IEPFA’s digital revamp targets faster claim approval

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Subscribe to enjoy similar stories. New Delhi: Getting refund of shares, unclaimed dividends, matured deposits and debentures is likely to get easier for investors and their heirs with the Investor Education and Protection Fund Authority (IEPFA) that manages these assets set to complete its digital transformation over the next few months. IEPFA’s search facility for such financial entitlements of investors and their processing will get more technology support to make the process seamless and the technological transformation is likely to be completed by March 2025, two persons aware of the development said.

IEPFA’s new search facility is currently running on a beta or testing and feedback mode. “IEPFA is trying for artificial intelligence-based checking of documents received along with the claim. Also, certain processes manually done will be fully automated," said one of the persons quoted above.

The infusion of technology will help IEPF meet its target of clearing refund claims within 60 days of receiving a verification report on the investor’s claim and the relevant documents from the company concerned, said the person. Incomplete applications can delay disposal of claims, said the person. The technology revamp is also meant to help claimants avoid private entities that charge a fee to search and claim shares and dividends on their behalf.