- Date : 22/11/2019
- Read: 2 mins
Helpline will help investors claim Rs 25,100 crore worth of shares and dividends held by IEPFA
As a step towards the right direction, a dedicated helpline has been launched by Investor Education and Protection Fund Authority (IEPFA) to help resolve claim concerns of investors. This initiative launched on November 20, 2019, enables investors to track the status of their refund claims.
A call centre was also launched on the same day that will facilitate the helpline. The national helpline number for investors is 1800-114-667.
How will it help?
Regulations demand that all companies must transfer all unclaimed shares, deposits, dividends to IEPFA if they remain unclaimed by investors for seven years. A senior government official had revealed in early 2019 that IEPFA holds unclaimed shares and dividends worth a staggering Rs 25,100 crore. This helpline will help address concerns of such investors.
The helpline was inaugurated by corporate affairs secretary, Injeti Srinivas. He said the helpline was set up as a major step to address the concerns of various claimants, revealed a government press release. In addition to tracking the status of their refund claims, the helpline will also help investors report suspicious activity.
Related: How is dividend income taxed?
Who will provide the backend support?
While this initiative is the brainchild of IEPFA, it is taking help of Common Services Centre (CSC) e-Gov SPV under the IT and electronics ministry. In the government press release, Dinesh Kumar Tyagi, CEO of CSC e-Gov revealed that the SPV would provide hosting and support, as well as training support for the application. Think you understand the share market? Find out with this quiz!