The Investor Education and Protection Fund Authority (IEPFA), is entrusted with administering the Investor Education Protection Fund (IEPF). It facilitates effortless tracking of refund claims for investors and operates a dedicated national helpline 1800-114-667. IEPFA ensures regulatory compliance, requiring companies to transfer unclaimed shares, dividends, and deposits after seven years.
IndianBureaucracy, New Delhi, February 21, 2024: In a move to strengthen support for investors, a Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA), Ministry of Corporate Affairs, Government of India and DBS Bank in New Delhi.
The objective is to leverage DBS Bank’s expansive digital platforms for disseminating safety messages regarding investments and fraudulent schemes. DBS Bank, with its extensive network in 19 Indian states, including branches and ATMs, will help amplifying IEPFA’s investor awareness initiatives.
Smt. Anita Shah Akella, Joint Secretary, MCA, and CEO of IEPFA, highlighted the authority’s commitment to engaging users and efficiently addressing the increased volume of claims during the ceremony.
Established on 7th September 2016, under the Ministry of Corporate Affairs, IEPFA administers the Investor Education and Protection Fund, caters to refunds of shares, unclaimed dividends, and matured deposits/debentures, among other investor-related matters.
DBS Bank holds a prominent presence in the Asian financial services landscape and presently conducts operations through its wholly-owned subsidiary, DBS Bank India Limited, with an operational history spanning 29 years in India.
The bank will utilize its diverse digital platforms to disseminate IEPFA’s message on financial literacy and protection against financial fraud. This includes displaying safety messages during ATM transactions, allocating dedicated web space on its official website, and utilising communication channels such as the messaging platform WhatsApp and social media to drive the campaign.
The MoU was signed under by Lt. Col. Tushar Anand, General Manager of IEPF Authority, and Shri Rajiv Bagga, Executive Director and India Head of Government Business at DBS Bank. The ceremony witnessed the presence of various officials, including Shri Sumit Aggarwal, Assistant General Manager, IEPFA, and executives from DBS Bank.
This collaboration follows similar MoUs signed by IEPFA with Bank of Baroda and ICICI Bank.
