Depositors can track unpaid dues via mobile app, website

NEW DELHI: The government is set to launch a new mobile application and a website to help those with money parked in deposit schemes, many of which are unauthorised, and chit funds as part of its efforts to clamp down on defaulters, some of whom are raising funds in an unregulated manner. The move to collect primary data comes along with a recent ordinance that bars unregistered entities, including jewellers and real estate companies, from accepting deposits.

Over the next two-to-three weeks, the Investor Education and Protection Fund (IEPF) Authority set up by the ministry of corporate affairs will put the mobile and the web tool in place. All that an individual has to do is download the app, share details of the company and submit a proof showing that he had made deposits. In case of the website, a one-time password will be sent to the mobile number of the depositor, which will have to be punched in before the documents are uploaded, a source told TOI.

In case of unpaid deposits with any of the regulated deposits, the IEPF Authority will forward the cases to the registrar of companies, the RBI or Sebi for action, while states will be approached for action by the police in case entities are collecting funds in an illegal manner.


“There have been many instances of people depositing money in chit funds and other deposits, where they stop getting returns after a while or cannot reach them. All such people can now alert us and we will act,” said an official. In several cases, the official acknowledged, companies that were accepting deposits were not filing returns.

On Tuesday, the ministry said in a major success, the IEPF Authority has been able to enforce Peerless General Finance and Investment Company to transfer deposits worth about Rs 1,514 crore to IEPF.