Everything About IEPF Claims

The Investor Education and Protection Fund Authority (IEPFA) is the statutory body that manages and administers the IEPF. It is under the Ministry of Corporate Affairs, with its headquarters in New Delhi. IEPFA’s responsibilities include receiving transferred shares and dividends from companies, processing refund claims filed by investors (Form IEPF-5), conducting investor awareness programmes, and operating the Niveshak Panchayat and Niveshak Sunwai grievance redressal initiatives. The official website is www.iepf.gov.in.

Under Section 124(6) read with Rule 7, IEPF Rules 2016, the following persons are eligible to claim:

• The original shareholder in whose name shares or dividends were transferred to IEPF
• Legal heirs, nominees, successors, or administrators of the original shareholder (in case of death)
• Any person who has purchased shares but not yet completed transfer of title (must first complete the transfer)

Claimants can seek refund of unclaimed dividends, matured deposits, matured debentures, application money due for refund, proceeds of fractional shares, and redemption proceeds of preference shares. Amounts transferred under the older Companies Act 1956 (Section 205C) are also claimable under the current framework.

There is no specific time limit prescribed for claiming amounts from IEPF. The rightful claimant can apply for a refund at any point after the transfer has been made to IEPF — whether it was last year or several decades ago. This is confirmed by the IEPF (AATR) Rules, 2016 and the government’s own financial awareness materials (Ministry of Finance booklet, December 2025). You should, however, claim as soon as you become aware, as share values fluctuate and delays add complexity.

No — there are no charges for filing a claim with the IEPFA. Form IEPF-5 is available free of cost on the MCA portal (www.mca.gov.in). IEPFA does not charge claimants for processing claims. If any person or service asks you to pay money directly to IEPF or IEPFA as a filing fee, it is incorrect. Professional advisory services like ours charge separately for their expertise and facilitation work, which is separate from IEPFA itself.

Form IEPF-5 is the statutory web form available on the MCA portal (www.mca.gov.in → MCA Services → IEPF-related Services) that any person uses to claim their unclaimed shares, unpaid dividends, matured deposits, or debenture proceeds from IEPF. It is filed online with claimant details (PAN, Aadhaar, demat account, bank account, Folio/DP ID-Client ID, company CIN, number of shares, dividend amount). After submission, a unique SRN (Service Request Number) is generated. The form and supporting physical documents are then sent to the company’s Nodal Officer for verification.

You can check on the IEPFA portal at www.iepfa.gov.in. Click on “Click here for login and registration to IEPF Search Facility,” create an account or log in, and search using any of three methods:

• By PAN — most reliable method
• By Basic Information — name and date of birth
• By Company Name & Demat ID / Folio Number

Alternatively, contact us with the company name and folio number and we will check on your behalf at no cost during the free consultation.

A Client Master List (CML) is a document issued by your Depository Participant (DP — such as Zerodha, HDFC Securities, or any registered DP) that contains the complete details of your demat account: DP ID, client ID, name, PAN, contact details, address, and the bank account linked to your DP profile. The CML is a mandatory document for IEPF-5 claims as it verifies the demat account into which shares will be transferred. You can obtain it by requesting it from your DP. The copy submitted must be attested by all claimants (in case of joint holding) and by the Depository Participant.

Under Rule 7(2), IEPF (AATR) Amendment Rules 2019, every company that has transferred shares or amounts to IEPF must appoint a Nodal Officer. This person must be a Director, Chief Financial Officer (CFO), or Company Secretary (CS) of the company. The Nodal Officer is responsible for receiving your physical IEPF-5 submission, verifying your claim, and submitting an online verification report to IEPF Authority within 30 days. The company’s website must display the Nodal Officer’s name and email. A list of Nodal Officers is also available at www.iepf.gov.in.

IEPFA operates a multilingual IVRS helpline at the short code 14453, available from 9:00 AM to 5:30 PM, Monday to Friday (excluding public holidays). The helpline supports 11 languages: Hindi, English, Tamil, Telugu, Kannada, Malayalam, Gujarati, Assamese, Marathi, Oriya, and Bengali. The IEPFA Head Office in New Delhi is open for walk-in visits Monday to Friday, 9:30 AM to 3:30 PM. A dedicated Public Relation Officer (PRO) is available to assist walk-in claimants.

