How important are money lessons
Last week, the Investor Education and Protection Fund (IEPF) Authority under the Ministry of Corporate Affairs (MCA) held a conference on Investor Education, Awareness and Protection at Srinagar. Among other activities of the event was the technical session where experts deliberated on the given topic: “Financial education, a tool for economic empowerment”.
The Investor Education and Protection Fund Authority, established by the Government of India on September 7, 2016, has a mandate to promote investor education, awareness and protection.
He is also responsible for making refunds of shares, unclaimed dividends, matured deposits/debentures, etc. which were transferred to the Fund after the amounts remained unpaid or unclaimed for a period of seven years.
For example, if an unclaimed dividend, matured deposits with companies other than banking companies as well as accrued interest, unpaid or unclaimed demand funds received by companies for the allocation of shares and to be reimbursed, etc remain unpaid for seven years, the amounts will be transferred by the respective companies to the IEPF. The amount deposited in the fund is used for the promotion of investor education, awareness and protection.
However, any person or shareholder whose unpaid or unclaimed amount has been transferred by the company to the IEPF may request refunds from the IEPF Authority. Notably, according to the authority of the Fund, more than 28,000 claim reimbursements have been approved with the transfer of approximately 1.6 crore of shares and associated dividends.