Top 5 Companies in IEPF with Highest Unclaimed Shares

 

Top 5 Companies in IEPF with Highest Unclaimed Shares – 2025 Insightful Analysis

Every year, thousands of investors forget to claim dividends, update KYC, or recover old investments, leading to a massive rise in unclaimed shares transferred to the Investor Education and Protection Fund (IEPF). With increasing corporate compliance and digital tracking, the IEPF Authority now holds crores worth of unclaimed shares across Indian companies. In this 2025 analysis, we highlight the Top 5 Companies in IEPF with Highest Unclaimed Shares and why so many shareholders lose track of their holdings.

1. Reliance Industries Limited (RIL)

Reliance Industries continues to top the list with one of the largest volumes of unclaimed dividends and shares transferred to the IEPF. Due to its vast shareholder base and decades-long operations, many investors hold old physical shares, missing dividend payouts and corporate communication. Frequent family transfers, address mismatches, and outdated KYC are major reasons behind such high unclaimed numbers. RIL’s IEPF section now reflects shares transferred over many years, making it one of the biggest contributors.

2. Tata Steel Limited

Tata Steel, one of India’s oldest listed companies, has a significant volume of unclaimed shares. Many historical shareholders still possess physical certificates, and unclaimed dividends from earlier decades have resulted in a large chunk being moved to IEPF. Despite active investor communication, the company’s long legacy means many shareholders have either shifted, lost documents, or passed away without transmission, causing a rise in unclaimed holdings.

3. ITC Limited

With millions of shareholders, ITC is another major company where shares often go unclaimed. Short-term investors, senior citizens, and individuals holding legacy shares often miss dividend credits due to bank account closure or incomplete KYC. After seven years of unclaimed dividends, both the dividend and the underlying shares get transferred to IEPF, placing ITC among the top in unclaimed share volumes.

4. State Bank of India (SBI)

SBI, India’s largest bank, has a huge retail shareholder base. Many investors own shares from the era before dematerialisation, and numerous dividends remain unclaimed due to outdated bank accounts or communication details. As a result, SBI has consistently ranked among companies with high unclaimed shares, especially from earlier mergers and equity restructuring phases. Its IEPF list continues to grow as legacy investors fail to update KYC details.

5. HDFC Bank Limited

HDFC Bank, known for its widespread shareholding and stable dividend history, also records a sizable number of unclaimed shares. Frequent changes in investor bank accounts, non-updated Demat details, and transitions during mergers have resulted in unclaimed dividends and eventual transfer of shares to IEPF. Many investors only realise this once dividend credits stop appearing.

Why Do These Shares Go Unclaimed?

Some common reasons include:

  • Outdated addresses, signatures, or KYC

  • Loss of physical share certificates

  • Non-updated Demat details

  • Investors moving abroad or shifting cities

  • Death of shareholders without proper transmission

  • Inactive bank accounts leading to failed dividend credits

Final Thoughts

The rise in unclaimed shares across major Indian companies shows how easily investors can lose track of valuable assets. If you find your name in an IEPF unclaimed list, you can still recover your investments by filing an IEPF Form-5 claim. Understanding the companies with the highest unclaimed amounts helps investors stay alert and ensure they never miss out on their rightful holdings.

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