How much value Indusind Bank Ltd has created in the last 22 years?
Before knowing the process of claiming Indusind Bank Ltd Unclaimed Shares and dividend from IEPF, let’s have a look at why it is important to you to claim your shares and dividend. Ever since listing at Stock Exchanges, the shares of Indusind Bank Ltd have been one of the top performing shares in stock market. In the year 2000, the per share price of Indusind Bank Ltd was approx Rs. 25 which became Rs. 1144 (as on 7.11.2022) wherein we have not considered any bonus or split of shares.
Let’s suppose you purchased 100 shares of Indusind Bank Ltd in 2000 at Rs. 25 per share.
Current Market Price of Indusind Bank Ltd (as on 7.11.2022) = 1144 per share
Total Value of Investment Now in 2022 = 100*1144 = ~ 1.14 lakhs
100 shares invested in Indusind Bank Ltd shares in 2000 would be about Rs. ~ 1.14 lakhs. So, if you are one of them and your number of shares are larger and have gone to IEPF, imagine the net-worth you are having at present including bonus shares and dividend. With this much staggering figure, who will not look for his unclaimed shares and dividend of Indusind Bank Ltd.
Why have your Indusind Bank Ltd Unclaimed shares gone to IEPF?
As per the government rule, all the dividends on shares that have not been claimed for seven or more consecutive years are required to be transferred to Investor Education and Protection Fund (IEPF) by the respective company. Transfer of shares to IEPF is mandatory for a company if dividend is not claimed for seven consecutive years. Previously, if the investor didn’t claim the dividend, corporations would take advantage of the investor’s unawareness and keep the money for themselves. Later, after realizing this oversight, the government passed the IEPF, which requires companies to transfer shares that have not been claimed for seven years in a row.
What is IEPF and its Purpose?
The government of India introduced, Investor Education and Protection Fund (IEPF), a regulatory framework to regulate and protect the fund of investors on 7th September, 2016 under the provisions of section 125 of the companies act, 2013.
The responsibilities assigned to IEPF are to make refunds and recovery of shares, matured deposits/debentures, unpaid dividends, and to promote awareness among the investors. It also ensures reimbursement of legal expenses incurred in pursuing action suits by the depositors.
Procedure of claiming dividend and shares of Indusind Bank Ltd from IEPF authority
IEPF full form is Investors Education and Provident Fund. For IEPF claim follow the steps given below
- Access the IEPF-5 form on the MCA portal from the IEPF website. Claimants are advised to follow the instructions carefully from the instruction kit given on the IEPF website.
- After completing the form, submit it. An acknowledgement will be generated with a “Submit Request Number” (SRN). Please note this SRN for tracking purposes of the form in the future.
- Take out the printout of the form along with the acknowledgement issued.
- Now, submit the original copy of the indemnity bond, copy of acknowledgement, share certificate and IEPF Form 5 along with self attested adhaar card, details of bank account linked with Aadhaar card in which claim is to be received and demat account number to Nodal officer (IEPF) of the company at its registered office in the envelope marked as “Claim for refund from IEPF Authority”.
- Now, the Nodal officer of the company will verify the claim form and after verification, he will forward it to IEPF authority, on the basis of the verification report, the IEPF authority will issue the refund of unclaimed shares and dividend in the client account.
- IEPF authorities must reply to the verification report sent by the company within 60 days.
Refund from IEPF is a very long and tedious process, which might take more than 8-12 months because IEPF has only one office, which is situated in Delhi.
How to Check Whether Indusind Bank Shares are in IEPF?
To check whether your Indusind Bank Ltd shares are in IEPF or not, follow the steps given below
- Click here to proceed.
- Fill the details about the investor such as name, father name, folio number, DP-ID, Client-ID, Account Number.
- Finally, click on the search button.
Please Note: You can search using any of the following combinations
- Investor Name and Father/Husband Name
- Folio Number (should be same as per the certificate)
- DP-ID, Client-ID, Account Number should be entered without any space and should be separated by hyphen in the given format(DPID-ClientID-Account Number).
Occasionally, the above link will not provide accurate information. In this case, the best course of action is to contact the company’s registrar. The Annual Report of Indusind Bank Ltd includes the registrar’s name and email address.
Girish Vasudevan Koliyote
Deputy Nodal Officer
Mr. Ravikumar Reddy
701, Solitaire Corporate Park 167, Guru
Hargovindji Marg, Andheri East,
Mumbai MH 400093