Investor Education and Protection Fund Authority draws plans to expedite investor claim settlements
Investor Education and Protection Fund Authority (IEPFA) will hold outreach programmes in five key cities, introduce a new five-digit code for calls and tweak rules to expedite claim settlements, a senior official told ET. Other planned measures include a revamped interactive voice response system (IVRS) and a call centre.
Securities, dividends and debentures that remain unclaimed for more than seven years are transferred by companies to the IEPFA under the corporate affairs ministry. The authority then oversees claim settlements, with the companies playing a key part in verification and other processes.
The latest plans come after finance and corporate affairs minister Nirmala Sitharaman directed the authority to stem “systemic issues” after deliberating with claimants, the official told ET.
Several investors have been flagging delays in claim settlements, mainly due to the time consumed in the physical verification of several documents.
Top officials of the authority, including chief executive Anita Shah Akella, will hold the first meeting with investors in Mumbai on Monday. Subsequently, such meetings will be held in Ahmedabad, Bengaluru, Chennai and Kolkata to address investor concerns.
“The biggest complaint is that no one picks calls (of claimants),” said the official. “A new five-digit short code is being tested and a revamped IVRS (Interactive Voice Response System) and call centre would be opened on August 15. This would aim to resolve investor queries about status, etc.”
Currently, the authority
