IEPFA signs pact with DBS Bank to protect investors

The Ministry of Corporate Affairs (MCA) announced the signing of a Memorandum of Understanding (MoU) between the Investor Education and Protection Fund Authority (IEPFA) and DBS Bank in New Delhi. The MoU aims to spread safety messages among investors through DBS Bank’s digital platforms and extensive network. Anita Shah Akella, Joint Secretary of MCA, highlighted the proactive approach adopted by IEPFA and the surge in claim filings as a testament to these efforts. The MoU formalises collaboration between IEPFA and DBS Bank, aiming to enhance investor awareness and protection messages.

As per the MoU, DBS Bank will support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms, leveraging its network of branches and ATMs in 19 Indian states. Anita Shah Akella emphasized the objectives behind the MoU and noted the IEPFA’s commitment to efficiently address the increased volume of claims. Lt. Col. Tushar Anand, General Manager of the IEPF Authority, and Rajiv Bagga, Executive Director, and India Head of Government Business at DBS Bank, led the formalisation of the collaboration.

The signing of the MoU is part of IEPFA’s ongoing efforts to engage with investors through various channels and enhance responsiveness regarding the authority’s mandate. IEPFA administers the Investor Education and Protection Fund for making refunds of shares, unclaimed dividends, and matured deposits/debentures to investors. This collaboration with DBS Bank follows similar activities with Bank of Baroda and ICICI Bank in the past, aiming to further increase the reach and impact of investor awareness and protection messages.

The MoU between IEPFA and DBS Bank signals a significant step towards enhancing investor education and protection in India. It underscores the commitment of both entities to spread safety messages and empower investors with the necessary information to make informed decisions. The formalisation of the collaboration is a noteworthy development in the realm of investor protection and marks a proactive approach towards engaging with investors through digital platforms and extensive networks.

In conclusion, the MoU signed between IEPFA and DBS Bank reflects a proactive and collaborative approach towards enhancing investor awareness and protection in India. The formalisation of the collaboration aims to leverage DBS Bank’s digital infrastructure and network to increase the reach of safety messages to investors and further IEPFA’s mandate of administering the Investor Education and Protection Fund. This initiative marks a significant step towards empowering investors with the necessary information to make informed decisions and seek rightful claims.