recoveringunclaimedasstes
Glc Wealth Recovering Unclaimed Asstes
GLC Wealth is India’s leading and most trusted Wealth Recovery Firm. We provide specialized and niche Financial and Legal Advisory Services for the recovery of unclaimed investments in shares & dividends
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What is the difference between Transfer and Transmission of Shares?
The transfer of Shares is the process of transferring ownership to the transferee. In other words, it is a voluntary act of transferring shares from one person to another. On the other hand Transmission of Shares takes place when someone dies and the ownership is transferred under the supervision/operation of the Inheritance Laws in India, to the legal heirs of the deceased and
The fundamental question in the shared field is the difference between the transfer of shares and the transmission of claims.
Transfer of Shares
Refers to the transfer of ownership of shares from one person to another.
It can be made at any time and frequently.
It is a voluntary transfer.
Requires completion of a stock transfer form and payment of any applicable stamp duty.
Can be made by an individual or a legal entity.
The transferor must hold a valid title for the shares.
The transfer is subject to compliance with the provisions of the Companies Act and SEBI regulations.
Transmission of Shares
Refers to the transfer of ownership of shares due to the death or incapacity of the current shareholder.
Occurs due to the death or incapacity of the shareholder.
It is an involuntary transfer governed by the law of inheritance.
Requires a court order in form of Succession Certificate / Probate of Will / Letter of Administration or a Surviving member certificate / legal heir certificate depending upon case to case.
Is usually made by the legal heirs or executors of the deceased shareholder or by a court-appointed guardian for a shareholder who is incapable of acting.
The acquirer must prove his relationship to the deceased or incapacitated shareholder.
The transfer is subject to compliance with the provisions of the Companies Act and the SEBI regulations and the laws of succession / inheritance as applicable.
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What if I lose my physical shares, how to share recover?
What if I lose my physical shares, how to share recover ?
If you lose your physical shares, there are two ways to recover them:
Apply for duplicate share certificates. You can contact the company or registrar of the shares you hold and apply for duplicate share certificates. You will need to provide them with proof of your identity and ownership of the shares, as well as a police report if the shares were lost in a theft. The company or registrar will then issue you with new share certificates.
Claim the shares from the Investor Education and Protection Fund (IEPF). If the shares have been inactive for a certain period of time, they may be transferred to the IEPF. You can then claim the shares from the IEPF by submitting a claim form and providing the necessary documentation.
The following are the documents you need to submit to recover your lost physical shares:
Affidavit: This is a sworn statement that you have lost your share certificates.
Indemnity bond:This is a document that guarantees that you will not hold the company or registrar responsible if the shares are not recovered.
C This is a copy of the police report you filed when you lost your shopy of police report:are certificates.
Advertisement: You need to publish an advertisement in a newspaper stating that you have lost your share certificates.
Once you have submitted the required documents, the company or registrar will verify your identity and ownership of the shares. If everything is in order, they will issue you with new share certificates.
If the shares have been transferred to the IEPF, you will need to submit a claim form to the IEPF. The claim form can be found on the IEPF website. You will need to provide the following information on the claim form:
Your name and contact details
The company whose shares you are claiming
The number of shares you are claiming
The date on which the shares were lost
The reason why the shares were lost
Once you have submitted the claim form, the IEPF will investigate your claim. If the claim is approved, the IEPF will issue you with a payment order. You can then take the payment order to your bank and collect the money.
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How can I claim my Iepf share recovery online ?
Sure, here are the steps on how to claim your IEPF share online in brief:
Go to the IEPF website: https://www.iepf.gov.in/.
Click on the “Refund/Claim Refund” tab.
Click on the “IEPF-5” link.
Fill out the form and upload the required documents.
Submit the form.
Take a printout of the acknowledgement.
Submit the printout of the acknowledgement along with the required documents to the Nodal Officer of the company at its registered office for verification of the claim.
The required documents are:
A copy of the acknowledgement i.e. SRN number.
An indemnity bond.
For IEPF shares, recovery submits an advance stamped receipt.
Certificate for the return of bonds, debentures, or matured deposits.
Aadhar cards for all joint holders and the claimant.
The processing time for a claim is usually 30–45 days. Once your claim is processed, you will be refunded the amount or the shares will be transferred to your name.
Here are some additional tips:
Make sure that you fill out the form correctly. Please correct the form to ensure the processing of your claim is completed on time.
Upload clear and legible copies of the required documents.
Keep a copy of the acknowledgement for your records.
