Many elderly investors in India, particularly those from the pre-demat era, invested in shares of companies like Tata, Reliance, Hindustan Unilever, or various Public Sector Undertakings (PSUs). With changing times, company mergers, address changes, and the gradual decline of paper-based financial tracking, a significant number of these investors or their legal heirs have lost track of dividends and even shares.
This often-overlooked aspect has created a situation where crores of rupees are lying as unclaimed dividends or transferred shares with the Government’s Investor Education and Protection Fund (IEPF). If you suspect that your grandparents may have had some forgotten investments, it’s worth taking the time to investigate. Here is a comprehensive, step-by-step guide on how to check for unclaimed dividends and how to claim them if they belong to your family.
Step 1: Understand What Qualifies as Unclaimed Dividend
Unclaimed dividends are those declared by a company but not encashed by the shareholder. As per Section 124 of the Companies Act, 2013, if the dividend remains unclaimed for 7 years, it is transferred to the Investor Education and Protection Fund (IEPF) managed by the Ministry of Corporate Affairs (MCA). Even shares related to such unclaimed dividends are transferred to the IEPF if unclaimed for 7 years.
However, even after transfer to the IEPF, you can still claim them as a legal heir or nominee.
Step 2: Start with the IEPF Website
The IEPF portal has a convenient tool to help investors and legal heirs search for unclaimed dividends.
Here’s how to use it:
- Visit the IEPF website: https://www.iepf.gov.in/IEPFServices/
- Click on “Search Unclaimed Dividends”
- Enter the Investor Name or Folio Number (if known)
- You can also filter by Company Name for better results
- Click Search to view the list
Pro Tip: Try different name variations (full name, initials, with/without middle name) and check with known companies your grandparents may have invested in.
Step 3: Check with Registrars and Transfer Agents (RTAs)
Registrars and Transfer Agents (RTAs) maintain records of shareholders for most listed companies. The major RTAs in India are:
- KFintech (Karvy) – https://www.kfintech.com/
- Link Intime – https://linkintime.co.in/
- Cameo Corporate Services – https://www.cameoindia.com/
You can:
- Use the online tools to check dividend history or shareholder records
- Call or email the RTA support desk with relevant details like PAN, folio number, old addresses, or names
Many RTAs now allow submission of online requests for physical share transmission, dividend revalidation, etc.
Step 4: Explore Old Physical Documents
Search through:
- Old share certificates
- Dividend warrants (cheques)
- Company letters or annual reports
- Passbooks and bank statements from the 1990s and early 2000s
Look for names of popular companies from that time such as:
- Tata Steel, Tata Power, Tata Chemicals
- Hindustan Unilever
- ITC
- L&T
- Reliance Industries
- State Bank of India
- ONGC, NTPC, Coal India
Even a single paper certificate may be worth thousands or lakhs today due to stock splits, bonuses, and dividends accumulated over years.
Step 5: Check Company Websites
Many companies have a dedicated section for Investor Services or Unclaimed Dividend Information on their websites.
Steps:
- Go to the Investor Relations section
- Search for the “Unclaimed Dividend List” or “IEPF Notices”
- These lists often contain folio numbers and partial names of shareholders with unclaimed dividends
Some examples:
- Reliance Industries: https://www.ril.com/InvestorRelations/ShareholderInformation.aspx
- Infosys: https://www.infosys.com/investors/shareholder-services.html
- TCS: https://www.tcs.com/investors
Step 6: Filing a Claim with the IEPF Authority
If you discover unclaimed dividends or shares in your grandparents’ name, you can apply for a refund from the IEPF.
The process involves:
- Filing Form IEPF-5 online on the MCA portal
- Submitting physical copies of required documents to the Nodal Officer of the concerned company
- The company verifies and forwards the claim to IEPF Authority
- IEPF Authority processes and approves the claim
The claim is then credited directly to your bank account, and shares are transferred to your demat account (if applicable).
Documents Required for Claim
- PAN and Aadhaar of the claimant
- Copy of death certificate (if claiming on behalf of a deceased grandparent)
- Legal heir certificate or succession certificate
- Original share certificate or folio details
- Indemnity bond and affidavit (as per company format)
- Cancelled cheque of the claimant’s bank account
Timelines & Points to Note
- Claims can take 3 to 6 months to process depending on documentation and company response
- If shares are jointly held, all holders’ information is required
- If nominee was mentioned, the process is simpler
- No fees are charged for claiming from IEPF
FAQs
Q1. Can I claim dividends or shares if my grandparents have passed away?
Yes, you can claim as a legal heir, provided you submit a legal heir certificate or succession certificate.
Q2. Is there a time limit to claim from IEPF?
No, there is no fixed time limit for filing a claim with IEPF once the dividend or shares have been transferred to the Fund.
Q3. What if I don’t have the share certificate?
You can still claim, but you may have to provide indemnity and additional legal documents. The company and RTA will verify the identity and ownership.
Q4. Can I check using just the PAN of my grandparent?
IEPF search is not PAN-based, but RTAs may help if you can share PAN, old addresses, and other details.
Final Thoughts
India has thousands of crores lying unclaimed in dividends and shares with the IEPF. For many families, especially those whose grandparents were active investors, this could mean discovering long-forgotten financial assets.
Taking some time to check old records and using the tools mentioned above may unlock substantial financial value. It’s also a great way to preserve and honor the legacy of previous generations who believed in building wealth through investments.
If you find the process complicated, feel free to reach out to us at Stox N Tax. Our experts can guide you through the IEPF claim filing and help you recover what’s rightfully yours.
Stay tuned to Stox N Tax for more guides like this that help you track, manage, and grow your family wealth smartly.
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