No — email-based complaint submissions to IEPFA have been discontinued as of the updated IEPFA procedures. All service-related complaints must now be raised through the online ticketing system: visit www.iepf.gov.in → Services → Raise Ticket → Create Service Related Complaints. You can also call 14453 or visit the IEPFA office. Alternatively, complaints can be filed through CPGRAMS (Centralised Public Grievance Redress and Monitoring System) at pgportal.gov.in.

Under Section 124(6), Companies Act 2013: All shares in respect of which dividend has not been paid or claimed for seven consecutive years or more are transferred by the company to IEPF within 30 days of the shares becoming due for transfer. This is the critical distinction from dividend transfer — the word “consecutive” is paramount. IEPF holds these shares as custodian until the rightful owner claims them. The company transfers shares by way of corporate action through the depository (NSDL/CDSL) into IEPF’s demat accounts.

The word “consecutive” means there must be an unbroken chain of 7 years during which no dividend was claimed or encashed. If the shareholder claimed (or the dividend was credited to their bank account) in any single year within a 7-year period, the shares are not transferred. Example:

Mr. A did not claim dividend from FY 2008-09 to FY 2014-15 (7 consecutive years) → shares transferred in FY 2015-16.
Mr. B did not claim in FY 2008-09 but claimed in FY 2009-10 → shares not transferred in FY 2015-16. The consecutive clock restarts from FY 2010-11 onwards.

The proviso to Rule 6(1) of IEPF Rules clarifies: if the beneficial owner has encashed any dividend warrant or had any dividend credited to their bank account during the last 7 years, shares shall not be transferred.

Yes. Section 124 of the Companies Act 2013 applies to “any dividend declared by a company” and under Section 2(35), the term “dividend” includes interim dividend as well as final dividend. Therefore, unclaimed interim dividends are also transferred to IEPF after 7 years, and if a company declares both interim and final dividends in the same year, each has its own separate 7-year clock running from its respective declaration date.

Yes. The qualifying condition for share transfer is the shareholder’s continuous failure to claim dividend for seven consecutive years — irrespective of whether the company declared dividend in each of those seven years. If the company did not declare dividend in certain years but the shareholder had unclaimed amounts from a prior declaration, the 7-year clock for that prior declaration continues to run. The shares will be transferred once 7 consecutive years of unclaimed dividend have elapsed.

No. Under Rule 6(3)(b) of the IEPF Rules, shares that are pledged or hypothecated under the Depositories Act, 1996 at the time of transfer are not required to be transferred to IEPF. Note that this applies specifically to demat shares (where the company receives notice of the pledge through the depository). Once the pledge is revoked, however, the underlying shares must be immediately transferred to IEPF if the 7-year consecutive unclaimed dividend condition is met. Physical share pledges are not considered for this exception.

Shares are not required to be transferred to IEPF even after 7 consecutive years of unclaimed dividend in these circumstances:

• The beneficial owner has encashed any dividend warrant or had dividend credited to their bank account during the last 7 years
• There is a specific order of Court, Tribunal, or statutory Authority restraining any transfer of such shares and payment of dividend
• The shares are subject to pledge or hypothecation under the Depositories Act, 1996 (demat shares only)

Companies must file Form IEPF-3 within 30 days from the end of the financial year, reporting details of any such exempt shares.

Bonus shares issued on original shares that are already in IEPF follow the same treatment. For example, if original shares are transferred to IEPF and later bonus shares are issued on those shares, the bonus shares would also accumulate in the IEPF account as a resulting benefit. The IEPF Rules require companies to credit to IEPF all “resultant benefits arising out of shares held by the IEPF Authority,” including bonus shares, rights shares, and dividends. When the rightful owner claims, they can claim all accumulated benefits.

Yes. The proviso to Section 125 of the Companies Act 2013 explicitly states that any person whose amounts were transferred to IEPF under Section 205C(2) of the Companies Act, 1956 (the predecessor provision) is entitled to claim a refund from the IEPF fund. The amounts that can be claimed from old transfers include: amounts in the unpaid dividend accounts, application money due for refund, matured deposits, and matured debentures. Note: interest on these old amounts cannot be separately claimed.