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Guidelines for Recovery of Shares From IEPF
Here are the guidelines for the recovery of shares from IEPF:
Fill out the IEPF Form 5. This form can be downloaded from the IEPF website. The form requires you to provide your personal information, as well as information about the shares you are claiming.
Submit the IEPF Form 5 to the Nodal Officer of the company where the shares were held. The Nodal Officer is a company representative who is responsible for handling IEPF claims. You can find the contact information for the Nodal Officer on the company’s website or by contacting the company’s registrar.
The Nodal Officer will verify your claim and submit a report to IEPF. The Nodal Officer will check your claim to make sure that it is valid. They will also check to make sure that you have submitted all of the required documents.
IEPF will decide on your claim and notify you of the decision. IEPF will review your claim and make a decision within 60 days. If your claim is approved, IEPF will transfer the shares to your demat account or refund the cash value of the shares to you.
Here are the documents required to be submitted with IEPF Form 5:
Copy of acknowledgement generated on online submission of e-Form IEPF — 5 bearing a unique serial number (SRN)
Indemnity Bond (original) with claimant signature
Advance Stamped receipt (original) with revenue stamp and signature of claimant and witnesses
Original matured deposit / debenture / share certificate (in case of securities held in physical form) or copy of transaction statement in case of securities held in Demat Form
Self-attested copy of Aadhaar Card
Proof of entitlement (certificate of share/Interest warrant Application No. etc.)
In case of death of the claimant, death certificate and legal heirship documents
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What is the difference between NRI and Indian citizen in brief in detail
Here is the difference between NRI and Indian citizens in brief and detail:
NRI (Non-Resident Indian)
An Indian citizen who resides outside of India.
May have been born in India, or may have acquired Indian citizenship through naturalization or marriage.
Still considered Indian citizens, and they have the right to vote in Indian elections and hold public office.
May be subject to different tax laws than Indian residents.
Can open a bank account in India, buy properties in India, and invest in India.
Can visit India for up to 180 days in a year without any visa restrictions.
Indian citizen
A person who is legally recognized as a citizen of India.
This includes people who were born in India, people who have acquired Indian citizenship through naturalization or marriage, and people who are born to Indian parents.
Has the right to live in India, work in India, and vote in Indian elections.
Subject to Indian tax laws.
Can open a bank account in India, buy properties in India, and invest in India.
Can visit India for an unlimited period of time without any visa restrictions.
In brief, the main difference between an NRI and an Indian citizen is that an NRI resides outside of India, while an Indian citizen resides in India. NRIs may be subject to different tax laws than Indian residents, but they still have the right to vote in Indian elections and hold public office. Indian citizens, on the other hand, are subject to Indian tax laws and have the right to live, work, and vote in India without any restrictions.
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How long does it take to Shares recover from Iepf?
It typically takes around 60 days to recover shares from the IEPF after being claimed. The process involves the following steps:
The claimant submits an online application in Form IEPF-5 along with other documents to the Nodal Officer of the company at its registered office for verification of the claim.
The company sends the verification report to the IEPF within 15 days of receipt of the claim.
The IEPF Authority decides on the claimant’s reimbursement application within 60 days after obtaining the verification report from the relevant company.
The IEPF Authority will issue a refund sanction order when the claimant is entitled to the shares with the permission of the competent authority.
The IEPF Authority and the Drawing and Disbursing Officer of the authority will send a bill to the Pay and Accounts Officer for payment after verifying the claimant’s entitlement.
The shares or the extent of the claimant’s entitlement will be credited to the Demat account of the claimant.
Please note that the time it takes to Share recover from the IEPF may vary depending on the specific circumstances of the case. For example, if the company’s verification report is delayed, it may take longer for the IEPF Authority to make a decision on the claimant’s application.
Here are some tips to help you recover your shares from the IEPF more quickly:
Make sure to submit your claim as soon as possible after you become aware that your shares have been transferred to the IEPF.
Provide all of the required documents with your claim.
Keep track of the status of your claim by checking the IEPF website regularly.
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Can I convert physical shares to demat in 2023?
No, you cannot convert physical shares to demat in 2023. The deadline for converting physical shares to demat was March 31, 2023. After that date, companies and their RTAs (Registrars and Transfer Agents) will no longer be able to process requests for dematerialization of physical shares.
This was a mandatory requirement by the Securities and Exchange Board of India (SEBI) to promote a paperless environment in the Indian stock market. The deadline for the dematerialization of physical shares was extended several times in the past, but it was finally made mandatory on March 31, 2023.
If you still have physical shares, you will need to hold onto them as a physical asset. You will not be able to trade them on the stock exchange, and you will not receive any dividends or other benefits associated with the shares.
