MCA body aims at faster transfer of unclaimed shares

New Delhi: The Investor Education and Protection Fund Authority (IEPFA) under the corporate affairs ministry aims to expedite transfer of old unclaimed shares and dividends to investors within 30-60 days, its CEO Anita Shah Akella said Monday.

The aim is to transfer low-value claims within 30 days, and larger claims within 60 days. Currently, it often takes much longer for claims to be processed, despite improvement in recent years. "Our vision is clear, and it is ambitious," Akella said. "We will use the dual astra (weapon) of technology and rules to achieve this."

She was speaking at an event in the capital to mark the ninth foundation day of the IEPFA. Shares, dividends and matured debentures that are not claimed for seven years by investors are transferred by companies to the IEPFA.