What Is the Probate of a Will? Complete Procedure & Legal Requirements You Must Know

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  When a person passes away, their belongings—like property, money, and investments—must be passed on to their heirs or beneficiaries. If the person has left a will, the probate of will procedure is the legal process that helps make this happen. In simple words, probate is the court’s way of confirming that a will is valid and ensuring the person’s wishes are carried out properly. In this blog, we’ll explain what probate means, how the process works, what legal documents are needed, and how it connects to tracing lost investments and the application for succession certificate. What Does “Probate of a Will” Mean? The word "probate" means proving the will in court. It is a legal certificate that confirms: The will is real and valid. The person named as executor (who will manage the property) is legally approved. The distribution of the deceased’s property as per the will is allowed. In India, probate is compulsory in certain area...
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Understanding the IEPF Claim Process: Everything You Need to Know

 

Many investors are unaware that their unclaimed dividends and shares can be transferred to the Investor Education and Protection Fund (IEPF) if left idle for too long. The good news is that you can reclaim your shares and dividends from the IEPF with the right process. In this blog, we will explain everything about the IEPF claim process, including how to recover shares, handle duplicate share certificates, and namecorrection in share certificates.

What is IEPF?

The Investor Education and Protection Fund (IEPF) was created by the Government of India to safeguard investors' interests. When shareholders do not claim their dividends or shares for seven consecutive years, the company transfers them to the IEPF. However, investors or their legal heirs can reclaim these shares by following a structured process.

Steps to Recover Shares from IEPF

If your shares have been transferred to the IEPF, you can recover them by following these steps:

  1. Check IEPF Website: Visit the official IEPF website and check if your shares or dividends have been transferred.
  2. Gather Necessary Documents: Collect essential documents like PAN card, Aadhaar card, canceled cheque, and proof of shareholding (such as a Demat account statement or old physical certificates).
  3. File IEPF Form-5: Download and fill out the IEPF Form-5, which is the official application for reclaiming shares and dividends.
  4. Submit the Form to the Company: After completing the form, submit it along with the necessary documents to the company's nodal officer.
  5. Verification by Company: The company will verify your documents and send its approval to the IEPF authority.
  6. Claim Processing by IEPF Authority: Once the IEPF receives the verified application, they process your request, and upon approval, the shares are transferred back to your Demat account.

 

 




Handling Duplicate Share Certificates

A duplicate sharecertificate is required when the original certificate is lost, stolen, or damaged. If you do not have your original share certificate, follow these steps to get a duplicate:

  1. Inform the Company: Report the loss of the share certificate to the issuing company or its registrar.
  2. File an FIR: Lodge a First Information Report (FIR) with the police, mentioning details of the lost certificate.
  3. Publish an Advertisement: Some companies require an advertisement in a newspaper about the lost share certificate.
  4. Sign an Indemnity Bond: The shareholder may need to sign an indemnity bond and affidavit to claim the duplicate certificate.
  5. Company Issues Duplicate Certificate: After verifying the documents, the company issues a duplicate share certificate.

If your lost shares were transferred to the IEPF, you need to obtain the duplicate share certificate first before applying for recovery of shares from the IEPF.

 

Name Correction in Share Certificate

Sometimes, a shareholder’s name may be misspelled or changed due to marriage, legal name change, or incorrect entry. You can correct the name on your share certificate by following these steps:

  1. Check Company’s Guidelines: Each company has its own process for name corrections. Contact the company or its registrar to know their requirements.
  2. Submit Necessary Documents: Commonly required documents include:
    • Original share certificate
    • Self-attested copies of PAN card and Aadhaar card
    • Gazette notification or marriage certificate (if applicable)
    • Affidavit stating the name correction request
  3. Apply for Name Correction: Submit the application along with the documents to the company’s registrar.
  4. Receive Corrected Share Certificate: Once verified, the company issues a corrected share certificate.

If shares with an incorrect name were transferred to the IEPF, you must first correct the name in the company’s records before applying for recovery of shares from IEPF.

Important Points to Remember

  • IEPF claims can only be filed online through the IEPF portal.
  • The process takes time, as it requires verification by both the company and the IEPF authority.
  • Keep all documents ready to avoid delays in processing your claim.
  • If you are a legal heir, you must submit succession documents like a will, legal heir certificate, or succession certificate to claim shares of a deceased shareholder.

Conclusion

Recovering shares from the IEPF may seem complex, but with the right documents and process, you can successfully reclaim your shares and dividends. If you need assistance in recovering shares from IEPF, getting a duplicate share certificate, or correcting your name on a share certificate, professional consultants can guide you through the process smoothly.

By understanding these steps, you can ensure that your investments are not lost and that you regain control over your valuable shares.

 


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