If you have any questions, please contact your broker or the RTA for the company whose shares you hold.
Here are some of the reasons why the deadline for the dematerialization of physical shares was made mandatory:
To reduce the risk of fraud and forgery.
To make it easier for investors to trade their shares.
To promote a paperless environment.
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What will happen to Physical Shares Certificate after 31st March 2023?
The shares will become worthless. This means that you will not be able to sell them, transfer them, or claim any dividends or other benefits.
The shares may be frozen by the company. This means that the company will not allow you to sell or transfer the shares, and you may not be able to claim any dividends or other benefits.
You may be treated as a Benami holder under the Benami Transactions (Prohibitions) Act, 1988. This means that you may be subject to penalties and fines.
In addition to these consequences, there are a few other things that you should be aware of if you have physical shares certficate:
You will not be able to vote at shareholder meetings. This means that you will not have a say in how the company is run.
You will not be able to benefit from corporate actions such as bonus shares or rights issues. This means that you will miss out on opportunities to increase your shareholding or acquire new shares at a discounted price.
If you have physical shares, it is important to convert them to demat form as soon as possible. This will ensure that you do not lose your investment and that you are able to participate fully in the market.
Here are some of the benefits of converting your physical shares to demat form:
Demat shares are more secure. They are held in electronic form in a depository, which is a regulated entity. This makes them less vulnerable to theft or loss.
Demat shares are more convenient to trade. They can be bought and sold online, which makes it easier for investors to participate in the market.
Demat shares are more efficient. They do not require the physical movement of certificates, which saves time and money.
If you are not sure how to convert your physical shares to demat form, you can contact your broker or a depository participant. They will be able to help you through the process.
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It provides legal proof that you are the rightful heir to tA succession certificate is a legal document issued by a court to the legal heirs of a deceased person who has died intestate, i.e., without leaving a will. The succession certificate gives the legal heirs the authority to inherit the debts, securities, and other assets of the deceased person.
Here are the steps on how to obtain a succession certificate in India:
File a petition in court. The petition must be filed in the court of the district where the deceased person was ordinarily residing at the time of death. The petition must be accompanied by the following documents:
Death certificate of the deceased person
Proof of relationship of the petitioner to the deceased person
List of all the legal heirs of the deceased person
Affidavits from the legal heirs stating that they are not aware of any other will made by the deceased person
Serve notice to the other legal heirs. Once the petition is filed, the court will serve notice to the other legal heirs of the deceased person. The other legal heirs have the right to appear in the court and contest the petition.
Hearing of the petition. The court will then hear the petition and decide whether to grant a succession certificate. The court will consider the following factors in making its decision:
The relationship of the petitioner to the deceased person
The evidence of the other legal heirs
The wishes of the deceased person, if any, as expressed in a will
Grant of succession certificate. If the court grants a succession certificate, it will issue a certificate that names the legal heirs of the deceased person. The succession certificate will give the legal heirs the authority to inherit the debts, securities, and other assets of the deceased person.
Here are some of the documents that you will need to obtain a succession certificate in India:
Death certificate of the deceased person
Proof of relationship of the petitioner to the deceased person
List of all the legal heirs of the deceased person
Affidavits from the legal heirs stating that they are not aware of any other will made by the deceased person
Notice of hearing to the other legal heirs
The cost of obtaining a succession certificate in India varies depending on the value of the assets that are being inherited. However, the cost is typically between 2% and 3% of the value of the assets.
The process of obtaining a succession certificate can be time-consuming and complex. However, it is an important step in ensuring that the legal heirs of the deceased person are able to inherit their assets. If you are considering applying for a succession certificate, it is advisable to consult with an experienced lawyer who can help you through the process.
Here are some of the benefits of obtaining a succession certificatehe estate.
It gives you the legal authority to take possession of the estate and its assets.
It can help you avoid potential disputes with other heirs or beneficiaries.
It can make it easier to transfer the assets of the estate to the heirs.
If you are the legal heir of a deceased person who has died intestate, you should consider obtaining a succession certificate. This will help you to protect your rights and ensure that you are able to inherit the assets of the estate.
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Who issues a legal heir certificate in Delhi?
In Delhi, the legal heir certificate is called a Surviving Member Certificate. It is issued by the District Magistrate or the Sub-Divisional Magistrate of the area where the deceased person was residing at the time of death.
You can apply for a Surviving Member Certificate online or offline. The online application process can be done through the eDistrict portal of the Government of Delhi. The offline application process can be done by submitting an application form at the office of the District Magistrate or the Sub-Divisional Magistrate.
