Top 5 Companies in IEPF with Highest Unclaimed Shares

 

The Top 5 IEPF Company with the Most Unclaimed Shares (2025 Updated Guide)


Every year, thousands of investors unknowingly lose access to their shares and dividends due to outdated KYC details, ignored corporate communications, lost physical certificates, or inactive demat accounts. When dividends remain unclaimed for seven continuous years, the corresponding shares are transferred to the Investor Education and Protection Fund (IEPF). As a result, crores worth of investor holdings from major Indian companies now sit under IEPF, awaiting recovery.


In this updated 2025 guide, we highlight the Top 5 companies in IEPF with the highest unclaimed shares, helping investors identify whether they or their family members may have forgotten investments in these major corporations.


1. Reliance Industries Limited (RIL)


Reliance tops the list with the largest number of unclaimed shares transferred to IEPF. With a massive shareholder base built over decades and frequent corporate actions like bonuses, dividends, and stock splits, many investors lost track of their holdings—especially those holding old physical certificates. Numerous folios linked to outdated addresses, old signatures, or incomplete demat processes contribute to continuous transfers of unclaimed shares to IEPF.


2. Tata Steel


As one of India’s oldest companies, Tata Steel has a huge number of legacy shareholders. Many of these investors have passed on their shares to the next generation without proper documentation. As a result, a significant volume of unclaimed dividends and shares has moved to IEPF. Corporate restructuring, relocation of shareholders, and lack of awareness among legal heirs are common reasons behind these unclaimed holdings.


3. ITC Limited


ITC has always been a high-dividend-paying company. This means even one missed dividend can trigger a chain of unclaimed payouts for shareholders who fail to update bank accounts or communication addresses. Over time, these neglected dividends accumulate, leading to transfer of shares to IEPF. Large numbers of physical share certificates from the 1990s and early 2000s remain unclaimed, making ITC one of the top contributors to IEPF share volume.


4. Larsen & Toubro (L&T)


L&T is on this list due to its solid cash base and multiple company activities over the years. Many investors who purchased shares decades ago have since misplaced certificates or failed to convert physical shares into demat form. Additionally, signature mismatches and non-updated PAN details have led to large quantities of shares and dividends being transferred to IEPF.


5. Hindustan Unilever Limited (HUL)


Despite being one of the most trusted brands in India, HUL has a surprisingly high volume of unclaimed shares. The reason is simple: thousands of investors from past generations invested in physical shares but never transitioned to demat. Lack of awareness about mandatory KYC updates, incorrect bank details, and unreported death of shareholders have also contributed to the steady rise of HUL shares in IEPF.


Why These Companies Dominate IEPF Unclaimed Lists?


Large, decades-old shareholder base


High dividend frequency over many years


Lost or un-dematerialized physical share certificates


Outdated signatures, PAN, bank accounts, or addresses


Inherited shares without proper legal documentation


Final Thoughts


If you or your family invested in any of these top companies, there’s a strong chance some shares may have been transferred to IEPF. With the correct documents and proper filing of Form IEPF-5, investors can recover these valuable assets. For a smooth, error-free and guided process, professional IEPF recovery services like Care4Share help simplify the entire journey.

Location: Big Jo'S Tower, Netaji Subhash Place, Pitampura, Delhi, 110034, India

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