Procedural framework for dealing with unclaimed amounts lying with entities having listed non-convertible securities and manner of claiming such amounts by investors
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Unclaimed amounts transfer framework requires listed non-convertible security issuers to escrow unclaimed payments and provide investor claim mechanisms. Listed entities must transfer unclaimed interest, dividend and redemption amounts to an Escrow Account within seven days after a thirty-day claim period, pay penal interest to investors for delayed transfer, designate and disclose a Nodal Officer, provide a searchable website facility and a published claim policy, and preserve records. For non-company issuers, amounts unclaimed for seven years must be transferred to the IPEF with prescribed filing, disclosure and refund procedures; listed entities may seek reimbursement from IPEF after processing investor claims and must indemnify the Board against future disputes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Unclaimed amounts transfer framework requires listed non-convertible security issuers to escrow unclaimed payments and provide investor claim mechanisms.
Listed entities must transfer unclaimed interest, dividend and redemption amounts to an Escrow Account within seven days after a thirty-day claim period, pay penal interest to investors for delayed transfer, designate and disclose a Nodal Officer, provide a searchable website facility and a published claim policy, and preserve records. For non-company issuers, amounts unclaimed for seven years must be transferred to the IPEF with prescribed filing, disclosure and refund procedures; listed entities may seek reimbursement from IPEF after processing investor claims and must indemnify the Board against future disputes.
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