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TMI BlogProcedural framework for dealing with unclaimed amounts lying with Infrastructure Investment Trusts (InvITs) and manner of claiming such amounts by unitholdersX X X X Extracts X X X X X X X X Extracts X X X X ..... not less than once every year in case of privately placed InvITs and shall be made not later than fifteen days from the date of such declaration. However, in certain cases it has been observed that the distribution amounts remained unclaimed or unpaid because of various reasons, including failure to update account details by the unitholders. 3. In order to deal with any amount remaining unclaimed or unpaid out of distributions [ Hereinafter such amounts shall be referred to as, unclaimed amounts ; ], Regulation 18(6)(e) of the InvIT Regulations , was inserted, as under: any amount remaining unclaimed or unpaid out of the distributions declared by a InvIT in terms of sub-clause (c), shall be transferred to the Investor Protection and Education Fund constituted by the Board in terms of section 11 of the Act, in such manner as may be specified by the Board. 4. Further, Regulation 18(6)(f) of the InvIT Regulations , provides that, the unclaimed or unpaid amount of a person that has been transferred to the Investor Protection and Education Fund in terms of sub-clause (e), may be claimed in such manner as may be specified by the Board . 5. In orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions 4(1)(l) and 5(3)(ii) of the IPEF Regulations) Applicability: To the InvITs having amounts unclaimed or unpaid out of the distributions declared by it. Part I - Transfer of unclaimed amounts to Escrow Account/ Unpaid Distribution Account of the InvIT by the Investment Manager: A. Obligations of the InvIT : 1. Transfer of unclaimed amount to Unpaid Distribution Account: Where a distribution has been made by the Investment Manager, but the payment to any unitholders has remained unpaid or unclaimed, up to fifteen days from the date of declaration, the Investment Manager shall, within seven working days from the date of expiry of such period of fifteen days, transfer such unclaimed amounts to an Escrow Account to be opened by it on behalf of the InvIT in any scheduled bank. Such account shall be termed as the Unpaid Distribution Account . 2. Interest in case of default: In case a default is made in transferring the amount referred above in paragraph (A)(1) of Part I or portion thereof to the Unpaid Distribution Account of the InvIT, it shall pay, interest on the amount that has not been transferred to the said account, for the period of defau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... signation of the Nodal Officer: Email ID and phone no.: 5. Search facility for investor: The Investment Manager shall provide a search facility on the website of InvIT for unitholders to verify if there is any unclaimed amount due to them and lying in the Unpaid Distribution Account of the InvIT. The search criterion may be based on combinations, such as: 5.1. PAN and Date of birth; or 5.2. Name and Depository Participant Identification (DP ID)/ Client Identification (Client ID). 6. Information of unclaimed amounts: Upon such search, the following information shall be visible to the unitholder: 6.1. Amount due to the unitholder on the date of declaration (in INR); 6.2. Category - Interest/ Dividend/ Repayment of Capital/ Any other; 6.3. Date when amount became due (dd/mm/yyyy); 6.4. Amount (in INR) transferred to Unpaid Distribution Account (including penal interest, if any, for delay in transfer by the Investment Manager); 6.5. Date when unclaimed amount was transferred to Unpaid Distribution Account (dd/mm/yyyy); Further, the interest, if any, in the Unpaid Distribution Account, that accrues to the unitholder in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lder or complete information as called upon from the unitholder, remit the payment to the unitholder using electronic modes for funds transfer. 8.4. The Investment Manager shall display the cumulative details of the number of claims received, processed, pending, etc. on the website of the InvIT. 9. Maintenance of records: The InvIT shall preserve information pertaining to the unclaimed amounts of the unitholders including relevant documentation. The InvIT shall furnish necessary information, as and when called for by the Board. 10. Update of information: Any change in the information uploaded on the website of the InvIT shall be updated by the Investment Manager by the seventh day of the succeeding month. B. Procedure for claim by a unitholder: Any unitholder claiming to be entitled to any unclaimed amount lying with the InvIT may apply to the Investment Manager for payment of such amount, in the format and manner as prescribed by the Investment Manager. Part II - Transfer of unclaimed amounts from Unpaid Distribution Account of the InvIT to IPEF by the Investment Manager: A. Obligations of the InvIT: 1. Transfer of unclaimed amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Capital/ Any other) No. of unitholders Date when amount became due for transfer to IPEF (dd/mm/yyyy) Date when unclaimed amount was transferred to IPEF (dd/mm/yyyy) Amount transferred to IPEF (in INR) Total Name and designation of the Nodal Officer: Email ID and phone no.: 5. Information of unclaimed amount: In the search facility provided for the unitholder, on the website of the InvIT, by the Investment Manager, upon searching, the following information shall be visible to the unitholder: 5.1. Amount lying unclaimed in the Unpaid Distribution Account of the InvIT as at end of seven years ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt of a refund application from a InvIT, the Board shall: 10.1. verify the documentation and satisfy itself of the correctness of information submitted and process refund of the amount paid by the InvIT to the unitholder. The refund amount shall not exceed the amount transferred by the InvIT against such unitholder in IPEF; 10.2. require the InvIT, to furnish further information or clarifications, regarding the unclaimed amount and matters connected thereto, to consider the application for refund. The applicant shall, if so required, provide the necessary information/ clarifications; 10.3. return the application, if it is found to be incorrect, incomplete or inadequate, along with reasons thereof. The InvIT may re-submit the application for re-consideration after rectifying the deficiencies. 11. Processing of claim in special circumstances: In case the InvIT is part of a scheme of arrangement, amalgamation, merger, etc., the resultant entity shall become liable to discharge the obligations of the InvIT, in respect of unclaimed amounts. D. Claim by legal heir/ successor/ nominee: 12. The aforementioned provisions in respect of the unitholder, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Name of the Unitholder Last known address, contact details (email ID and phone no.) of unitholder PAN of the Unitholder DPID/ Client ID of the Unitholder (if applicable) Amount transferred from Unpaid Distribution Account to IPEF (in INR) Category of Amount (interest/ dividend/ Repayment of Capital/ Others) Date of Payment to IPEF Amount paid to unitholder (in INR) Date of payment to unitholder (dd/mm/yyyy) III. Enclosures: 1. Declaration that above claim has not been made earlier or received refund from the IPEF. 2. Copy of PAN, proof of identity, proof of address, proof of holding units of InvIT/ demat account statement. 3. Proof of payment made to unitholder by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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