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What is Unclaimed Investment?
Investment
made by an Investor ( Any person investing is Shares/Bonds/Mutual funds/Insurance/PPF) but She/He has either forgotten
to claim or family is unaware of any such investment in case of
contingencies is called Unclaimed Investment.
Investment which can remain Unclaimed?
1.
Physical Share by the investor or by
ancestors
2.
Person has works in different
companies but legal leir is unaware whether PF from all the companies have been
withdrawn of not
3.
Mutual Fund or postal saving
investment way back in time, Investor or his family is unaware
4.
Matured Insurance policy which
investor (premium amount is paid fully) remaining unclaimed due to reason:
a) forgotten, b) change of address, c)bank account closed.
5.
Ancestral Property remaining
unclaimed.
Transmission of shares?
Transmission
of shares is very different from transfer of shares. Transfer of share is a
voluntary act of investor, transmission is due to operation of law and without
any consideration. Normally transmission takes place on the basis of will or an
agreement.
Transmission
at times is hugely cumbersome and runs into many legal complications:
Unclaimed Dividend- Dividend declared by a company which
is not encashed or claimed by the shareholder
Reasons
for Dividend remaining unclaimed:
1.
Incorrect or outdated details in
company record
a.
Name Mismatch in Bank Account
b.
Name change due to marriage or any
other
c.
Non Intimation of change of address
d.
Asset Management Company’s record
e.
Not sending cheque to the bank for
clearing within time
Resulting in mismatch of investor database with various authorities.
2.
Non- execution of transfer of shares
3.
Non-execution of transmission of
shares
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