The Service Request Number (SRN) is a unique identifier generated by the MCA portal upon successful submission of Form IEPF-5. It is critical because: (1) it is the primary reference number for all future correspondence with IEPFA and the company; (2) the company’s Nodal Officer dashboard shows claims under the corresponding SRN; and (3) IEPFA tracks and processes the claim against this SRN. Keep the SRN safe — without it, tracking your claim status becomes significantly harder.

After you send physical documents, your claim appears on the Company’s Nodal Officer Dashboard under “Pending Action.” The company must:

• Verify the claim details against its own records
• Submit an online verification report to IEPF Authority within 30 days of receiving the claim
• If they fail to submit within 30 days, they can still submit later by paying a late fee of ₹50 per day, up to a maximum of ₹2,500

If the verification report and all documents are not received by IEPFA within 60 days of IEPF-5 filing, IEPFA may reject the claim after providing the claimant and company 15 days’ notice to respond.

Under Rule 7 Note, IEPF (AATR) Rules 2016, only one consolidated claim per company in a financial year is allowed. This means if you have multiple years of unclaimed dividends and shares from a single company, all of them must be consolidated into a single IEPF-5 filing. You can, however, file separate claims for different companies in the same financial year — each claim covers one company.

A standard IEPF claim takes approximately 6 months from online submission of IEPF-5 to final credit of shares to your demat account. The key steps and approximate timelines are:

• Company verification report: within 30 days of receipt of physical documents
• IEPFA processing after verification report: 60-90 days
• Sanction order and credit: 2-4 weeks after approval

Delays can occur if the company’s Nodal Officer is slow, if documents are deficient, or if IEPFA requests additional information. Our team proactively follows up at each stage to minimise delays.

Upon approval by IEPF Authority:

• Shares are credited electronically to the claimant’s demat account (the one specified in Form IEPF-5 and CML)
• Unclaimed dividend and cash benefits are credited to the claimant’s bank account via NEFT/electronic transfer

You receive the actual shares (not their cash value), which you can then hold, sell, or transfer as desired. Any benefits accrued while the shares were in IEPF custody (like accumulated dividends or bonus shares that were credited to IEPF’s account) are also transferred to you at the time of claim.

Technically, Form IEPF-5 is described as “self-explanatory” by the IEPFA, and there is no legal requirement to engage a professional. IEPFA also provides assistance at its office and via the helpline. However, in practice, IEPF claims involve: precise document preparation (Indemnity Bond on correct stamp paper, Client Master List, exact document attestation), knowledge of value thresholds for succession certificates, coordination with the company’s Nodal Officer, and follow-up over 6 months. Most claims that fail or get delayed do so because of documentary errors. Professional facilitation significantly reduces rejection risk, which is why most investors choose to work with a specialist like us.

If the company fails to submit its verification report within 30 days, it incurs a late fee of ₹50 per day (up to ₹2,500). If 60 days pass without the verification report and documents reaching IEPFA, the Authority may reject the claim after giving 15 days’ notice. In such cases, you should:

• Raise a complaint through the online ticketing system at www.iepf.gov.in
• Contact the IEPFA helpline at 14453
• File a complaint via CPGRAMS at pgportal.gov.in
• Attend Niveshak Panchayat at IEPFA’s Delhi office (every Monday, 4-6 PM)

We handle all such escalations as part of our service, maintaining follow-up until the claim is resolved.

As per Rule 7(7), IEPF (AATR) Rules 2016: if IEPF Authority finds a claim incomplete or defective, it notifies the claimant and company by email to provide missing information or corrections within 15 days. If the information is requested from the claimant, they must send signed documents to the company’s Nodal Officer for re-verification, after which the company must submit a revised verification report. Failure to comply within the 15-day window may result in claim rejection. Note: as per 2017 amendment rules, for rectification of general document deficiencies, claimants have 90 days from the date of communication.

Yes — serious legal consequences. Under the IEPF (AATR) Rules 2016:

• Any fraudulent claim is deemed to be fraud within the meaning of Section 447 of the Companies Act, 2013, with penalties including imprisonment and fines
• Any person who deceitfully personates an owner of securities to obtain a claim is punishable under Sections 57, 447, and 448 of the Companies Act, 2013

All claims must be made under the claimant’s own signature with accurate information.

