Unclaimed Wealth

A Provident Fund (PF) is a retirement savings scheme where both the employer and employee contribute equally each month. The accumulated amount, along with compound interest, can be withdrawn upon retirement, after two months of changing jobs or partially, for purposes like medical expenses, education, or home purchase.

Additionally, the Employees’ Pension Scheme (EPS) provides eligible retirees with a monthly pension. Rules and regulations may vary by country, so it’s important to check the applicable policies.

If a provident fund remains unclaimed for 36 months after an employee turns 55 years old, it is classified as an "Inoperative Provident Fund."  If left unclaimed for 7 years, it is transferred to the Senior Citizen Welfare Fund (SCWF). Unclaimed PFs in the SCWF must be claimed within 25 yearsbefore they become non-recoverable.These funds accumulate employee and employer contributions over the years to ensure financial security post-retirement.

Provident funds become unclaimed due to:

• Change of Address – Employees may shift residences without updating their contact details.
• Job Change Oversight – Employees forget to transfer their PF when switching jobs.
• Lack of Awareness – Some employees are unaware of their PF benefits or forget about them.
• Employee’s Death – Family members may not know about the PF account or how to claim it.

Documents Required to Recover an Unclaimed Provident Fund:

• Universal Account Number (UAN) of the Employee
• Identity Proof (Aadhar card, passport, or driver’s license)
• Address Proof (Utility bill, rental agreement, or voter ID)
• Employment Details (Salary slips, Form 16, or employment records)

Can an Unclaimed Provident Fund Be Recovered If the Account Holder Has Passed Away?

Yes! Legal heirs or beneficiaries can claim unclaimed PFs by submitting the necessary legal documents.

We offer expert guidance in recovering unclaimed provident funds by:

• Initiating the claim process on your behalf.
• Liaising with relevant authorities, including company HR departments and EPFO.
• Ensuring compliance with all legal requirements.
• Facilitating communication between claimants and authorities.
• Providing end-to-end support for a smooth, hassle-free recovery.

The Investor Education and Protection Fund (IEPF) is an initiative by the Government of India, under the Ministry of Corporate Affairs (MCA), designed to safeguard investors' interests. The IEPF Authority manages unclaimed dividends, shares, deposits, and other financial assets transferred to it under the Companies Act, 2013. Investors can reclaim their transferred shares and dividends by following a structured claim process.

If a company declares dividends but they remain unclaimed for seven consecutive years, both the dividends and corresponding shares are transferred to the IEPF Authority.

Common reasons for unclaimed dividends include:
✔️ Inoperative or dormant bank accounts linked to Demat accounts
✔️ Shareholders forgetting to update their banking or contact details

Investors or legal heirs can reclaim their shares and dividends by following these steps:

1.  Submit Form IEPF-5 Online 

o  Visit www.iepf.gov.in and fill out Form IEPF-5 with the required details.

2.  Send Physical Documents to the Company 

o  Take a printout of the submitted form and send it, along with supporting documents, to the Nodal Officer of the concerned company for verification.

3.  Company Verification 

o  The company verifies the claim and submits its report to the IEPF Authority.

4.  IEPF Authority Approval 

o  Once verified, the IEPF Authority processes the claim and credits the shares/dividends to the claimant’s Demat account.

Documents Required for IEPF Claim  

To successfully process your claim, submit the following documents along with Form IEPF-5:

• Acknowledgment Slip – Printout of the online submission with a Unique Serial Number (SRN)
• Indemnity Bond – Signed original bond by the claimant
• Advance Stamped Receipt – Signed by the claimant and witnesses, affixed with a revenue stamp
• Original Share/Debenture Certificate (for physical securities) OR Transaction Statement (for Demat securities)
• Self-attested Aadhaar Card copy (or any government-issued ID)
  Proof of Entitlement – Share certificate, dividend warrant, or application number
• Cancelled Cheque – To verify bank details

Additional Requirements for NRIs & Foreign Investors:
- Passport Copy (self-attested)
- OCI/PIO Card Copy (if applicable)

Duplicate issuance of shares, also known as duplicate share certificate issuance, is the process of obtaining a replacement share certificatewhen the original has been lost, stolen, damaged, or rendered unusable. This ensures that shareholders retain their ownership rights in the company.

