Assume that you have heard that dividends and shares that are in your name or those of your deceased parents have been transferred to the Investor Education and Protection Fund (IEPF). The initial emotion is one of relief, that you still have something to go and retrieve. Soon, the process starts becoming overwhelming, though. The IEPF claims procedure is diverse, with many steps to be followed, such as filling out internet forms, indemnity bonds, notarised affidavits, and newspaper advertisements, and contacting the company registrars and IEPF authority. One mistake and you are rejected or delayed by months, or are stuck with your claim, having to answer one query after another. That is why it is important to select the best IEPF claim consultants associated with. Patient recovery is faster when you have an experienced consultant who will also make sure that all the standards of compliance are adhered to without any problems. The following is a step-by-step process on the process of identifying a suitable IEPF claim consultant to suit your needs and the pitfalls to watch out for when doing this process.
Why Do You Need IEPF Claim Consultants?
Before selecting a consultant, understand their value:
- Expertise in legal paperwork: Drafting indemnity bonds, affidavits, and claim forms as per IEPF norms.
- End-to-end assistance: From Demat account coordination to claim tracking with companies and the IEPF Authority.
- Error-free filing: Minimises rejection risks by thorough document checking.
- Saves your time: Avoids multiple resubmissions by doing it right the first time.
How to Choose the Right IEPF Claim Consultant?
- Check Their Experience and Track Record
- Look for consultants who have handled IEPF claim cases similar to yours (lost shares, unclaimed dividends, transmission cases).
- Ask about their success rate in claims processed.
- Verify their registration or legal status if they operate as an agency or a registered firm.
- Review Client Testimonials and References
- Genuine consultants will have client testimonials available on their website or portfolio.
- Ask for references from previous clients if required, to verify their professionalism and success stories.
- Understand Their Process
Before finalising:
- Ask them to explain the entire IEPF claim process step by step.
- Check if they assist in public notice publication, indemnity bond drafting, and notary attestation.
- Evaluate if they provide support in Demat account opening, as it is mandatory for receiving recovered shares.
- Compare Fees and Service Inclusions
- Some consultants charge a flat fee, while others work on a percentage-based success fee.
- Clarify inclusions:
- Draughting affidavits and indemnity bonds
- Newspaper notice publication assistance
- Liaising with the company RTA
- Online form filing and follow-ups
- Avoid choosing purely on low fees. Quality, reliability, and success rate should remain your priority.
- Assess Their Responsiveness
- Observe how quickly they respond to your calls or emails during the initial inquiry.
- IEPF claims require multiple follow-ups with the Authority. A proactive consultant will keep you updated on progress rather than making you chase status updates.
- Verify Their Legal Knowledge
- IEPF recovery involves understanding the Companies Act rules, SEBI regulations, and RTA processes.
- Check if they are familiar with:
- IEPF-5 filing norms
- Share transmission processes
- Legal heir certificate requirements
- Demat procedures post-recovery
- Evaluate Their Network and Contacts
- Consultants with strong networks among RTAs, listed companies, and Demat service providers can resolve claim hurdles faster.
- Ask if they have handled claims with the specific company your shares belong to, as internal process knowledge is an advantage.
Common Mistakes to Avoid While Choosing IEPF Claim Consultants
- Choosing without checking reviews or success rates.
- Selecting purely based on the lowest fee.
- Not clarifying what is included in their service scope.
- Failing to check their knowledge of legal and procedural requirements.
- Not signing a proper service agreement outlining deliverables and timelines.
Conclusion
The IEPF is the legal right to recover your rightful investments, but this procedure is rather difficult and long-winded. The quality of IEPF claim consultants can mean the difference between an easy and successful recovery within a few days or months of frustration. They should always give preference to consultants who are experienced, have honest processes, have fair payment based on the quality of service, and have large networks to contact the companies’ RTAs and IEPF authorities. A professional consultant will not only professionally process your paperwork but will also make your life free of stress because he or she will also process your end-to-end communication. When you find yourself in trouble with your IEPF form or you are uncertain about how to get started on it, with the assistance of reliable consultants, you can be sure that your share and dividends are refunded, and the generation of future prosperity for your family is secured with Shares Recover.
