A portal will be introduced in February to make the unclaimed amount available to the heirs

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New Delhi: The central government is working on a plan to launch a dedicated portal to make unclaimed accounts, properties like shares and dividends, bank lockers etc available to heirs.

To make unclaimed amounts accessible to people, RBI has also launched 100 Days 100 Payments campaign in May to settle bank deposits, shares and dividends, mutual funds, insurance etc.

The government will launch an integrated portal for investors by February 2024. So that they can get unclaimed dividends and shares quickly. The Investor Education and Protection Fund Authority under the Ministry of Corporate Affairs is also working on a plan to simplify the process for investors to get unclaimed shares and dividends by reducing the need for additional documents.

Shares, dividends and debentures which have not been claimed for seven years are transferred by the companies to the Investor Education and Protection Fund Authority. According to official data, the unclaimed amount available as on March 2022 is Rs. 5,262 crore, an increase of 9% over a year ago.

Currently, refunds under dividends or shares require about two dozen documents, which are checked multiple times at various levels. This leads to excessive delays in the process and settlement targets often exceed a year rather than 60 days.


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