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Physical to Demat
If you need to collect your dividend, reclaim shares transferred to the IEPF Authority, locate lost shares, or transfer the shares and dividends of a deceased family member to your name, The FinArray Wealth Privet Limited offers an ideal solution. Our services provide comprehensive support for all your concerns and queries regarding physical share certificates, share transfers and transmission, IEPF share transfers, and the recovery of lost physical share certificates, among others.
As per Section 124 (5) of the Companies Act 2013 anydividend lying unpaid and unclaimedwith a company for 7consecutive years is transferred to IEPF Authority. All theshares, onwhich dividends remained unclaimed and unpaid forseven consecutive years, are alsotransferred to IEPF Authority.
In India the large number of investors who made investments in the era when physical shares were prevalent. However, due to various reasons, such as the passage of time or unfortunate circumstances like the sudden demise of shareholders, the rightful owners or their families have lost track of these shares. As a result, these shares remain unclaimed and inaccessible to those who rightfully own them. The Investor Education Protection Fund is actively waiting for these shareholders or their families to come forward and claim their shares, in order to ensure that the rightful ownership is restored and the value of these investments is rightfully returned to the concerned individuals or their heirs.
The Investor Education and Protection Fund (IEPF) was created under Section 205C of the Companies Act, 1956 through the Companies (Amendment) Act, of 1999. Its primary objective is to promote awareness among investors and safeguard their interests. Following the enactment of the Companies Act, 2013, the IEPF Authority was established under Section 125(5) to oversee and manage the IEPF Fund.
Starting from 1st April 2019, the Securities and Exchange Board of India (SEBI) implemented a regulation that prohibits the transfer of physical shares. As per this regulation, shareholders who intend to sell or purchase shares must possess a DEMAT account, and all shares involved in such transactions must be in dematerialized form. This means that shares can no longer be traded or transferred in physical paper format, and instead, they must be held and transacted electronically through a DEMAT account.
FinArray Wealth provides a range of services to assist Non-Resident Indians (NRIs) in tracking and recovering their unclaimed shares and dividends, as well as managing shares, bonds, and debentures that have been transferred to the Investor Education and Protection Fund (IEPF). In addition to these services, FinArray Wealth also offers assistance with obtaining a PAN card, opening NRE/NRO bank accounts, and DEMAT accounts. They can also help with the apostille of documents, which is often required to complete the process of recovering shares.