| Funds which cannot be utilised is one of the biggest nightmares for an investor. With unclaimed or unpaid funds going into the IEPF after seven years, claiming the shares or getting a refund can be a long and tedious process for common man, especially when in need. Sometimes heirs want to claim this who might not have any knowledge about the industry. A lot of risk factor is involved because according to the guidelines of the IEPF, only one form can be filed for one financial year against one aadhaar number and one company. One small mistake can end up costing the rejection of the form and the claimant has to wait for another financial year. Only a very small portion of the people can actually get their IEPF claim because a lot of forms get rejected at a later stage. The IEPF form-5 comes with an instruction kit. A lot of people avoid the instructions or do not read it carefully enough, which is why they make a lot of the mistakes leading to a rejection.
1. Not providing accurate Aadhar details in case of Indian residents or OCI or PIO No. in case of NRI or foreign residents can lead to rejection of the form.
2. The bank details should be correctly filled corresponding with enclosed cancelled cheque, failing which the form is liable to be rejected. In the case of Indian nationals, the bank account number must be Aadhaar linked.
3. One must be connected to a stable internet connection to use options like pre-fill and check form which can eliminate a lot of mistakes.
4. Some details in the form can be filled with the help of the pre-fill option, but the details must be cross verified for an error in the case of change of any details that might not have been updated in the server.
5. The check form button should be clicked after filling the e-form. The system performs form level validation like checking if all mandatory fields are filled. The system displays the errors and provides you an opportunity to correct errors. On prospering validations, a message is displayed “form level pre-scrutiny is successful”.
6. The form can also be rejected if data bank of the company does not find the name of the applicant as security holder, there’s a mismatch in folio no. or client ID, the signatures mismatch or if the documents are incomplete.
The process is quite complicated. There are a lot of things that a claimant has to get right. Usually, people seek help from untrained brokers and agents who can end up ruining the application. It is best to go to a well-trained professional who can guide you through the process.
IEPFclaim(https://iepfclaim.in/), India’s only IEPF claim advisors are here to save the day. The experts at IEPFClaim take care of all the complexities and assist investors to prepare all the documents accurately and guide them through the process, for effective results. It’s always best to leave it to the experts for a hassle-free experience.
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