ICICI Bank, one of India’s largest private-sector banks, has seen exceptional growth. As of February 2, 2021, ICICI Bank’s shares were trading at over ₹597.75 each, showing how well the bank has performed and how much investors trust it. With a rich legacy and aggressive expansion strategy, ICICI Bank has rewarded early investors handsomely, often turning small initial investments into multi-lakh portfolios.
However, with such rapid growth and multiple corporate actions like stock splits and bonus issues, many shareholders, especially early retail investors, have either forgotten about their investments or failed to track dividend payments. These unclaimed dividends are eventually transferred to the Investor Education and Protection Fund (IEPF). If you’re wondering how to recover unclaimed dividends from ICICI Bank then go ahead and read this blog-
ICICI Bank- A Brief History of Growth
ICICI Bank began in 1955 as the Industrial Credit and Investment Corporation of India, a collaborative initiative involving the World Bank, the Government of India, and Indian public-sector financial institutions. Its goal was to finance India’s industrial sector. Today, ICICI Bank boasts over 18,000 branches and ATMs, international banking operations, and targeted microfinance programs such as Self-Help Groups (SHGs) for women entrepreneurs.
Key milestones in ICICI Bank’s journey include:
1990: Diversified into retail banking and financial services
1998: Introduced Internet banking in India
1999: Became the first Indian company listed on the New York Stock Exchange (NYSE)
2000: Launched American Depositary Receipts (ADRs) on NYSE
2001: Acquired Bank of Madura through an all-stock deal
2002: Reverse merger of ICICI and its subsidiaries with ICICI Bank
2008: Survived the global financial crisis with RBI’s assurance
2020: Invested ₹1,000 crore in Yes Bank, increasing its stake to 5%
Calculation of ICICI Bank’s Share Growth
Let’s look at a hypothetical example to understand how much value ICICI Bank shares could generate over the years. This will help you see how a small investment made long ago could grow into a large sum today. It also highlights why tracking and claiming old investments like shares and dividends is essential.
Initial Investment:
Year: 2000
No. of Shares Purchased: 800
Purchase Price: ₹10 per share
Total Investment: ₹8,000
Stock Split – 2014 (1:5 Ratio):
Announcement Date: 09/09/2014
New Face Value: ₹2
800 shares × 5 = 4,000 shares
Bonus Issue – 2017 (1:10 Ratio):
Announcement Date: 03/05/2017
4,000 ÷ 10 = 400 bonus shares
Total Shares After Bonus: 4,000 + 400 = 4,400 shares
Current Value:
Share Price (as of 2021): ₹597.75
Total Investment Value: 4,400 × ₹597.75 = ₹26,31,100
From an initial ₹8,000 investment, the portfolio has grown over ₹26 lakh, excluding dividend payouts received over the years. But what if the investor didn’t claim those dividends or forgot about the shares entirely? Fortunately, the IEPF enables them to recover unclaimed shares and dividends, even years later.
Understanding IEPF and Unclaimed Dividends
The Government of India established the Investor Education and Protection Fund (IEPF) to centralise and safeguard unclaimed dividends, matured deposits, and dormant shares. It was created to ensure investors do not lose their money due to forgotten or unclaimed investments. The IEPF also spreads awareness among investors and provides a structured way to reclaim such funds.
Key IEPF Guidelines:
30-Day Claim Window: Investors must claim dividends within 30 days of declaration.
Unclaimed Dividend Account: After 30 days, the amount is transferred to a special company-maintained account.
7-Year Rule: If unclaimed for 7 years, the dividends and corresponding shares are transferred to the IEPF.
Periodic Notifications: Companies must inform shareholders and publish lists of unclaimed dividends.
Direct Notifications: Shareholders are also notified individually via email or post.
IEPF Claim Filing: After 7 years, the investor must apply to the IEPF to reclaim the shares and dividends.
Annual Disclosures: Companies are required to release annual reports of shares/dividends moved to the IEPF.
How to Claim Unclaimed Dividends from ICICI Bank via IEPF
Reclaiming dividends and shares through IEPF can be intricate, but following the steps below can simplify it. Many investors are unaware that their forgotten investments have grown in value. Reclaiming these dividends ensures you receive the financial benefits you rightfully deserve. With the proper documents and a bit of guidance, you can successfully recover your lost assets:
Step-by-Step Process
Reach Out to the Nodal Officer
Start the process by contacting ICICI Bank’s designated Nodal Officer. They will provide a checklist of required documents and confirm your ownership of the shares or dividends.
Fill the IEPF Form (Form IEPF-5)
Go to the official IEPF website and fill out Form IEPF-5 online. Make sure all the details you enter are accurate to avoid delays or rejections.
Print and Compile Documents
After submitting the form online, take a printout of the filled IEPF-5. Keep all the documents ready. You will need your PAN card, Aadhaar, original share certificates (if available), and proof of other ownership.
Send Documents to ICICI Bank
Dispatch the printed form and all required physical documents to the Nodal Officer at ICICI Bank. This step is crucial, as the bank will only begin verification after receiving all documents.
Verification and Report Generation
ICICI Bank will verify your submitted documents and check your claim details. Once verified, they will prepare a Claim Verification Report and send it to the IEPF Authority within 15 days.
Final Review by IEPF Authority
The Regional Fund Manager at IEPF will review your claim and provide the verification report. If everything is in order, the authority proceeds with claim approval.
Outcome of the Claim
After review, the IEPF Authority may take one of the following actions:
– Approve the claim and release the shares/dividend.
– Request additional documents for clarification.
– Reject the claim if there are mistakes or missing information.
Why Legal Assistance is Crucial for IEPF Claims
The IEPF recovery process is document-based and requires precise filing. Minor errors such as incorrect names, mismatched addresses, or missing documents can delay or even nullify your claim. Many investors, especially those unfamiliar with legal procedures, find the process overwhelming and time-consuming. The documentation is often technical, requiring close attention to detail and compliance with specific formats. A single oversight can lead to repeated rejections and long waiting periods. That’s why firms like Crystal Peak Wealth, which specialises in IEPF recovery, can play a vital role in ensuring a smooth, accurate, and timely claim process. Their expertise helps investors reclaim what is rightfully theirs without the headache. Thus, hiring a legal consultancy firm specialising in IEPF matters can give you peace of mind and a smoother path to claiming what is rightfully yours.
How Legal Experts Help:
Professional Accuracy – Legal consultants know the exact documentation requirements and formatting rules to avoid rejections.
Time Efficiency – They handle form submissions, follow-ups, and liaisons with ICICI’s nodal officer on your behalf.
End-to-End Support – From tracing old investments to final recovery, professionals manage the entire journey.
Error-Free Filing – Experts reduce the risk of rejection by ensuring that all forms and annexures are correctly prepared.
Conclusion
ICICI Bank’s long-standing performance has created immense wealth for early investors. If you or a family member ever held shares or are unsure about forgotten investments, it’s worth checking if dividends or shares have gone unclaimed. Thanks to the Government’s IEPF initiative, reclaiming your dividends and shares is possible, even if they were lost years ago. While the process is meticulous, taking the proper steps or hiring expert help can make it straightforward and rewarding. Don’t let your rightful gains stay unclaimed. Take action today and recover your ICICI Bank dividends through the IEPF.