Daijiworld Media Network - Mumbai
Mumbai, Apr 12: Reliance Industries accounts for 15.6 per cent of the total unclaimed equity holdings by value in the Investor Education and Protection Fund (IEPF), highlighting a sharp concentration of dormant investor wealth in India’s largest listed firm.
According to a study by 1 Finance Magazine, a personal finance advisory firm, unclaimed equity shares held by the Investor Education and Protection Fund Authority are valued at nearly Rs 89,004 crore across 1,671 listed companies as of November 2025.
Other major contributors include HDFC Bank (2.4%), Larsen & Toubro (2.3%), Hindustan Unilever (2.2%) and JSW Steel (2.2%). While the top five companies hold a significant share, the remaining 75.2 per cent is spread across hundreds of firms.
The study noted that large-cap stocks dominate unclaimed holdings due to long-standing investor preference for blue-chip companies. Over time, many of these investments have turned unclaimed due to administrative gaps such as outdated contact details, unreported deaths, lack of awareness among legal heirs and inactive demat accounts.
Under the Companies Act, 2013, dividends that remain unclaimed for seven consecutive years are transferred to the IEPF along with the underlying shares. These shares are moved to IEPF-managed demat accounts and continue to remain market-linked, tracking stock price movements.
The scale of such holdings has grown rapidly, with the number of shares in IEPF rising at an annual rate of 17 per cent since 2018, while their value has increased by 26 per cent annually. Unclaimed equities now form a major portion of India’s total unclaimed financial assets, which exceed Rs 2.2 lakh crore.
In addition to equities, the IEPF also holds unpaid dividends and cash balances worth Rs 8,237 crore as of March 2024. However, unlike equities, these funds do not benefit from market-linked growth.
While investors or their legal heirs can claim these shares at any time, delays may result in loss of certain accrued benefits, making timely claims crucial.
The findings underline a growing gap between rising retail participation in equity markets and financial awareness, with experts stressing the need for better nominee disclosures and succession planning to unlock this dormant wealth.