As per Company Law regulations, companies must issue duplicate share certificates within 36 working days. The process includes:

- First 15 days – The company publishes a newspaper advertisement regarding the lost shares and accepts objections, if any.
-  Next 21 days – If all submitted documents are in order, the company issues duplicate shares.
- If discrepancies arise, the process may take longer.

Yes, if physical share certificates are lost or stolen, shareholders must file a police complaint or a general diary report at the nearest police station where the loss occurred.

Example: If a shareholder from Delhi loses their shares while traveling to Hyderabad, they must file a report in Hyderabad. Some police stations also offer online complaint filing.

Yes, a newspaper advertisement in the Lost & Found section is required for lost shares. As per SEBI regulations, advertisements are only mandatory if the share value exceeds ₹5 lakh.

For IEPF claim cases, advertisements must be published in both English and the local language based on the company's registered office location.

- Example: If a Kolkata resident loses Reliance shares, they must publish an advertisement in English & Marathi newspapers circulated in Mumbai (Maharashtra), where Reliance's registered office is located.

Do Duplicate Shares Come in Physical Form?

• No, as per SEBI’s latest guidelines, companies no longer issue duplicate shares in physical form. 
• Instead, they provide a Letter of Confirmation (LOC), which shareholders must submit to their Depository Participant (DP) for dematerialization within 120 days.

For help with duplicate share issuance, police complaints, or dematerialisation, consult an expert or visit the company’s investor services section.

Transmission of shares refers to the transfer of ownership of shares from a deceased shareholder to their legal heirs or beneficiaries. This process ensures that the rightful successors inherit the shares after the shareholder’s passing.

To complete the transmission process, the following legal documents may be required:

• Legal Heir Certificate (Issued by SDM/Tehsil Office)
• Succession Certificate (Issued by Court)
• Probate of Will (Issued by Court)
• Letter of Administration (Issued by Court)

Legal Document Requirements Based on Share Value:

For Physical and DEMAT Shares:

Below ₹15 Lakhs – Legal Heir Certificate
Above ₹15 Lakhs – Succession Certificate / Probate of Will / Letter of Administration

Yes, if physical share certificates are lost or stolen, shareholders must file a police complaint or a general diary report at the nearest police station where the loss occurred.

Example: If a shareholder from Delhi loses their shares while traveling to Hyderabad, they must file a report in Hyderabad. Some police stations also offer online complaint filing.

Probate of Will – Issued when the deceased left a Will; only the assets mentioned in the Will are transferred to beneficiaries. Beneficiaries in Probate – Can be individuals or entities.

Succession Certificate – Issued when the deceased did not leave a Will; covers all assets of the deceased and can be claimed only by legal heirs.
Beneficiaries in Succession Certificate – Only legal heirs (as per the Indian Succession Act, 1925).

How to Obtain a Legal Heir Certificate?

• Issued by the Revenue Department in the district where the deceased resided.
• In metropolitan cities, it is issued by the SDM office.
• In non-metropolitan cities, it is issued by the Tehsil office.
• Also known as Surviving Member Certificate in some regions.

How to Obtain a Succession Certificate?

• File a petition in the Civil Court where the deceased last resided.
• Prepare & verify the petition, then submit it to the district judge along with the required court fees.
• The court issues a summons to the concerned parties for verification.
• Once the claim is verified, the court grants the Succession Certificate.