The documents required for applying for a Surviving Member Certificate in Delhi are:
Death certificate of the deceased person
Proof of identity of the applicant
Proof of relationship of the applicant with the deceased person
Address proof of the applicant
Two recent photographs of the applicant
There is no fee for applying for a Surviving Member Certificate in Delhi. The certificate is usually issued within 1–2 months of the application.
Here are the steps on how to apply for a Surviving Member Certificate in Delhi online:
Go to the eDistrict portal of the Government of Delhi.
Click on the “Surviving Member Certificate” service.
Create an account or login to your existing account.
Fill out the application form and upload the required documents.
Pay the application fee (if applicable).
Submit the application.
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How much money is unclaimed in India?
According to the Reserve Bank of India (RBI), there is an estimated ₹35,000 crore in unclaimed money in India. This money is held in a variety of accounts, including bank accounts, insurance policies, and mutual funds.
The reasons for unclaimed investment vary. In some cases, the account holder may have died and their heirs are not aware of the account. In other cases, the account holder may have moved and forgotten about the account. And in still other cases, the account holder may have simply lost interest in the account.
The RBI has a number of initiatives in place to try to reunite unclaimed money with its rightful owners. These initiatives include:
Publishing lists of unclaimed accounts: The RBI publishes lists of unclaimed accounts on its website. These lists include the name of the account holder, the account number, and the amount of money in the account.
Contacting account holders: The RBI also contacts account holders who have not made a transaction in their account for a certain period of time. The RBI will try to determine if the account holder is still alive and if they want to keep the account open.
Transferring unclaimed money to the Depositor Education and Awareness (DEA) Fund: If the RBI is unable to contact the account holder, the money will be transferred to the DEA Fund. The DEA Fund is used to promote financial education and awareness in India.
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Does a nominee need a succession certificate?
No, a nominee does not need a succession certificate to inherit assets from the deceased person. A succession certificate is a document issued by the court that confirms the legal heir of the deceased person. It is required to transfer assets such as immovable property, shares, and bank accounts to the legal heir.
A nominee is a person who is named by the deceased person to receive their assets in the event of their death. The nominee does not need a succession certificate to inherit the assets, as they are already considered the legal heir. However, if there is any dispute over the inheritance, the nominee may need to obtain a succession certificate to prove their claim.
In some cases, the nominee may be required to provide a succession certificate to the financial institution or other entity holding the assets. This is because the institution may want to ensure that the nominee is the rightful heir and that they are authorized to receive the assets.
Here are some of the cases where a nominee may need a succession certificate:
If the nominee is not a legal heir of the deceased person.
If there is a dispute over the inheritance.
If the nominee is a minor.
If the nominee is deceased.
If you are a nominee, it is important to check with the financial institution or other entity holding the assets to see if they require a succession certificate. You can also contact a GLC Wealth to get more information about your rights and options.
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How much unclaimed dividend is in India?
As of March 31, 2023, there is INR 12,778.24 crore (US$ 1.6 billion) in unclaimed dividend in India. This amount is held by the Investor Education and Protection Fund (IEPF), which is managed by the Ministry of Corporate Affairs.
The IEPF was established in 2001 to protect the interests of investors. It receives unclaimed dividends, shares, and other investor monies from companies. The IEPF uses these funds to promote investor education and protection activities.
You can check if you have any unclaimed dividends by visiting the IEPF website. You can also claim your unclaimed dividends online or by post.
Here are the steps on how to claim unclaimed dividends online:
Go to the IEPF website.
Click on the “Unclaimed Dividends” tab.
Enter your PAN number or DIN number.
Click on the “Search” button.
If you have any unclaimed dividends, you will see them listed on the screen.
Click on the “Claim” button to start the claim process.
You can also claim your unclaimed dividends by post. To do this, you will need to download the “Unclaimed Dividend Claim Form” from the IEPF website and fill it out. You will then need to send the form along with a copy of your PAN card or DIN card to the IEPF address.
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How do I claim unclaimed amounts from my bank?
Here are the steps on how to claim unclaimed amounts from your bank in India:
Check if your account is unclaimed. You can do this by visiting the website of the bank where you have the account and searching for the list of unclaimed accounts. You will need to provide your name and address to search the list.
Download the claim form. Once you have confirmed that your account is unclaimed, you can download the claim form from the bank’s website.
Fill out the claim form. The claim form will require you to provide your personal details, such as your name, address, and date of birth. You will also need to provide details of the unclaimed account, such as the account number and the date of opening the account.
Submit the claim form. You can submit the claim form to the bank in person, by mail, or by fax.
