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A Guide to Share Recovery from ICICI Lombard through IEPF

26, Apr 2024
A Guide to Share Recovery from ICICI Lombard through IEPF

By looking at the insurance claim scenario in India, one of the towering figures that you will find is ICICI Lombard General Insurance Company. Its remarkable growth trajectory since its inception in 2001 mirroring the dynamism of the industry. Notably, in 2017, ICICI Lombard made history by becoming the first general insurance firm in India to go public through a high-profile IPO, solidifying its position as the largest private sector general insurance firm in the country. However, amidst its memorable journey lie stories of unclaimed shares—cases where shareholders fail to encash dividends, and failed in share recovery, leading to shares being transferred to the 'Investor Education and Protection Fund' or IEPF as per statutory regulations. 

So, how can original ICICI Lombard shareholders or their legal heirs reclaim these lost shares? Let's delve into a detailed and comprehensive procedural guide:

Prerequisites Before Claiming Shares

First, check out the several prerequisites that must be met before people opt for shared recovery services from IEPF.

1. Completed 7 Years in IEPF: The shares must complete the mandatory 7-year period within the IEPF.

2. Legal Clean Slate: The shares in the IEPF claim should be free from disputes or legal encumbrances, ensuring a smooth refund process.

3. Valid PAN Card: A copy of a valid PAN card is mandatory to ascertain the claimant's identity, a crucial step in the verification process.

4. Address Proof: Additional proofs certifying the claimant’s address are required, adding an extra layer of authentication to the claim.

Once the investors meet all these criteria, they can proceed to file their refund requests from the IEPF Authority, initiating the process of reclaiming their rightful shares.

Overview of The Share Refund Claim Steps

How to Find Unclaimed Shares in IEPF?

The process of reclaiming shares transferred to the IEPF Authority involves several key steps, each meticulously designed to ensure transparency and adherence to regulatory standards:

Step 1: Verify Share Transfer to IEPF

The first step entails verifying whether the ICICI Lombard shares meet the eligibility criteria for transfer to the IEPF for share recovery. This involves a thorough examination of dividend announcements and the calculation of the years since the non-receipt of dividends—a critical aspect in determining the validity of the claim.

Step 2: File Claim Refund Form IEPF-5

Once the eligibility is confirmed, investors proceed to fill out the E-form IEPF-5, a formal application for the refund of the IEPF unclaimed dividend. This form requires a plethora of details, including the claimant’s information, ICICI Lombard GI details, and the type of refund claim, ensuring that all necessary information is provided for the authorities' review.

Step 3: Initial Processing & Query Resolution

Upon submission of the refund form, the IEPF officials undertake initial processing, meticulously reviewing the provided information for accuracy and completeness. In some cases, queries may be raised, necessitating additional information or proof from the claimant to facilitate a thorough evaluation of the claim.

Step 4: Submit Signed Indemnity Bond

Before the approval of the claim, investors are required to submit signed indemnity bonds to the IEPF Authority, further reinforcing their commitment to the claim and indemnifying the authorities against potential disputes or claims related to the transferred shares.

Step 5: Final Verification Against Company Records

The IEPF Authority initiates a final verification check with ICICI Lombard, corroborating the investor's claim against the company's records. This exhaustive scrutiny ensures the integrity and validity of the claim, safeguarding against potential fraud or misappropriation.

Step 6: Claim Approval Intimation

Upon successful verification, the investor receives formal approval intimation from the competent IEPF authority for IEPF unclaimed shares, signifying the acceptance of the claim. This notification also guides the subsequent steps to be taken by the investor, ensuring clarity and transparency throughout the process.

Step 7: Share Credit by Company

With the claim approved, the process of share recovery is initiated directly at ICICI Lombard or its RTA end. This involves the identification of the pool account where the unclaimed shares are held and the processing of demat transfer delivery instructions for the credit of the specified number of shares to the investor's demat account.

Step 8: Demat Account Crediting by Depository

After ICICI Lombard initiates the process, the depositories, such as NSDL/CDSL, come into play, facilitating the transfer of shares from the IEPF demat account to the investor's demat account. This step assures the seamless transition of ownership rights and the integration of the refunded shares into the investor's portfolio.

Step 9: Final Statement Reconciliation

Following the demat reflectance of shares, a closure final statement is dispatched by the company RTA to the investor, enclosing details of the shares credited from the IEPF, tax certificates if applicable, and other relevant information. This marks the culmination of the shares refund process, providing investors with a comprehensive transaction summary.

A Glimpse at Great Success Stories of Share Recovery from IEPF

Senior Investor Regains Shares in Minda Industries after 13 Years: This story highlights how a Mumbai-based investor reclaimed shares worth Rs 2 lakhs from Minda Industries after a decade-long hiatus, showcasing the potential for investors to rediscover lost assets through the IEPF route.

NRI Regains Shares in Gujarat NRE Coke via IEPF After Returning to India: This narrative exemplifies how an NRI investor reclaimed shares worth thousands of rupees from Gujarat NRE Coke upon returning to India, underscoring the accessibility and effectiveness of the share’s recovery process for investors across geographical boundaries.


Share Samadhan, a trusted share recovery firm in Delhi is your trusted partner in navigating the complexities of share recovery from the Investor Education and Protection Fund (IEPF). With our expert assistance and personalized guidance, we ensure a seamless process for reclaiming your unclaimed shares and dividends. Trust Share Samadhan to help you unlock the value of your investments and regain control of your financial assets efficiently and effectively.

FAQs on Share Recovery from IEPF

Can a stockbroker find unclaimed shares for a client's shares transferred from a broker account to the Fund?

Yes, a stockbroker can file a claim with IEPF on behalf of a client with proper authorization, KYC documents, and old account statements substantiating the client’s ownership of such shares now being claimed from the Fund.

What is ‘Company verification’ before refund claim approval?

Company verification involves extensive authentication with the company’s records to re-confirm investor credentials and entitlements of unclaimed shares/dividends, ensuring correct claimant credentials before final approval.

Can transmission of shares to legal heir happen directly upon filing IEPF refund?

Share transmission legal heirs require submission of probate or succession certificate to establish valid rights over the shares left behind by deceased original shareholders before valid transmission can occur directly.

What is the next process for receiving intimation from IEPF of claim approval after company verification?

Upon receiving claim approval from IEPF, investors can expect shares to be credited to their Demat account and pending unclaimed dividends to be paid directly into their submitted bank accounts within 1-2 weeks.

Can an NRI investor claim an IEPF refund from abroad? What documents are required?

NRI investors can file IEPF claims with the Central IEPF Authority while residing overseas, requiring similar documentation including PAN proof, scanned KYC documents, overseas address proof, passport copies, and FIRC certificates to establish claims seamlessly.


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