Investor Education and Protection Fund Authority (IEPFA) and Singapore-headquartered DBS Bank on Monday signed a Memorandum of Understanding (MoU) to spread awareness on investment and fraudulent schemes.

Under the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms. 

Leveraging DBS Bank’s extensive network of branches and ATMs in 19 States, as well as its digital infrastructure, will significantly increase the reach of IEPFA’s investor awareness and protection messages to end users.

Speaking on the occasion, Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA, underscored the objectives behind the signing of the MoU and emphasised the proactive approach adopted by the IEPFA to engage with users through various channels, aiming to enhance responsiveness regarding the authority’s mandate through its awareness initiatives.

She highlighted a discernible surge in claim filings as a testament to these efforts and noted the IEPFA’s commitment to efficiently address the increased volume of claims, surpassing previous records by settling more claims for rightful claimants.

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

Since its inception, the IEPFA has conducted several investor awareness programmes aimed at increasing financial literacy and empowering investors to protect themselves from financial fraud.

IEPFA was set up on September 7, 2016 under the aegis of the Ministry of Corporate Affairs (MCA) for administering the Investor Education and Protection Fund for making refunds of shares, unclaimed dividends, and matured deposits and debentures, among other things, to investors.