Provide supporting documents. The bank may ask you to provide supporting documents, such as a death certificate or a power of attorney.
Wait for the bank’s decision. The bank will review your claim and will notify you of their decision.
Here are the documents you need to submit along with the claim form:
Proof of identity. This could be a copy of your passport, driver’s license, or PAN card.
Proof of address. This could be a copy of your utility bill, bank statement, or voter ID card.
Proof of relationship. If you are claiming the unclaimed amount on behalf of someone else, you will need to provide proof of your relationship to that person. This could be a copy of the person’s death certificate, a marriage certificate, or a birth certificate.
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How do nominees claim back from IEPF?
If you are the nominee of a person who has died and their shares have been transferred to the Investor Education and Protection Fund (IEPF), you can claim the shares on their behalf. You will need to submit Form IEPF-5 to the IEPF along with the following documents:
A copy of the death certificate of the deceased person.
A copy of your identity proof.
A copy of your address proof.
A letter from the company stating that the shares have been transferred to the IEPF.
If you are not the nominee of the deceased person, but you are their legal heir, you can also claim the shares. You will need to submit the same documents as above, along with a letter from a lawyer stating that you are the legal heir of the deceased person.
Once you have submitted the required documents, the IEPF will review your claim and decide whether to approve it. If your claim is approved, the IEPF will transfer the shares to you.
Here are some additional things to keep in mind when claiming shares from the IEPF:
The IEPF only accepts claims that are submitted online. You can find the link to the online claim form on the IEPF website.
The IEPF charges a processing fee of Rs. 100 for each claim.
The IEPF may take up to 6 months to process your claim.
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How to check if you have unclaimed deposits in a bank
There are a few ways to check if you have unclaimed deposits in a bank.
Check with the bank directly. Most banks have a section on their website where you can search for unclaimed deposits. You will need to enter your name and other identifying information as requested. The bank will search its records and let you know if you have any unclaimed deposits.
Search the RBI’s list of unclaimed deposits. The RBI maintains a list of unclaimed deposits that have been transferred to the Depositor Education and Awareness Fund (DEA Fund). You can search this list by name or account number.
Use a third-party service. There are a number of third-party services that can help you search for unclaimed deposits. These services typically charge a fee, but they can make the process of searching for unclaimed deposits more convenient.
Here are the steps on how to check if you have unclaimed deposits in a bank using the RBI’s list:
Go to the RBI’s website and click on the “Unclaimed Deposits” link.
Enter your name and other identifying information as requested.
The RBI will search its records and let you know if you have any unclaimed deposits.
If you find that you have an unclaimed deposit, you will need to contact the bank where the deposit was held to claim it. The bank will need to see proof of your identity and relationship to the depositor. Once you have provided this information, the bank will release the funds to you.
Here are some tips for checking for unclaimed deposits:
Be sure to check with all of the banks where you have ever had an account.
If you have a common name, you may need to provide additional information to help the bank identify your account.
If you find an unclaimed deposit, be sure to claim it as soon as possible. The funds may be transferred to the DEA Fund if they are not claimed within a certain period of time.
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Unclaimed investments are investments that have been forgotten or lost by their owners. They can include stocks, bonds, mutual funds, and other types of investments. Unclaimed investments can end up in a variety of places, including:
Bank accounts
Insurance companies
Investment firms
Government agencies
If you think you may have unclaimed investments, there are a few things you can do to find them.
Search online databases. There are a number of online databases that can help you search for unclaimed investments. These databases typically allow you to search by name, address, or Social Security number.
Contact your bank, insurance company, and investment firm. These institutions may be holding unclaimed investments in your name
Contact your state’s unclaimed property office. Each state has an unclaimed property office that can help you search for unclaimed investments.
If you find that you have unclaimed investments, you will need to file a claim with the institution or agency that is holding them. The process for filing a claim will vary depending on the institution or agency.
In some cases, you may be able to claim your unclaimed investment online. In other cases, you may need to mail a claim form to the institution or agency. You may also be required to provide documentation, such as a copy of your driver’s license or Social Security card.
Once you have filed a claim, the institution or agency will review your claim and determine if you are the rightful owner of the unclaimed investments. If you are the rightful owner, the institution or agency will release the funds to you.
It is important to note that unclaimed investments may be subject to taxes. You should consult with a tax advisor to determine if you will owe any taxes on your unclaimed investments.
Here are some tips for finding unclaimed investments:
Be persistent. It may take some time to track down your unclaimed investments.
Be organized. Keep track of the institutions and agencies you have contacted.
Be patient. The process of claiming unclaimed investments can be time-consuming.
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