Unclaimed Shares and Dividends: How to Check and Claim from IEPF

Published 2026-10-16 · Aadarna Stock Broking Pvt. Ltd.

Many families in India have old share certificates in a cupboard, or dividends that were never cashed. Sometimes the investor moved house, changed bank accounts, or passed away, and the company could not reach anyone. After some time, such money and shares are moved to a government fund called the Investor Education and Protection Fund (IEPF).

The good news is that this is not the end of the story. The rightful owner, or their legal heir, can claim it back. This article explains when transfers happen, how to search, how the claim process works and which documents are usually asked for.

What is IEPF and when do shares and dividends move there?

The IEPF is a fund set up by the Central Government under the Companies Act. It is managed by the IEPF Authority, which works under the Ministry of Corporate Affairs. One of its jobs is to hold unclaimed investor money and shares safely until the owner claims them.

Here is how transfers usually happen:

• Unclaimed dividends: When a company declares a dividend and it stays unpaid or unclaimed for the number of consecutive years set by the Companies Act, the company must transfer that amount to the IEPF.
• Shares: If dividends on certain shares stay unclaimed for that same continuous period, the shares themselves are also transferred to the IEPF.
• Other amounts: Some other unclaimed amounts, such as matured deposits or debentures that were never claimed, can also move to the IEPF as per the rules.
• Later benefits: Once shares are with the IEPF, benefits such as bonus shares on them are generally also credited there.

Before transferring shares, companies are required to try to inform the shareholder, usually by letter and a public notice. If your address or bank details were old, you may never have seen these notices.

How can you check if you have unclaimed shares or dividends?

Start by collecting whatever you have: old share certificates, dividend warrants, letters from companies, or old bank passbooks showing dividend credits. Then use these sources:

1. The IEPF portal: Visit iepf.gov.in and use its search option for unclaimed or transferred amounts. You can usually search by the investor's name and the company's name.
2. The company's website: Companies publish lists of unpaid and unclaimed dividends, and of shares transferred to IEPF, usually in the investor section of their website.
3. The Registrar and Transfer Agent (RTA): An RTA is the agency that keeps a company's shareholder records. Its contact details are usually on the company's website. You can write to the RTA with your folio number (the account number for physical shares) or your name and address.
4. Your demat statement: If you already hold shares in a demat account, check your statement from your Depository Participant, or the consolidated account statement from CDSL or NSDL, to see what is still in your account.

Search using all spellings of the name, including initials and the father's or husband's name. Old records often have small differences.

How does the IEPF claim process work?

The process has several steps, and it can take time. The steps below are a high-level outline. Always read the current instructions on the IEPF portal, because procedures and forms can change.

1. Confirm the details. Note the company name, folio number or demat details, the number of shares and the dividend amounts shown in the records.
2. Fill the online claim form. The refund claim form is filed online through the link given on the IEPF portal. You will usually need to register as a user on the Ministry of Corporate Affairs portal to do this.
3. Save the acknowledgement. After submitting, you get an acknowledgement with a reference number. Download and print the filled form and the acknowledgement.
4. Send documents to the company. Sign the printed form and send it, with the required documents, to the company's Nodal Officer for IEPF at its registered office. The company's website usually gives the Nodal Officer's details.
5. Company verification. The company checks your documents against its records and sends a verification report to the IEPF Authority.
6. IEPF Authority decision. The Authority reviews the claim. If approved, the dividend amount is paid to your bank account and the shares are credited to your demat account.

If the company or the Authority finds a gap, they may ask for more documents. Reply within the time given and keep copies of everything you send.

Which documents are usually needed?

The exact list depends on your case. Check the latest list on the IEPF portal before you begin. Commonly asked documents include:

• Copy of PAN card and Aadhaar card of the claimant.
• Proof of a demat account in the claimant's name, such as a client master list from the Depository Participant. Shares are returned only in demat form.
• A cancelled cheque or bank statement showing your name, account number and IFSC code.
• Original share certificates, or proof of entitlement such as a dividend warrant or a letter from the company.
• An indemnity bond and an advance receipt, in the format given on the portal.
• If the name or signature in the company's records does not match, an affidavit or other proof explaining the difference.

If the original holder has passed away, legal heirs usually need the death certificate plus legal proof of their right to the shares. Depending on the case, this may be a succession certificate, probate of a will, a legal heir certificate, or a no-objection letter from other heirs. The company and the IEPF Authority decide what is acceptable.

How to protect yourself from fraud while claiming

Unclaimed shares attract fraudsters. Watch out for these warning signs:

• Someone calls you saying they found your old shares and asks for a percentage of the value as a fee.
• A person asks for your OTP, demat login, net banking password or signed blank forms.
• Someone wants a power of attorney to sell your shares once they are recovered.
• A website looks like the IEPF portal but has a slightly different web address.

Check any fee or process only on the official IEPF portal. If you face a problem with a listed company or an intermediary, you can raise a complaint through SEBI's SCORES platform.

How can you avoid this situation in the future?

Most unclaimed amounts arise because the company could not reach the investor. A few simple habits help:

• Keep your address, mobile number, email and bank details updated with your Depository Participant, and with the RTA for any physical shares.
• Add a nominee to your demat account so your family can claim more easily.
• Consider converting old physical certificates to demat form after understanding the process and charges.
• Check your demat and bank statements from time to time for dividend credits.

You need a demat account to receive shares back from the IEPF. KYC is a one-time exercise: once completed through a SEBI-registered intermediary, it need not be repeated with another intermediary. Aadarna Stock Broking, as an Authorised Person of Angel One Ltd., can explain the steps to open a demat and trading account with Angel One. Charges are as per Angel One's prevailing tariff. The IEPF claim itself is filed by you with the company and the IEPF Authority.

Frequently asked questions

Are my shares lost once they move to IEPF?

No. Shares and dividends transferred to the IEPF can be claimed back by the rightful owner or legal heir. You need to follow the claim process on the IEPF portal and submit the required documents to the company.

Can I claim shares from IEPF without a demat account?

Shares are returned from the IEPF only in demat form, so you need a demat account in the claimant's name. Dividend amounts are paid to your bank account. Make sure the name on your demat account and bank account matches your claim.

Can a legal heir claim shares of a deceased family member?

Yes. The legal heir files the claim and also gives proof of death and proof of their legal right, such as a succession certificate or other documents accepted by the company. Requirements can vary, so check the IEPF portal and ask the company's Nodal Officer.

How long does an IEPF claim take?

There is no single answer, because it depends on the company's verification and on whether your documents are complete. Missing or mismatched documents often cause delays. Keep your reference number so you can track the status on the portal.

Sources

• IEPF Authority – unclaimed shares and dividends
• SEBI SCORES – investor complaints portal

Risk disclosures on derivatives

• 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
• On an average, loss makers registered net trading loss close to ₹50,000.
• Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
• Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source: SEBI study dated January 25, 2023 on "Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment", wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.