Procedural framework for dealing with unclaimed amounts lying with Infrastructure Investment Trusts (InvITs) and manner of claiming such amounts by unitholders
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Unclaimed amounts transfer to Investor Protection and Education Fund: procedure requires InvITs to escrow, disclose and process unitholder claims. The framework requires Investment Managers to transfer distribution amounts unpaid or unclaimed fifteen days after declaration into an escrow-styled Unpaid Distribution Account within seven working days, designate a Nodal Officer, publish searchable details on the InvIT website, and maintain claim policies and records. Amounts unclaimed for seven years must be transferred, with accrued interest, to the Investor Protection and Education Fund (IPEF) within thirty days; defaults attract prescribed penalties. Unitholders must claim from the InvIT, which may pay and then seek reimbursement from IPEF using prescribed forms; the Board will verify refund applications and may require further information.
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 to Investor Protection and Education Fund: procedure requires InvITs to escrow, disclose and process unitholder claims.
The framework requires Investment Managers to transfer distribution amounts unpaid or unclaimed fifteen days after declaration into an escrow-styled Unpaid Distribution Account within seven working days, designate a Nodal Officer, publish searchable details on the InvIT website, and maintain claim policies and records. Amounts unclaimed for seven years must be transferred, with accrued interest, to the Investor Protection and Education Fund (IPEF) within thirty days; defaults attract prescribed penalties. Unitholders must claim from the InvIT, which may pay and then seek reimbursement from IPEF using prescribed forms; the Board will verify refund applications and may require further information.
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