SEBI vide circular no.SEBI/HO/IMD/DF2/CIR/P/2016/37dated February 25, 2016 has mandated Mutual Funds to provide on their website, the list of names and addresses of investors in whose folios there are unclaimed amounts (redemption / dividend). Further, Mutual Funds are also required to provide information on the process of claiming the unclaimed amount(s) and the necessary forms / documents required for the same.
What is an unclaimed redemption or dividend?
Redemption cheques/ demand draft sent to investors that remain unpaid beyond their validity period are categorised as unclaimed.
The original amount payable to an investor, together with any interest earned thereon by deployment in permitted instruments until three years from the date of the instrument. Any interest earned after this date is transferred to the Investor Education and Protection Fund in accordance with the provisions of extant SEBI Regulations / Circulars & Guidelines. These provision also specify the nature and manner of utilisation of such amounts.
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