Source: ET
Context:
The Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs is planning to upgrade the integrated unclaimed shares and dividends portal to accelerate claim settlements and improve investor convenience.
Portal 2.0 Features:
- The upgraded portal, termed Integrated Portal 2.0, will leverage artificial intelligence (AI) and data analytics to expedite claim verification and reduce settlement time to about 15 days.
- Target Settlement: Claims to be processed within 15 days.
- Technology Integration: Use of artificial intelligence and data analytics to expedite verification, identify dormant accounts, and streamline scrutiny.
- Mobile App: Investors will be able to apply and track claim status via an app.
- Online KYC & Aadhaar Verification: Incorporation of KYC updates and Aadhaar-based face authentication for claimants.
Structural Changes:
- Delinking from MCA21: Portal will operate independently but fetch data via API from MCA21, insulating it from technical glitches of the MCA21 V3 system.
- Previous delays in settlements were partly due to technical issues with MCA21 V3, which led to extended deadlines for filing company financials.
Significance:
- Facilitates faster transfer of unclaimed shares, dividends, and matured debentures to investors or heirs.
- Strengthens corporate governance and investor protection.
- Supports digital governance and efficient use of technology in financial services.
