IEPFA and DBS Bank to jointly protect investors

A Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA), under the aegis of the Ministry of Corporate Affairs (MCA), and DBS Bank to spread safety messages among investors.

Ministry officials said that as per the MoU, DBS Bank will support IEPFA's investor awareness activities by disseminating safety messages via its digital platforms.

“Leveraging DBS Bank's extensive network of branches and ATMs in 19 states, as well as its digital infrastructure, will significantly increase the reach of IEPFA's investor awareness and protection messages to the end users,” the ministry said. Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA, underscored the objectives behind the signing of the MoU and emphasised the proactive approach adopted by the IEPFA to engage with users through various channels, aiming to enhance responsiveness regarding the authority's mandate through its awareness initiatives.

She highlighted a discernible surge in claim filings as a testament to these efforts and noted the IEPFA’s commitment to efficiently address the increased volume of claims, surpassing previous records by settling a higher number of claims for rightful claimants. IEPFA administers the Investor Education and Protection Fund for making refunds of shares, unclaimed dividends and matured deposits/debentures to investors.

The MoU, formalising collaboration between the IEPF Authority and DBS Bank, was carried under the leadership of Lt. Col. Tushar Anand, General Manager of IEPF Authority, and Rajiv Bagga, Executive Director, and India Head of Government Business at DBS Bank.