, 2021 | moderator

New Delhi: The government of India has eased the claim settlement process under the Investor Education and Protection Fund Authority (IEPFA).

It also included simplification of permitting self-attestation of documents instead of the current requirement of notarization. 

IEPFA comes under the regulatory authority of the corporate affairs ministry, has been set up for the management of investor stocks under the firm law. 

The authority has the order to strengthen investor education and protection, refund unclaimed allowances, bonuses and additional expenses to the legitimate applicants.

The claim settlement process has been clarified by rationalizing different conditions under the IEPFA (Accounting, Audit, Transfer and Refund) Rules, 2016.

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"The new regime envisages a trust-based design for more durable citizen-centric assistance and turnaround course. It is assumed that with these modifications, several more applicants shall come forth to claim their shares and sums from IEPFA," an official report stated on Friday.

Notarization of certificates has been substituted with self-attestation. Also, the provisions of testimonies and forfeits have been eased.

In summation, "newspaper publication obligation for lack of physical share license has been dismissed off up to an expense of Rs 5,00,000", the statement stated.

Notably, Investor Education and Protection Fund Authority (IEPFA) has been authorized under Section 125 of the Companies Act 2013 to administer the IEPF stock as per section 125 (3) of Companies Act 2013.