Top 5 Companies in IEPF with Highest Unclaimed Shares

 

Top 5 Companies in IEPF with Highest Unclaimed Shares (2025 Updated Guide)

In India, crores worth of investor wealth remain unclaimed every year, locked away in the Investor Education and Protection Fund (IEPF). The IEPF was created under the Companies Act, 2013, to safeguard the interests of investors whose dividends or shares have remained unclaimed for seven consecutive years. Surprisingly, some of the country’s most trusted and well-known corporations top the list of firms with the highest unclaimed holdings. In this blog, we highlight the Top 5 companies in IEPF with the largest volumes of unclaimed shares in 2025 and explore why so much investor wealth ends up forgotten.

1. Reliance Industries Limited (RIL)

Among the Top 5 companies in IEPF, Reliance Industries Limited stands out as the leading contributor of unclaimed shares. With a long history of corporate restructuring, stock bonuses, and mergers, Reliance has built an extensive investor base over the past four decades. Many shareholders from the 1980s and 1990s held their shares in physical form, and when India transitioned to demat accounts, a significant number failed to convert or update their details. As a result, unclaimed dividends accumulated and were eventually transferred to the IEPF. Reliance’s case highlights the importance of investor record maintenance and the need for regular KYC updates.

2. ITC Limited

Next in the Top 5 companies in IEPF is ITC Limited, a household name known for consistent dividends and long-term growth. Over time, many investors either misplaced old physical share certificates or failed to update their contact information with the company registrar. Consequently, dividend cheques were returned undelivered, and unclaimed shares accumulated. What makes ITC’s case more striking is that its stock value has increased exponentially in the last two decades — meaning the forgotten investments are now worth a fortune.

3. Tata Steel Limited

Tata Steel Limited, another legacy company, also finds its place among the Top 5 companies in IEPF. Many of its shareholders belong to older generations who did not transfer ownership to their heirs or convert their physical certificates into electronic form. This oversight led to thousands of shares being transferred to IEPF. Tata Steel’s experience underscores a common issue — the lack of succession planning. Heirs often discover such lost investments years later, unaware that valuable shares have been transferred to the government fund.

4. Hindustan Unilever Limited (HUL)

Hindustan Unilever Limited (HUL) also contributes significantly to the total unclaimed wealth in IEPF. Known for its long history and reliable dividends, HUL has seen many shareholder transitions over decades. In several cases, the original investors passed away, and their families remained unaware of these holdings. Inheritance-related delays and missing documentation are major reasons why HUL’s unclaimed shares have grown over time.

5. State Bank of India (SBI)

Finally, State Bank of India (SBI) completes the list of Top 5 companies in IEPF. The merger of SBI with its associate banks led to widespread confusion among investors regarding share entitlements. Many shareholders failed to claim their dividends or update account details after the merger, resulting in large volumes of unclaimed shares being moved to IEPF.

Conclusion: Don’t Let Your Wealth Stay Forgotten

These Top 5 companies in IEPF collectively represent thousands of crores in unclaimed investor wealth. The main reasons behind this issue include lost physical certificates, outdated contact details, lack of nomination, and unawareness of the claim process. Fortunately, investors and legal heirs can reclaim their unclaimed shares by filing Form IEPF-5 online and submitting the necessary documents to the respective company’s nodal officer.