Government Revamps Claims Processing to Accelerate Investor Protection

The government is implementing a system to expedite claims processing under the Investor Education and Protection Fund Authority. Enhancements include digital identity verification and a revamped grievance redressal system, aiming to reduce reliance on physical verification, thereby improving efficiency and claimant experience.

Anita Shah Akella, CEO of the Investor Education and Protection Fund Authority (IEPFA) and Joint Secretary at the Ministry of Corporate Affairs, announced efforts to streamline the claims process for investors. The new system is designed to minimize processing times which have been hindered by heavy reliance on physical verification.

In a recent seminar organized by the industry body PHDCCI, Akella outlined several improvements being made to enhance claimant experiences. These include a searchable database to confirm share locations, integration with multiple digital platforms, and a more efficient identity verification process using linked Aadhaar, PAN, Demat, and banking details.

The government has launched additional initiatives like introducing a ticketing system on the MCA portal for better tracking of public interactions and conducting frequent investor grievance meetings and camps across India. Meanwhile, Sameet Gambhir, Chair of the Corporate Affairs Committee at PHDCCI, acknowledged persistent challenges faced by investors despite the ongoing reforms.

(With inputs from agencies.)