An Indemnity Bond is a legal undertaking on non-judicial stamp paper (the requisite value varies by state — typically ₹100-₹500) that indemnifies the Registrar and Transfer Agent (RTA) or Issuer Company against any third-party claims arising from the share transfer. For IEPF claims:

• An auto-generated Indemnity Bond (pre-filled with your name, number of shares, and dividend amount) is created when you submit IEPF-5 online
• This auto-generated bond must be printed, signed by all claimants, and submitted to the company’s Nodal Officer
• For lost certificate cases, a separate Indemnity Bond is required as part of the Schedule III documents

The stamp paper value and notarisation requirements may vary depending on the state where the bond is executed.

Yes, a demat account is mandatory. When IEPF approves your claim, shares are transferred electronically to your demat account — there is no physical certificate issuance. You must have a demat account opened with any Depository Participant (registered with NSDL or CDSL) before your claim can be processed. If you do not have one, you should open it before filing IEPF-5. We can guide you through the DP account opening process as part of our service.

For IEPF claims, the following KYC/OVD (Officially Valid Documents) are accepted:

• Proof of Identity: Passport / Voter ID Card / Driving Licence / Proof of possession of Aadhaar / NREGA Job Card / Letter issued by National Population Register (NPR) — any one
• Proof of Address: Same OVDs as above, or a deemed OVD for the limited purpose of address proof
• PAN Card — mandatory for all claimants

PAN is particularly important because IEPF verifies claimant identity against PAN records. Any mismatch between your PAN details and company shareholder records is a primary reason for rejection.

Name mismatches are handled differently depending on severity:

Minor Mismatch (abbreviations, spelling variations, e.g., “Suresh K. Sharma” vs “Suresh Kumar Sharma”): Submit an Affidavit along with a self-attested copy of any identity proof to the RTA. The affidavit should clarify the name variation. Submit these with your service request.

Major Mismatch / Formal Name Change:

• Name change due to marriage: Marriage certificate OR copy of valid passport showing spouse’s name
• Name change for other reasons: Publication of name change in the Official Gazette

Note: Name corrections should ideally be resolved at the RTA level before filing IEPF-5, as unresolved mismatches are a leading cause of rejection.

Yes — physical submission is mandatory. Even after filing Form IEPF-5 online and generating the SRN, you must physically send original signed documents to the company’s Nodal Officer (IEPF) at the company’s registered office. The package must include the signed IEPF-5 form, Indemnity Bond, acknowledgement, and all supporting documents. After sending, obtain and upload the postal dispatch receipt on the MCA portal as proof. Without physical document receipt by the company’s Nodal Officer, the claim cannot proceed.

For jointly held shares, the IEPF-5 must be filed by the first holder (or all holders as appropriate). The Client Master List must be attested by all claimants in case of joint holding, and by the Depository Participant. The Indemnity Bond must also be signed by all claimants and witnesses. If the order of names needs to be changed (transposition), a separate transposition form is required along with the IEPF-5 filing.

Although Rule 5(6)(c) of the IEPF Rules specifies that companies must maintain records in Form IEPF-1 with supporting documents, it does not prescribe an explicit duration. Given that claimants can claim shares from IEPF at any point in time — even decades later — and the IEPF Authority has the power to inspect company records, it is widely interpreted that these records must be preserved permanently. Companies should maintain original share certificate copies, transfer records, and IEPF-related forms indefinitely.

For shares held singly with a registered nominee (per Schedule II, IEPF Rules):

• Transmission request form — signed by the claimant (nominee)
• Death certificate of the deceased (self-attested by claimant)
• Self-attested PAN card of the nominee
• Original share certificate (sent to company) or Transaction Statement certified by DP (for demat shares)
• Government-issued ID of the nominee

Once transmission is complete and shares are in the nominee’s name, the IEPF-5 claim can be filed.

