IEPFA Set to Streamline Claims Process for Investors
The IEPFA has received recommendations from a high-level committee to simplify documentation for low-value claims, enhancing efficiency, transparency, and investor services. The report involves multiple financial and industrial groups, suggesting new thresholds for claims on securities and dividends, aiming to improve public engagement with the IEPFA's services.
- Country:
- India
The Investor Education and Protection Fund Authority (IEPFA) has been presented with a set of recommendations aimed at simplifying documentation requirements for low-value claims. This initiative, delivered by a high-level committee, is expected to drastically reduce processing timelines and improve service transparency for investors.
The Ministry of Corporate Affairs (MCA) announced that the recommendations, once implemented, would apply to claims valued up to Rs 5 lakh for physical securities, Rs 15 lakh for demat securities, and dividends up to Rs 10,000. The committee responsible for these suggestions includes representatives from various financial regulatory bodies and industry associations.
The committee's report, already submitted to the IEPFA, highlights a collaborative effort among the MCA, the IEPFA itself, the Securities and Exchange Board of India, and professional institutes such as the Institute of Chartered Accountants of India. This move is seen as a step towards improving investor education, financial literacy, and ensuring the protection of unclaimed dividends and shares.
(With inputs from agencies.)
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