Services
What we do
Recovery of Unclaimed Shares and Dividends
There are endless number of financial backers who put resources into organizations during the period of actual offer testaments who have either lost track or are presently not mindful of such speculations because of different reasons, for example,
- Loss of share certificates
- Forgotten shares
- Change of address / name
- Death of Investor
- Non-functional bank accounts & demat accounts
According to Segment 124 (5) of the Organizations Act 2013, any profit which has been unclaimed in an organization for seven successive years will be moved to the IEPF Authority. Any offers whose profit has been unclaimed and neglected for seven continuous years will likewise be moved to the IEPF Authority.
According to the most recent “Interview Paper on discount process at IEPF Authority,” a stunning measure of profits adding up to INR 5,685 Crores have been moved to IEPF and ~117 Crores have been moved to IEPF.
IEPF Claims and Refunds
IEPF represents Financial backer Training and Security Asset. IEPF was laid out under Area 205C of the Organizations Act, 1956 by the Organizations (Correction) Act, 1999 to advance financial backer mindfulness and safeguard the interests of financial backers. Afterward, the IEPF Authority was laid out under Area 125 (5) of the Organizations Act, 2013 to oversee the IEPF Assets and give discounts of offers, unclaimed profits, developed debentures and different stores. to the financial backers and to advance financial backer mindfulness.
In accordance with Section 124(1) of the Companies Act of 2013, businesses are required to transfer any dividends that go unclaimed or unpaid for a period of 30 days from the declaration date to a company-created special bank account known as the Unpaid Dividends Account within seven days of the end of that period.
Any funds transferred to a company’s Unpaid Dividend Account that go unclaimed or unpaid for seven years must be sent to the Investor Education and Protection Fund established in accordance with section 124 (5). This implies that any financial backer who has not guaranteed any profits for a time of seven successive years should guarantee back his/her profits from the Financial backer Schooling and Security Asset (IEPF).
In addition, the company must transfer the shares and unclaimed dividends to the Investor Education and Protection Fund (IEPF) in accordance with section 124(6) of the Companies Act 2013. This applies to shares for which dividends have not been paid or claimed for seven years or more. Therefore, any investor who has not claimed dividends for a period of seven years in a row will be required to file a claim with the Investor Education and Protection Fund (IEPF) and follow the entire procedure.
It is shocking to learn that, according to the most recent “Consultation Paper on refund process at IEPF Authority,” a staggering INR 5,685 billion in dividends and 117 billion in IEPF funds have been transferred. According to different evaluations these offers are worth ~50,000 Crores in current market esteem which are lying unclaimed with the IEPF Authority.
Tracing Unclaimed Investment
Shares and profits worth a few crores are lying unclaimed either as actual offers or have been moved to the Financial backer Training Security Asset Authority because of profits lying unclaimed for a long time. These offers have a place with lakhs of financial backers or expired investors who hold them either in actual structure or in torpid Demat accounts.
Some very important numbers about unclaimed investments:
- Dividends worth ~INR 5685 Crores are lying unclaimed with the IEPF authority
- ~117 crore shares are lying unclaimed with the IEPF Authority
- ~Shares estimated to be worth ~50,000 crores are lying unclaimed with the IEPF Authority
- Our estimate of investments in physical shares is estimated to be worth ~2 lakh crores
You could be a genuine proprietor or inquirer/legitimate successors to such unclaimed speculations which merit a few lakhs or crores today. These speculations could be lying unclaimed on account of one of the accompanying reasons:
- Investors and their families move abroad,
- Resulting in the loss of shares certificates,
- Dormant bank accounts and demat accounts, forgotten investments,
- the sudden death of a shareholder.
Omega Wealth Advisor recognized this issue and began working on the best possible solution for shareholders and their families. Today, we are proud to say that we are the only organization in India with a comprehensive database and an experienced investigation team to assist share investor holders in locating and reclaiming their lost or unclaimed investments from a variety of businesses based on their name and address.