For shares held singly without a nominee, all documents from the “with nominee” case apply, plus an Affidavit from all legal heirs on non-judicial stamp paper affirming identification and claim of legal ownership. The additional documents differ based on value:

A Succession Certificate is a court-issued certificate under the Indian Succession Act, 1925 that grants the holder the authority to receive or transfer the securities of the deceased person. It is typically required when shares are of high value (physical > ₹5 lakh per issuer or demat > ₹15 lakh) and where there is no will, probate, or letter of administration. When a copy of Will is submitted, it must be accompanied by a notarised Indemnity Bond. When a legal heir certificate from a Tahsildar or equivalent authority is submitted, it must be accompanied by a notarised Indemnity Bond AND a No Objection Certificate (NOC) from all other legal heirs, duly attested by a notary or gazetted officer.

A legal heir or nominee can file Form IEPF-5 as a claimant even if shares were in the deceased’s name. Under Rule 7(8), IEPF (AATR) Rules 2019 Amendment, the claimant must submit self-attested scanned copies of all documents in Schedule II (transmission documents) along with the online IEPF-5 form, and physically send all documents to the company’s Nodal Officer. The company must still complete the transmission process verification as part of its verification report. In practice, it is strongly advisable to complete transmission at the RTA level before filing IEPF-5 to avoid complications.

If there is a court case or family dispute regarding the shares, the company should not transfer the shares to IEPF if there is a specific order of Court or Tribunal restraining transfer and payment of dividend. Without a court order, the shares may still be transferred to IEPF on their due date. In that case, any legal heir can file IEPF-5 — but IEPF Authority will require all legal heirs to be aligned (e.g., through an NOC or family settlement deed) before approving the claim. For contested estates, a succession certificate from a competent court is the cleanest path.

For jointly held shares, the surviving holder(s) become the primary claimants. The process is:

• If held jointly with nomination: Surviving holder submits the same documents as single holding with nomination (death certificate, PAN, transmission form, share certificate, nominee ID)
• If held jointly without nomination: Same documents plus an Affidavit from all legal heirs, with value thresholds applying (same as single holding without nomination)

The surviving holder’s name then becomes the sole registered holder, after which an IEPF-5 claim can be filed.

This is a grey area in the law. The IEPF Rules restrict transfer in certain specific cases (court orders, pledges) but are silent on pending transmission cases. Many practitioners take the view that companies may exercise discretion to delay IEPF transfer until transmission is complete, given that the legal heir cannot claim the dividend in the deceased’s name. Even if shares are transferred to IEPF before transmission is complete, the legal heir can still claim them from IEPF — they complete transmission and then file IEPF-5 as the duly transmitted shareholder.

If the registered nominee has also passed away, the legal heirs of the original shareholder must approach the company (and later IEPF, if shares were transferred) with the following: Death certificate of the shareholder, death certificate of the nominee, succession certificate or legal heir certificate, and supporting KYC documents of the claimant legal heir. The claim proceeds on the basis of succession law, as if there were no nomination in place.

The dematerialisation process (physical to demat) works as follows:

1. Open a demat account with a registered Depository Participant (DP) if you don’t already have one
2. Fill a Dematerialisation Request Form (DRF) provided by your DP
3. Submit the DRF along with the original physical share certificates (defaced with “Surrendered for Dematerialisation” written on them) to your DP
4. Your DP submits the request to the depository (NSDL or CDSL) which coordinates with the company’s RTA
5. After verification, the physical certificates are cancelled and equivalent electronic shares are credited to your demat account — typically within 15-30 days

We help clients complete this process, especially where there are complications like name mismatches, deceased holders, or missing signatures.

Under Schedule III of the IEPF (AATR) Rules, 2016, the claimant must provide:

• Self-attested copy of FIR or police complaint containing details of the security holder, holdings, folio number, and distinctive share certificate numbers — mandatory only if the market value exceeds ₹5,00,000
• Indemnity Bond by the security holder on non-judicial stamp paper (requisite value), duly attested by Notary Public, stating they have not sold or transferred the securities
• Copy of public notice/advertisement published in a widely circulated newspaper about the loss — required if market value exceeds ₹5,00,000

The market value of listed securities is determined based on the closing price at any recognised stock exchange on the day before the application date. For unlisted securities, value is the face value or maturity value, whichever is higher.

The FIR (or police complaint) is only required under Schedule III of IEPF Rules if the market value of the lost securities exceeds ₹5,00,000. For lower-value securities, the Indemnity Bond on non-judicial stamp paper is sufficient, along with the other standard documents. The newspaper publication is also only required for securities exceeding ₹5,00,000 in value. For NRIs specifically, a notarized, apostilled, or consularised self-declaration can replace the FIR — see the NRI section below.

