IEPF & Unlisted Shares FAQs
Get answers to all your doubts in one place
IEPF Basics
Unlisted Shares Basics
What is the IEPF?
The Indian government launched the Investor Education and Protection Fund (IEPF) to preserve investors’ interests and resolve unclaimed dividends and shares.
Why are shares or dividends transferred to IEPF?
If dividends remain unclaimed for 7 consecutive years, the corresponding shares are also transferred to the IEPF as per Companies Act, 2013.
Who manages the IEPF?
Under the Ministry of Corporate Affairs (MCA), manages the fund and related claims.
Which assets get transferred to IEPF?
Unclaimed dividends, matured deposits/debentures, application money due for refund, and shares.
What are unlisted shares?
Unlisted shares are equity shares of companies that are not listed on any recognized stock exchange such as NSE or BSE. These shares are traded privately through over-the-counter (OTC) markets or intermediaries.
Are unlisted shares safe to invest in?
Investing in unlisted shares can be profitable but carries higher risk due to lower liquidity, limited financial disclosures, and the absence of regulatory oversight compared to listed stocks. Proper due diligence is essential.
Is there any lock-in period for unlisted shares?
Some unlisted shares, especially those acquired in pre-IPO rounds, may have a lock-in period as per SEBI guidelines post-IPO. Otherwise, general private transfers are subject to company bylaws.
Why do companies have unlisted shares?
Many private companies choose to remain unlisted to avoid regulatory compliance and maintain control. Startups, pre-IPO firms, and family-owned businesses often issue unlisted shares.
Claim Eligibility & Process
Documents & Requirements
Who can claim shares from IEPF?
The rightful shareholder, legal heir, nominee, or their authorized representative can claim.
How can I claim my unclaimed shares or dividends from IEPF?
You need to file Form IEPF-5 online and then submit required documents to the company and IEPF Authority.
Is there a time limit to claim from IEPF?
No, claims can be made at any time, even after the transfer. But earlier claims are easier to process.
Can I claim IEPF shares online?
 The initial IEPF-5 form is filed online, but physical document submission is also required afterward.
Is there any fee for filing IEPF claims?
 No, the filing of Form IEPF-5 is free of cost.
Who is eligible to claim unlisted shares?
Unlisted shares can be claimed by the original shareholder, their legal heir, nominee, or a duly authorized representative. In case the shareholder is deceased, the legal heir must provide succession-related documents such as a death certificate, legal heir certificate, and proof of relationship to initiate the claim process.
How can I claim unlisted shares that belong to a deceased family member?
To claim unlisted shares of a deceased family member, the legal heir or nominee needs to submit documents like the shareholder’s death certificate, legal heir certificate or succession certificate, ID proofs, and a request letter to the company or its registrar. In some cases, the company may also require a notarized indemnity bond or NOC from other legal heirs before processing the transfer.
What is the general process for claiming unlisted shares?
The process typically starts with identifying the company and verifying shareholding details. Once the documentation is complete—including identity proof, address proof, demat details, and relevant succession documents—the claim is submitted to the company or its RTA. After verification, the shares are either transferred to the claimant’s demat account or reissued, depending on the company’s procedures.
What documents are required for IEPF claim?
PAN, Aadhaar, shareholding proof, original share certificates (if available), death certificate (for legal heir), indemnity bond, etc.
Do I need a succession certificate or legal heir certificate?
Yes, if claiming as a legal heir or nominee. In some cases, a probate of the will may also be required.
How long does it take to get shares back from IEPF?
 On average, 3 to 6 months depending on the company, documentation, and authority’s processing time.
What happens if there is a name mismatch or signature difference?
You will need to provide affidavits, newspaper ads, or verification from a notary/public authority.
Is PAN required for unlisted share transactions?
 Yes, PAN is mandatory for all unlisted share transactions and KYC is required as per SEBI norms.
What documents are needed to buy unlisted shares?
To buy unlisted shares, you typically need a copy of your PAN card, Aadhaar card (or other valid address proof), a recent passport-size photograph, and a copy of your demat account statement. If the transaction is being facilitated through an intermediary, you may also be required to sign a client agreement and provide a declaration of source of funds.
Is it mandatory to have a demat account to hold unlisted shares?
Yes, in most cases, unlisted shares are transferred in dematerialized (demat) form, so having a demat account is essential. The shares are credited directly to your demat account after the transfer is processed. If the shares are in physical form, the company’s registrar may facilitate their dematerialization upon request.
What is the process of transferring unlisted shares from one person to another?
The transfer of unlisted shares requires execution of a Share Transfer Deed (Form SH-4) signed by both the buyer and the seller. The deed, along with supporting documents like PAN cards and identity proofs, is submitted to the company or its registrar. Once approved, the company updates its shareholder register and the shares are transferred accordingly.
IEPF Shares & Dividends
Professional & Legal Help
Can I claim only the shares or also past dividends?
You can claim both shares and unclaimed dividends that were transferred to IEPF
What happens to my shares after they are transferred to IEPF?
They are held in the name of IEPF Authority in demat form until successfully claimed.
Can I transfer or sell IEPF shares?
Not until the shares are claimed back and transferred into your personal demat account.
What if I’ve lost my share certificate?
You can still file a claim but must provide a surety bond and police FIR or indemnity bond.
Can I hire a professional to help with my IEPF claim?
Yes, companies like Care4Share offer end-to-end IEPF claim assistance for individuals and families
Is it safe to share my personal documents with consultants?
Only share your documents with registered and trusted professionals. Check for data privacy practices.
I need a lawyer or advisor to claim unlisted shares.
Yes, taking help from a legal or financial advisor ensures that the claim process is smooth, accurate, and compliant with all necessary regulations.
Professional services can help locate or recover old unlisted shares.
Absolutely, expert firms specialize in tracing old unlisted shares, verifying ownership, and handling the complete recovery process on your behalf.