When you look at the general insurance market in India, one company you just can’t ignore is ICICI Lombard General Insurance Company. ICICI Lombard started in 2001 and has grown quickly along with India’s insurance industry. A significant milestone came in 2017 when ICICI Lombard launched its IPO. It became India’s first general insurance company to achieve this milestone. That move made it the most prominent private general insurer in the country.
However, while ICICI Lombard’s journey has been marked by success, many investors have a different story to tell. Some people forgot about their shares or had not collected their dividends for years. When this happens, the government rules say these shares must go to the Investor Education and Protection Fund (IEPF). This rule is designed to protect investors and ensure that no money remains unused indefinitely.
If you or your family have old ICICI Lombard shares that have been transferred to the IEPF, don’t worry. Because you can still claim them. To some people, it may seem tricky, but once you understand the steps, it becomes quite simple. So let’s break it down step by step.
Requirements to Claim Your Shares
Before you file any papers, there are a few things you must have. These basic requirements help you make sure you are eligible to claim the shares back from ICICI Lombard.
Completed 7 Years in IEPF
Your shares must have been with the IEPF for at least seven years. So, if you didn’t claim your dividends for seven consecutive years, then your shares were probably transferred.
Legal Clean Slate
There should be no disputes or legal issues attached to the shares. If there’s an ongoing court case about who owns them, you will need to resolve that first.
Valid PAN Card
You’ll need to prove your identity. A valid PAN card is essential for that. It is the primary ID the government uses to match your details. If you don’t have one, you will need to apply for it now, as you cannot proceed without it.
Address Proof
Along with your PAN, you will also need other important documents like a utility bill, Aadhaar card, or any other proof to show your current address.
How ICICI Lombard shareholders Can Find Unclaimed Shares in IEPF?
Many people are unaware that they have unclaimed shares with the IEPF. The process of claiming shares from the IEPF is well-structured. It helps ensure the shares go to the right person and eliminates the risk of fraud. Here’s how you can find out about your unclaimed shares and claim them step by step.
Step 1: Verify Share Transfer to IEPF
First, ensure that your ICICI Lombard shares were transferred to the IEPF. You can verify this by reviewing old dividend letters or emails from the company. Did you get your dividends every year, or did you miss any for seven years in a row? If you missed them, the shares were likely transferred. You can also visit the IEPF website, which features a search tool that allows you to check if your name is listed.
Step 2: File Claim Refund Form IEPF-5
Once you know your shares are with the IEPF, the next step is to file an IEPF claimonline. To do this, you will need to fill out Form IEPF-5 on the Ministry of Corporate Affairs (MCA) website. Also, double-check everything before submitting, because any mistake could delay your claim. You will be asked to give these details.
– Your personal details
– Company details (ICICI Lombard)
– Details of the shares you’re claiming
– Your demat account details
– Your bank account information
Step 3: Initial Processing & Query Resolution
After you submit the form, the IEPF team will review all your details. If something doesn’t match or is missing, they might ask you for more documents like extra ID proof, address proof, or old dividend slips. Don’t worry if this happens, it’s normal. This will help you retrieve your shares promptly.
Step 4: Submit Signed Indemnity Bond
Next, you need to send an indemnity bond to the IEPF. This is just a written assurance that you are the real owner of the shares. It also states that you will take care of any future problems if someone else attempts to claim the same shares. This protects the IEPF too, in case of any legal issues later. Simply print the bond, sign it properly, and post it to the Nodal Officer at ICICI Lombard along with any additional papers they may request.
Step 5: Final Verification Against Company Records
Now, the IEPF Authority will contact ICICI Lombard to verify your claim. The company reviews its old records to ensure the shares belong to you. This step is crucial because it ensures your shares don’t end up with the wrong person. It’s all about keeping your investment safe and fair.
Step 6: Claim Approval Intimation
Once ICICI Lombard confirms that everything is correct, the IEPF will send you an official approval letter or email. This notification indicates that your claim has been accepted, and your shares will be transferred to you shortly. The intimation will also tell you how the following steps will unfold.
Step 7: Share Credit by Company
After the approval, ICICI Lombard or its Registrar and Transfer Agent (RTA) will identify the pool account where your shares are currently held. They will then start the process to credit these shares back to your demat account.
Step 8: Demat Account Crediting by Depository
Once ICICI Lombard approves everything, the shares will be transferred through depositories such as NSDL or CDSL. They ensure your shares are safely transferred from the IEPF’s demat account to your demat account. After that, your lost shares are finally back with you. You’ll see them appear in your demat holding just as before.
Step 9: Final Statement Reconciliation
Finally, once your demat account reflects the shares, the company’s RTA will send you a statement confirming the transfer. This statement includes:
The number of shares credited
Any tax deductions if relevant
Other important transaction details
Some Success Stories of Share Recovery from IEPF
You might wonder if people are able to recover their forgotten shares. The answer is yes, and here are two real examples.
Senior Investor Recovers Minda Industries Shares:
A senior investor in Mumbai found out he had Minda Industries shares stuck in the IEPF. After 13 years, he got back shares worth Rs 2 lakh. This shows it is never too late to check old investments.
NRI Claims Gujarat NRE Coke Shares:
Another success story involves an NRI who returned to India and discovered that he had unclaimed shares in Gujarat NRE Coke. Through the IEPF process, he got back shares worth thousands of rupees. This shows that even if you live abroad, you can still claim what belongs to you.
Conclusion
Unclaimed shares don’t have to stay lost forever. The IEPF process is there to protect you and help you get your money back. Don’t get scared by the forms and steps, just take it one step at a time. Keep your papers ready, follow the process, and be patient. It is always worth checking old shares, bank accounts, or dividends you or your family may have forgotten. A small effort today could bring back money that’s truly yours.
You can also seek assistance from Crystal Peak Wealth, which is here to make the share recovery process simple for you. Their team guides you at every step, right from checking old records to filing the proper forms. They handle the paperwork and follow-ups so you don’t feel lost or stuck. With their help, you can get back your unclaimed shares faster and with peace of mind.
FAQs
Yes, your stockbroker can help you find and claim old unclaimed shares. You just need to give them permission, your KYC papers, and any old statements that prove you owned the shares.
This is when the IEPF Authority checks your claim with the company’s records. They match all the details to make sure you own those shares.
Yes, legal heirs can claim shares left by someone who has passed away. But they must show papers like a probate or succession certificate to prove they have the right to inherit.
Once you get the approval, your shares should show up in your demat account in a week or two. Any unclaimed dividends will also come straight into your bank account.
Yes, NRIs can claim their shares while staying overseas. They just need to send the required documents like PAN, KYC papers, passport, overseas address proof, and sometimes a FIRC to prove the claim.