As per the news daily report, the process of transfer and refund system, in case of shares and dividends lying with the government's Investor Education and Protection Fund (IEPF) is likely to get overhauled and hence made easier, over the next two months time.
The listed companies over a period of 14 months have transferred shares to the IEPF fund that belong to typically 30 lakh investors and totals to as much as Rs. 18,000 crore in value. Also, the fund holds dividend of as much as Rs 2,300 crore.
The shares get into such funds due to heir's having no knowledge of them being held by their investors, or it may be a matter of long term investments or lost share certificates.
As per the MCA norm dated November 1, 2017 if the share ividend is left unpaid for seven consecutive years, the shares have to be transferred to the IEPF.
And to not let the delay happern further, the government is considering to make the entire claim process online.