Canara Bank has announced that unclaimed dividends and shares will be transferred to the Investor Education and Protection Fund (IEPF), as per government regulations.
Investors who have not claimed dividends for 7 consecutive years or whose shares are dormant risk having them moved to the IEPF. Fortunately, shareholders can claim back their shares and dividends by following a structured process.
What is IEPF?
Full Form: Investor Education and Protection Fund
Purpose: To protect shareholder interests and provide education on investments.
Scope: Dormant shares, unclaimed dividends, and unclaimed deposits of investors after 7 years are transferred to IEPF.
Governing Body: Ministry of Corporate Affairs (MCA) manages IEPF.
How Can You Claim Your Shares from IEPF?
Check Your Status:
Visit the IEPF portal (https://www.iepf.gov.in) and use the search feature to see if your shares are listed.
Download the Claim Form:
Use Form IEPF-5 for claiming both shares and dividends.
Prepare Required Documents:
Proof of identity (Aadhaar, PAN, Passport)
Proof of shareholding (physical share certificate or demat account statement)
Dividend details (if claiming unpaid dividends)
Submit the Claim:
Upload documents online via the IEPF portal or send a physical application to the IEPF authority.
Verification and Transfer:
IEPF verifies your claim, and once approved, the shares are transferred back to your demat account or dividend is credited to your bank account.
Important Points to Note
Deadline: Shareholders should claim before the shares are permanently transferred or encashed.
No Loss to Investor: All transferred shares and dividends can be reclaimed anytime; you do not lose ownership.
Demat Account Requirement: Shares are returned in electronic format, so having a demat account simplifies the process.
Tracking: IEPF portal allows you to track claim status online.
FAQs
Q1: Why are Canara Bank shares being transferred to IEPF?
A: Shares or dividends unclaimed for 7 consecutive years are mandated by the Companies Act to be transferred to IEPF.
Q2: Can I claim my shares after they are transferred to IEPF?
A: Yes, all shares and dividends can be claimed anytime using Form IEPF-5.
Q3: Is there any fee for claiming shares from IEPF?
A: No, the claim process is free of charge.
Q4: What documents are needed to claim Canara Bank shares?
A: PAN card, Aadhaar, proof of shareholding, and dividend records.
Q5: How long does it take to get shares back from IEPF?
A: Verification may take a few weeks to a couple of months depending on document submission and IEPF processing.
Published on : 3rd October
Published by : SMITA
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