IEPFA and DBS Bank Fight Fraudulent Schemes : MoU Signed

The Investor Education and Protection Fund Authority (IEPFA) and DBS Bank, a leading financial institution in Asia and Southeast Asia, have signed a Memorandum of Understanding (MoU) to fight fraudulent schemes and educate investors on safe investment practices.

IEPFA’s mandate and initiatives

The IEPFA was established on September 7, 2016, under the Ministry of Corporate Affairs (MCA) to administer the Investor Education and Protection Fund. The fund is used to make refunds of shares, unclaimed dividends, matured deposits and debentures, among other things, to investors who have not claimed them within the stipulated time.

The IEPFA also conducts various investor awareness programmes to increase financial literacy and empower investors to protect themselves from financial fraud. The IEPFA has adopted a proactive approach to engage with users through various channels, such as webinars, social media, radio, television, print media, etc.

According to Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA, the authority has witnessed a surge in claim filings as a result of its awareness initiatives. She also said that the IEPFA has efficiently addressed the increased volume of claims, surpassing previous records by settling more claims for rightful claimants.

DBS Bank’s support and collaboration

DBS Bank is a Singapore-based bank with a strong presence in India, operating in 19 states with over 40 branches and 200 ATMs. The bank also has a robust digital infrastructure, offering various online banking services and platforms.

Under the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms. The bank will leverage its extensive network and reach to maximise the exposure of IEPFA’s investor awareness and protection messages to end users.

Some of the digital platforms that DBS Bank will use to spread IEPFA’s messages are:

• Display of safety messages on ATM screens to reach customers during banking transactions
• Featuring safety messages prominently on the bank’s website to ensure visibility to online visitors
• Sending safety messages through WhatsApp and other messaging platforms to engage with a broader audience
• Showcasing safety messages on digital screens within DBS Bank branches to maximise exposure to customers
• Posting safety messages across DBS Bank’s social media accounts

The MoU was signed by Lt. Col. Tushar Anand, General Manager of the IEPF Authority, and Rajiv Bagga, Executive Director and India Head of Government Business at DBS Bank. The ceremony was attended by various officials from both the organisations.

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

The MoU between IEPFA and DBS Bank is expected to enhance investor awareness and protection through digital platforms and extensive network. It is also expected to help in fighting fraudulent schemes and promoting safe investment practices among investors.

Recent Blog : NCLT Directs Liquidation of Choksi’s Gitanjali Gems