Unclaimed mutual funds refer to investments in mutual fund schemes that have not been accessed or claimed by investors for a prolonged period. These funds may originate from:

• Uncollected dividends
• Unredeemed investments
• Dormant mutual fund accounts

Mutual fund companies are required to park unclaimed cash in specific liquid funds, ensuring funds remain available for investors to claim.

Mutual funds can go unclaimed due to:

• Inactive Accounts – Investors fail to update contact details, leading to lost communication.
• Unclaimed Dividends – Investors forget to collect dividends or redemptions.
• Forgotten Investments – Lack of regular monitoring results in ignored holdings.
• Deceased Investors – If heirs are unaware of investments or no nominee is registered, funds remain unclaimed.

To reclaim unclaimed mutual funds, follow these steps:
1. Identify Your Unclaimed Mutual Funds – Check old investment records and statements.
2. Contact the Mutual Fund Company or RTA – Request information about the claiming process.
3. Submit Required Documents – Provide KYC details, proof of identity, address proof, and a claim form to the mutual fund company or Registrar & Transfer Agent (RTA).
4. Verification & Fund Transfer – Once documents are verified, funds are credited to your bank account.

Note:

• Unclaimed funds, including any accumulated interest, are available for three years from the redemption or dividend date.
• After three years, they are transferred to the Investors’ Protection Fund but can still be claimed by eligible investors.

• Proof of Identity (PoI) – Aadhar card, passport, voter ID, or PAN card.
• Proof of Address (PoA) – Aadhar card, passport, voter ID, utility bill, or rental agreement.
• Claim Form – Provided by the respective mutual fund company.

Legal Heirship Documents (if claiming on behalf of a deceased investor):

• Death Certificate (certified copy)
• Legal Heirship Certificate (if no nominee is registered)

Unclaimed insurance policies refer to policies that have not been accessed or claimed by policyholders or beneficiaries for an extended period. These may include:

• Life Insurance
• Health Insurance
• Property Insurance
• Other types of insurance contracts

These policies often remain unclaimed due to lack of awareness, forgotten investments, or missing policy details. Unclaimed policies may hold valuable benefits such as:

• Death benefits
• Maturity benefits
• Surrender value
• Dividends and accrued interest

If left unclaimed for too long, insurance companies may classify these policies as dormant or abandoned.

Insurance policies become unclaimed for various reasons, including:

• Lack of Awareness – Policyholders may forget about their policies, especially if purchased long ago.
• Change of Contact Details – Failing to update addresses or phone numbers can result in missed premium payment reminders or maturity notifications.
• Policyholder's Demise – If beneficiaries are unaware of the policy or cannot locate the documents, benefits may remain unclaimed.
• Relocation or Migration – Moving to a new location without updating insurance records leads to lost communication.
• Policy Lapse – If premiums are unpaid, policies may lapse, preventing access to benefits.
• Unclaimed Death Benefits – Beneficiaries may not be aware of their entitlement to insurance proceeds after the insured's passing.

To find out if you have any unclaimed insurance policies:

1. Review Your Records – Check old policy documents and premium payment receipts.
2. Search Online – As per IRDAI regulations, insurance companies must display a database of unclaimed policies on their websites. You can search by entering:
- Name
- Date of Birth (DOB)
- Policy Number
3. Contact the Insurance Provider – Reach out to the insurance company directly for assistance.

Tip: Regularly updating records and nominee details can prevent your policies from becoming unclaimed.

While specific requirements may vary, common documents include:

• Original Policy Documents
• Proof of Identity (Aadhar card, passport, or driver's license)
• Proof of Address (Utility bill, rental agreement, or voter ID)
• Death Certificate (If claiming on behalf of a deceased policyholder)
• Legal Heirship Certificate / Succession Certificate (If no nominee is mentioned)

Yes. Beneficiaries or legal heirs can claim the benefits by submitting the required documents. The insurance company will verify the details and disburse the claim to the rightful party.

Pro Tip: Ensure your family members are aware of your insurance policies to avoid complications in the future.