News & Media 15th Mar 2024
The government is planning to take a host of steps to expedite the refund of unclaimed shares and dividends to the rightful parties. It is likely to be entrust the task of processing the refunds with the companies concerned, taking it away from the Investor Education and Protection Fund Authority (IEPFA).
At present, the total number of unclaimed shares lying with the IEPFA is over 1.1 billion, valued about Rs 1 trillion; and the total value of unclaimed dividends stands at Rs 5,700 crore.
Against this backdrop, Manendra Singh, Partner, Economic Laws Practice has been quoted in an article, “Unclaimed shares and dividends: Refunds to be firms’ mandate” written by Priyansh Verma published in The Financial Express.