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Dear sir My father bought 50 nos. of SBI equity shares @ Rs.100 on 25.02.94, in the following names : 1. S.R.Ghosh 2. Pratima Ghosh 3. Subhashis Ghosh Now, at December,2009, we applied for transfer this to S.R. Ghosh's demat a/c. But, the form was filled up by the share broker named Amit Vyas and signed by my father S.R.Ghosh. So we were not aware in which name he transferred the shares. Till date we have not got those shares in our account. We need the detail updated information about the folio no. SB 1258537 to launch FIR and legal action against that share broker named Amit Vyas. Regards Subhashis Ghosh (son of S.R.Ghosh) ph : (Posting of mail ids/mob no. is against RTI India - Forum Rules - hence deleted)
As reported by Deepshikha Sikarwar in economictimes.indiatimes.com on 11 September 2008: Thawed frozen demats to yield 20K cr- Policy-Economy-News-The Economic Times Thawed frozen demats to yield 20K cr NEW DELHI: In a move that could spell the fate of 12 lakh frozen demat accounts, North Block has sought the law ministry’s opinion if the assets in the accounts constituted unclaimed property. If the law ministry terms the assets as unclaimed property, the government would take a policy initiative to forfeit them. The frozen accounts have assets of Rs 20,000 crore. The law ministry’s opinion has been sought on the ownership of the assets and whether they could be constituted unclaimed property. The government may have to bring an amendment in the Depository Act or a provision in the Income-Tax Act for forfeiture of the assets, if the law ministry gives a favourable opinion. Finance ministry sources said the account holders had been given reasonable time and opportunity to comply with the norm of providing the permanent account number (PAN). The general view in the ministry is the accounts in which PAN has not been furnished till date could be benami. Quoting PAN was made mandatory after the initial public offer scam, in which multiple demat accounts were used to get allotments. While any new account opened after April 1, 2006, had to give PAN, the accounts opened prior to the cutoff date were given time till December 31, 2006, to comply. The two depositories — National Securities Depository (NSDL) and Central Securities Depositories (CSDL) — have suspended the demat accounts whose holders failed to comply with the norm. As on August 31, 2008, NSDL had 9.38 lakh frozen demat accounts while CSDL had 2.88 lakh such accounts. NSDL has 86 lakh active accounts with securities worth Rs 41,38,989 crore. At present, there is no provision in the law for forfeiture of unclaimed shares or extinguishing them under the companies law. In the case of dividends which lie unclaimed for more than seven years, the amount is transferred to Investor Education & Protection Fund. The unclaimed securities in the accounts could also meet the same fate. “Further chance and reasonable timeframe of 5-7 years should be given to the account holders before the government decides on a course of action. They can treat the accounts as inoperative or suspended on the lines bank accounts are operated. They also need to establish a mechanism to ensure the depository contacts the frozen demat account holder and conveys the consequences of not furnishing the documents,” says Institute of Company Secretaries of India former president Priti Malhotra.