MCA and IEPFA further simplifies IEPFA claim settlement process towards ease of doing business in India

Press Release, Dated 12.11.2021

In a major step towards the mission of Ease of Living and Ease of Doing Business, the Ministry of Corporate Affairs (MCA) has further simplified the claim settlement process through rationalization of various requirements under the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

For claimants, the requirement of Advance Receipt has been waived off, a requirement of Succession Certificate/ Probate of Will/ Will has been relaxed up to Rs 5,00,000 (five lakh) both for Physical & DEMAT shares. In addition, the notarization of documents has been replaced with self-attestation, and requirements of Affidavits and Surety relatively have been eased.

In addition to the foregoing, the requirement of attaching documents related to Unclaimed Suspense Account for the companies has been eased and the companies have been given the flexibility to accept transmission documents viz. Succession Certificate, Will etc. as per their internal approved procedures and Newspaper Advertisement requirement for loss of physical Share Certificate have been waived off up to an amount of Rs.5,00,000.

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