Demat of Physical Share
Sometime in the past the Indian Offer Market followed the open clamor framework where the financial backers needed to make themselves genuinely present to do the trading of offers. During that time, everything was written on paper, and the only way to trade shares was with a physical share certificate, which served as proof of ownership for physically transferred shares.
With our always advancing innovation, this course of actual exchanging of offers became out-dated and excess. Step by step, this cycle got eclipsed by the recent fads of internet exchanging and got supplanted by the innovation supported exchanging stages. Presently the Indian financial exchange has developed to offer better elements and simplicity of exchanging through web-based stages.
To understand the process of Conversion / Dematerialization of Shares better, we should first take look at some important terms:
1. DEMATERIALIZATION
Dematerialization alludes to an interaction by which actual offer testaments of a specific organization are changed over into an electronic configuration.
2. DEMAT Record
At the point when actual offers are changed over into Demat structure, then, at that point, they are held in electronic structure. To hold them in electronic structure, there is a necessity to open a vault account, for example called as a Demat Record.
3. Vault Member
A vault member (DP) is a specialist of the storehouse through which the Demat Record is made, kept up with and worked. A DP goes about as a center men between the record holder and the safe. Any provider of financial services, including banks, NBFCs, stock brokers, and state financial corporations, can get themselves enlisted as a DP.
4. DEPOSITORY
An organization that stores securities such as bonds, debentures, shares, government securities, units of mutual funds, and so on is known as a depository. of the financial backers in electronic structure for the benefit of the financial backers or security holders. For example, in India, there are two safes named Public Protections Store Ltd. (NSDL) and Focal Safe Administrations (India) Ltd. (CSDL) that are enrolled with SEBI.
NRI Services
Omega Wealth provides NRIs and other foreigners with unclaimed investments in the Indian Capital Markets, Indian Mutual Fund Schemes, and other securities with a simple and hassle-free method. We guide our NRI clients at each step of the recovery cycle including getting Dish cards, NRE/NRO financial balances, Demat accounts and so on. so they have all sufficient reports to follow government prerequisites for guaranteeing such unclaimed speculations. We additionally give master counsel on tax collection and FEMA/RBI compliances to empower NRIs to localize their cash with adherence to Indian regulations.
Our aptitude assists financial backers with settling issues connected with the execution of reports for NRI in different locales considering the necessities of Indian Regulations followed by the Organizations, Enlistment centers and Government specialists. To provide a one-stop solution, we also assist our NRI clients in opening NRE, NRO, and Demat bank accounts.
Our NRI services includes:
- IEPF Claims & refunds
- Dematerialization of physical Lost shares
- Opening NRE & NRO Bank accounts
- Opening Demat accounts
- Obtaining court orders including succession certificates / probate of will / letter of administration in case of deceased shareholders / investors
- Advisory related to taxation and repatriation of funds
Unclaimed Deposits
What are unclaimed deposits?
Money lying in any current or investment funds financial balance or fixed or term store kept up with a bank is named to be unclaimed store when there is no exchange or activity in the expressed record for a time of a decade or more and from now on they are moved to an asset made by RBI called the Contributor Training and Mindfulness Asset (Hard of hearing).
DEAF – Depositor Education and Awareness Fund
Depositor Education and Awareness Fund is spelled DEAF. It is a program or asset presented by the RBI in 2014. It was made available to depositors and unclaimed funds. Within three months of the end of the specified ten-year period, banks are required to transfer funds to DEAF from accounts that have been inactive for at least ten years. As per RBI, this Hard of hearing is utilized for the advancement of investors’ inclinations and comparative purposes connected with the advancement of contributors’ inclinations as might be indicated by RBI now and again. Hard of hearing is characterized in Segment 26A of the Financial Demonstration, of 1949.
Free Estimation
Request A Quote
I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis.