When a company transfers physical shares to IEPF, it first authorises the Company Secretary (or any authorized person) to apply for new share certificates on behalf of shareholders. New share certificates are issued specifically stating “Issued in lieu of share certificate No. … for purpose of transfer to IEPF,” and then the company initiates a corporate action through the depository to dematerialise these new certificates into IEPF’s demat account. So even though original certificates were physical, the IEPF holds the shares electronically. When you claim, shares are credited electronically to your demat account regardless of the original form.

A newspaper publication is required under Schedule III of the IEPF (AATR) Rules only if the market value of the lost securities exceeds ₹5,00,000. The advertisement should be in a widely circulated newspaper and should mention the loss of the specific securities. For lower-value securities, no newspaper publication is required — the Indemnity Bond alone suffices. For NRIs, the apostille/consularised declaration replaces the FIR but does not replace the newspaper publication requirement for high-value securities.

Yes. If shares have not yet been transferred to IEPF, you can apply to the company’s RTA for a duplicate share certificate. The application requires an FIR (if value > ₹5 lakh), an Indemnity Bond on stamp paper, a newspaper advertisement (if value > ₹5 lakh), and a fee (varies by company). Once a duplicate certificate is issued, you can then dematerialise it or use it for dividend claim and IEPF processes. We handle duplicate certificate applications as part of our service offering.

NRIs require the same mandatory documents as resident Indians, plus:

• Self-attested copy of a valid Indian passport
• Proof of overseas address (utility bill, bank statement, or overseas ID)
• For lost certificates (value > ₹5 lakh): Instead of an FIR, a notarized, apostilled, or consularised self-declaration regarding the loss, theft, or misplacement of securities

Additionally, since dividends will be credited to your Indian bank account, ensure your NRO or NRE bank account details (with IFSC code) are correctly provided in Form IEPF-5.

An apostille is a form of authentication issued under the 1961 Hague Convention that certifies the authenticity of a notarized document for use in another signatory country. An apostilled declaration means you prepare a self-declaration (about the loss of your share certificate), get it notarised by a local notary in your country of residence, and then obtain an apostille stamp from the competent authority (varies by country — often the Secretary of State, FCDO, or Ministry of Foreign Affairs). For countries not part of the Hague Convention, consular authentication by the Indian Embassy or High Commission is used instead.

The Form IEPF-5 can be filed online from anywhere in the world. However, the physical documents must ultimately reach the company’s Nodal Officer in India — which can be managed by courier. The Indemnity Bond and other documents must be signed by the claimant; if you are abroad, these need to be executed and then courier-sent to India. Many NRI clients work with us as their representatives in India to handle the document dispatch, coordination with the company’s Nodal Officer, and follow-up — enabling the entire claim to be managed remotely.

The recovered dividend amount is credited electronically (NEFT) to the Indian bank account specified in Form IEPF-5. NRIs can use either a Non-Resident External (NRE) account (freely repatriable) or a Non-Resident Ordinary (NRO) account (limited repatriation per RBI rules). The bank account must match the account details in your Client Master List. Dividend income recovered from IEPF is generally treated as income from Indian sources for tax purposes — consult a tax advisor for your specific jurisdiction.

The value of lost securities for determining document requirements is calculated as follows:

• For listed securities: Based on the closing price at any recognised stock exchange (BSE or NSE) on the day before the application date
• For unlisted securities: Based on the face value or maturity value, whichever is higher

The applicant (NRI claimant) quantifies this value themselves in the application. This value determines whether the FIR/apostilled declaration threshold (₹5 lakh) applies and whether a newspaper advertisement is required.

Yes, NRI IEPF claims tend to be more complex for several reasons:

• Documents must be obtained, notarised, and apostilled from overseas — each country has a different process
• NRI shareholders often have outdated contact details in company records (Indian mobile numbers, old addresses)
• Physical document dispatch to India involves international courier and tracking
• Bank account verification may require additional NRO/NRE account documentation
• Inheritance cases involving overseas probate or foreign succession documents add another layer

Our team specifically handles NRI claims and has a structured process for the US, UK, Canada, Australia, UAE, Singapore, and European jurisdictions.

