In mutual funds also Rs. Dividend and units worth Rs 1,600 crore not claimed

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Mumbai: Mutual funds have about Rs. 2,500 crore worth of dividends and units. Out of this total amount, about Rs. 1,600 crore for unclaimed dividend and the rest for unclaimed sales. Association of Mutual Funds in India (AMFI) said that the organization is continuously working with market regulator SEBI to ensure that the funds reach the rightful owners.

SEBI has advised AMFI to ensure that capital is received by the investors or their nominees or successors. We are working closely with SEBI in this regard. In the near future this figure will come down considerably. Fund houses are trying to contact these investors through their PAN linked email IDs and phone numbers.

If the fund house has failed to pay dividends and redemptions to investors through online and offline channels, the amount will be treated as unclaimed. One of the reasons is the closure of the respective bank accounts. As per SEBI regulations, this amount is kept in short term debt instruments such as Liquid or Overnight.

Minister of State for Finance Bhagwat Karad told Parliament that according to the information available with the Reserve Bank, public sector banks have deposited Rs. 35,012 crore unclaimed deposits were transferred, which were lying dormant for nearly 10 years.