Public-sector banks may be allowed to transfer unclaimed shares to IEPF

The finance ministry is considering amending the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which governs public sector banks (PSBs), to make suitable provisions for allowing PSBs to transfer shares to the Investor Education and Protection Fund (IEPF) when dividends of such shares remain unclaimed by the investors for seven consecutive years.

Harsh Kumar from Business Standard writes on, “Public-sector banks may be allowed to transfer unclaimed shares to IEPF” with expert comments from our Senior Counsel, Mukesh Chand.

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