Yes. Under Rule 6(6) of the IEPF Rules, voting rights on shares transferred to IEPF are frozen until the rightful owner claims the shares. However, there is an important exception: for the purpose of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, shares held by IEPF are not excluded when calculating total voting rights. This means: for general company voting, IEPF shares don’t count; but for SEBI takeover threshold calculations, they do count. Voting rights are restored as soon as the claimant’s application is approved and shares are transferred back to their demat account.

No. IEPF cannot exercise voting rights on the shares it holds in custody. Voting rights remain frozen — neither the original shareholder nor IEPF can vote those shares — until the rightful owner reclaims them. The shares are excluded from total voting rights calculations for ordinary general meeting purposes. This frozen status is an explicit provision of Rule 6(6) of the IEPF (AATR) Rules, 2016.

All benefits accruing on shares held in IEPF — including dividends declared after the transfer, bonus shares, rights entitlements, and other corporate actions — are credited to the IEPF’s accounts. Companies are required to credit IEPF with all such “resultant benefits arising out of shares held by the IEPF Authority.” When the rightful owner successfully claims the shares, these accumulated benefits are also returned to them along with the principal shares. So if a company declared a bonus issue while your shares were in IEPF, you get the bonus shares too when you claim.

No. IEPF cannot re-transfer shares proactively — a rightful owner must file Form IEPF-5 requesting the transfer. The only exceptions where IEPF may surrender shares without a claim are: (1) if the company whose shares are held by IEPF is being wound up, or (2) if the company is being delisted, in which case IEPF surrenders shares under SEBI (Delisting of Equity Shares) Regulations on behalf of the shareholders. Proceeds from such surrenders are credited to IEPF’s designated accounts, separately tracked, and remain claimable.

Voting rights are restored as soon as the IEPF Authority approves the claim and shares are transferred to the claimant’s demat account. Importantly, voting rights are not restored merely on application — the shareholder must wait until the claim is fully approved and shares credited. Until then, even if a company general meeting is held during the pendency of the application, the claimant cannot vote those shares. Once shares are in your demat account, you have full ownership, voting, and transfer rights.

Yes — there is no bar on re-filing after a rejection. Once the deficiencies are identified and rectified (PAN corrected, missing documents obtained, succession documents arranged), you can file a fresh IEPF-5. Remember the one-claim-per-company-per-financial-year rule: if you already filed in the current financial year (April-March), you may need to wait until the next financial year for the new filing. Before re-filing, address all deficiencies flagged in IEPFA’s rejection communication to avoid a repeat.

Under Rule 7(3), IEPF (AATR) Rules 2016: If the verification report and documents are not received by IEPFA within 60 days of IEPF-5 filing, the Authority may reject the claim. Before rejecting, IEPFA sends communication to both the claimant and the company (at their registered email) asking them to respond within 15 days. Companies that fail to file on time face a late fee of ₹50/day (up to ₹2,500 for filing between 30-60 days). Companies and their Nodal Officers who persistently fail to comply are punishable under the Companies Act provisions.

IEPFA provides six channels for grievance redressal:

• Online Ticketing System: www.iepf.gov.in → Services → Raise Ticket → Create Service Related Complaints (primary channel)
• PRO Helpdesk: Visit IEPFA Head Office, New Delhi, Mon-Fri 9:30am-3:30pm
• IVRS Call Centre: Dial 14453, Mon-Fri 9:00am-5:30pm (11 languages)
• Niveshak Panchayat: Every Monday 4:00pm-6:00pm at IEPFA Head Office, led by CEO
• CPGRAMS: pgportal.gov.in — for complaints against government authorities
• Social Media: IEPFA is active on X (Twitter), Facebook, Instagram, and LinkedIn

Note: Email-based complaints have been discontinued. Use the ticketing system or helpline.

CPGRAMS (Centralised Public Grievance Redress and Monitoring System) is a national online platform at pgportal.gov.in that allows citizens to file grievances against any central or state government department. For IEPF-related grievances, you can file a complaint against the Ministry of Corporate Affairs / IEPFA through this portal. CPGRAMS is typically used as an escalation channel when the primary IEPFA ticketing system does not resolve the issue within a reasonable time. Government departments are required to respond to CPGRAMS complaints within defined timelines.

