The Investor Education and Protection Fund (IEPF) held nearly ₹1 lakh crore of unclaimed shares and dividends, locked in a cumbersome 25‑step process. EAC member Sanjeev Sanyal led a reform that cut steps, linked three portals via API integration, and dramatically increased claim approvals.
Key Developments
- Audit revealed 25 separate steps across three non‑communicating portals.
- APIs unified the portals, converting sequential steps to parallel ones, reducing steps from 25 to 14.
- Monthly approvals rose from ~900 (Aug 2025) to 14,500 (Mar 2026).
- Share‑transfer volume jumped from 80‑110 lakh shares per period to 270‑280 lakh shares after the reform.
- Introduction of CPACE cut voluntary company closure time from ~500 days to 60 days.
Important Facts
The audit, conducted in late 2024‑early 2025, found that claimants often paid intermediaries up to 20% of the claim value. After the reform, manual re‑entry errors were eliminated, and the backlog began clearing, suggesting future decline in monthly case volumes.
Exam Relevance
This case illustrates process reform, a key concept for governance and public‑policy questions in GS4. It also highlights the role of the IEPF and the importance of digital integration in financial administration, relevant for GS3 topics on financial markets and e‑governance.
Way Forward
Continued monitoring is needed to ensure the backlog clears and the new system remains error‑free. Replicating the API‑driven, parallel‑process model can help other government services plagued by multi‑portal delays. Strengthening legal timelines for corporate liquidation and expanding the CPACE framework could further improve the ease of doing business in India.