IEPFA signs pact with DBS Bank to protect investors

New Delhi: 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 here on Monday to spread safety messages among investors.

The Ministry of Corporate Affairs said that as per the MoU, DBS Bank aims to support IEPFA's investor awareness activities by disseminating safety messages via its various digital platforms.

“Leveraging DBS Bank's extensive network of branches and ATMs in 19 Indian 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 the IEPF Authority, and Rajiv Bagga, Executive Director, and India Head of Government Business at DBS Bank.

Previously, IEPFA has also signed MoUs with the Bank of Baroda and ICICI Bank for similar activities.