Government to Launch New Portal for Faster Claim of Unclaimed Shares and Dividends

The Ministry of Corporate Affairs is set to launch a new integrated portal this month to expedite the process for investors to claim old unclaimed shares and dividends. This move, which has been in the planning and testing phase for approximately two years, will allow investors to both check for and submit their claims through a single platform. Currently, shares, dividends, and matured debentures that remain unclaimed for seven years are transferred to the Investor Education and Protection Fund Authority (IEPFA), which operates under the ministry. To further bolster this initiative, the Appointments Committee of the Cabinet has approved the creation of a new chief executive post for the IEPFA. This new portal is expected to integrate with the MCA-21 mechanism for corporate filings, depositories, and the public finance management system, thereby reducing delays and minimizing the potential for malpractices by eliminating human intervention.