New Delhi, Dec 29 : The Prime Minister's internship scheme, launched in October through an online portal this year, has thrown open 1.27 lakh internships opportunities from top companies for which approximately 4.87 lakh youths have completed their KYC and registered themselves, according to the year-end review of the Ministry of Corporate Affairs.

"Approximately 6.21 lakh applications have been received against 1.27 lakh Internship Opportunities. The selection process for internship is ongoing,' the Ministry said.

The Prime Minister's Internship Scheme in Top Companies was announced in the Budget 2024 aiming to provide internship opportunities to one crore youth in top 500 companies over five years.

Through this scheme, youth will gain exposure to real-life business environments, across varied professions and employment opportunities.

The interns will be provided with financial assistance of Rs 5,000 per month, of which Rs 4,500 would be disbursed by the Union government, and Rs 500 per month would be paid by the company from its CSR funds.

Additionally, a one-time grant of Rs 6,000 for incidentals would be disbursed by the Ministry of Corporate Affairs (MCA) to each intern, upon joining the place of internship.

The duration of the internship under the PM Internship Scheme is 12 months.

Meanwhile, the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs (MCA) has successfully migrated forms from MCA 21 Version 2 to Version 3, introducing significant improvements to streamline the compliance process.

The number of compliance forms has been reduced from 5 to 3, simplifying submission requirements for companies. IEPFA aims to protect the interests of investors and promote their awareness.

Additionally, the process of transferring funds has been made fully online, with all company forms now integrated into a Straight Through Process (STP), eliminating the need for manual intervention.

To further facilitate this change, a dedicated dashboard has been implemented for Nodal Officers, allowing them to easily track and file verification reports for claims.

The Ministry has also taken a major Initiative under Jan Vishwas for the recognition of legal heirship certificate for the transmission of shares.

This important development, applicable to shares transferred to the IEPF by companies under Section 124(6) of the Companies Act, 2013, eliminates the need for a monetary threshold.

This reform significantly reduces the burdens on individuals by removing the requirement to obtain a succession certificate, letter of administration, or probate of a will.

As a result, beneficiaries can save both time and costs that were previously associated with civil court procedures. This initiative not only simplifies the transmission process for shares but also enhances accessibility and efficiency for families experiencing complexities of inheritance.

The processes for lost share certificates have also been simplified.

In a progressive move aimed at claimants, the requirement to file an FIR for the loss of physical share certificates for securities valued up to Rs 5 lakh has been eliminated. This change streamlines the process for individuals who may have lost their share certificates, reducing the bureaucratic hurdles they face.

In another significant reform, the requirement for sureties when applying for duplicate physical security certificates has been eliminated for all values.

This crucial change aims to simplify the process for claimants who may need to replace lost or damaged certificates, thus removing unnecessary barriers and enhancing accessibility.

IEPFA has also augmented its grievance redressal mechanism to provide a more effective and user-friendly experience for stakeholders, the ministry's review added.

/IANS