Under Rule 7(11a), IEPF (AATR) Rules 2016: The company is liable under all circumstances to indemnify the IEPF Authority in case of any dispute or lawsuit arising from any incongruity or inconsistency in the verification report. The IEPF Authority is not liable for any discrepancy in verification reports submitted by companies. If you believe the company has submitted an incorrect or adverse verification report, you should:

• Raise a complaint via the IEPFA ticketing system citing the SRN and nature of discrepancy
• Contact the company’s Nodal Officer directly for clarification
• Attend Niveshak Panchayat to escalate to IEPFA leadership

For straightforward claims — where the original shareholder is alive, documents are in order, and PAN details match — self-filing is feasible. However, professional guidance significantly improves outcomes for complex situations including:

• Deceased shareholders with multiple legal heirs or no nomination
• High-value securities requiring succession certificates
• Lost share certificates above ₹5 lakh in value
• NRI claimants requiring apostille documentation
• Name mismatches between documents and company records
• Claims stuck due to company Nodal Officer non-responsiveness
• Claims spanning multiple companies or multiple deceased generations

We offer a free initial consultation to assess your claim complexity and advise accordingly.

Fraudulent IEPF claims carry severe penalties under the Companies Act, 2013:

• Any fraudulent claim is deemed fraud under Section 447 — punishable with imprisonment of 6 months to 10 years and/or a fine of up to 3 times the amount involved
• Personation of a shareholder (pretending to be someone else) is additionally punishable under Sections 57 and 448 of the Act

All Form IEPF-5 filings are made under the claimant’s own signature, and companies independently verify claims against their records before IEPFA approves any transfer.

Under Rule 6(3)(a) of the IEPF Rules: Companies must inform shareholders at their latest available address, three months before the due date of transfer of shares. Simultaneously, a newspaper advertisement must be published in leading English and regional language newspapers (with wide circulation) informing shareholders that their names, folio/DP-Client ID, and the company’s website address are available on the company’s website — where shareholders can find details of shares due for transfer. This gives shareholders a last chance to claim their dividends and prevent the share transfer.

Under Section 124(7), Companies Act 2013:

• Company: Fine of not less than ₹5 lakh, extendable to ₹25 lakh
• Every officer in default: Fine of not less than ₹1 lakh, extendable to ₹5 lakh

Additionally, if the company fails to transfer unclaimed dividend to the Unpaid Dividend Account within 7 days, it pays interest at 12% per annum from the date of default — with that interest inuring to the benefit of shareholders proportionally. IEPFA furnishes reports to the Central Government on non-compliance when it comes to their knowledge.

For demat shares, companies must inform their depository (NSDL or CDSL) by way of a corporate action. The depository then effects the transfer in favour of IEPF Authority’s demat accounts:

• NSDL: DP ID: IN300708 | Client ID: 10656671 (via Punjab National Bank)
• CDSL: DP ID: 12047200 | Client ID: 13676780 (via SBICAP Securities Limited)

Companies do not need to sign delivery instruction slips for demat transfers — the corporate action route through the depository handles this directly. For physical shares, new share certificates must be issued before conversion to demat.

In cases of merger or amalgamation, the transferee company (the surviving entity) becomes responsible for the IEPF obligations of the transferor company. Since the transferor company ceases to exist post-merger, all unclaimed dividends and underlying shares from the transferor’s shareholders must be transferred to IEPF by the transferee. The claim by a shareholder of the merged company must be filed by referencing the transferee company (the surviving company), whose Nodal Officer will handle verification.

Cash benefits arising from IEPF-held shares must be transferred to specific IEPF bank accounts:

• Dividends on IEPF shares: Credited to IEPF’s bank account with Punjab National Bank (PNB), Sansad Marg, New Delhi
• Delisting proceeds: Credited to the same PNB account after IEPF surrenders shares during a delisting
• Winding-up proceeds: Proceeds from shares surrendered during a company’s winding-up are also credited separately

Separate ledger accounts are maintained for each type of benefit. When a claimant successfully claims shares, all accumulated cash benefits in the corresponding ledger are also transferred to the claimant’s bank account.