Grab Insights on Reclaiming Crores of Unclaimed Money from Shares, Dividends, FDs, and Bank accounts
In our recent interview, Ranjit Jha, CEO of Rurash Financials, addressed the issue of unclaimed investments like shares and dividends, providing valuable insights into the process of tracking and claiming these investments. With a vast number of unclaimed money lying with the Investor Education and Protection Fund (IEPF), understanding the steps involved in reclaiming such investments becomes crucial.
Ranjit shared his expertise on the matter, shedding light on the complex and cumbersome nature of the process and providing guidance to investors looking to retrieve their unclaimed assets. His team is one of the fastest growing in India that is working across the country and helping NRIs with unclaimed investments and IEPF claims. Rurash Financials has helped hundreds of clients recover crores of forgotten/unclaimed investments and lost money from struck investments IEPF and by converting Physical Shares to Demat. They offer comprehensive solutions and expertise in various types of unclaimed funds, including mutual funds, bonds, PF, and unclaimed money from insurance companies. Here are the excerpts,
Q: Can you explain the issue of unclaimed investments and its significance?
A: Unclaimed investments are a significant problem in the financial industry, where a considerable amount of forgotten investment funds are held by banks, insurance companies, and even housing finance firms. Many individuals, particularly the elderly, often misplace physical certificates or forget about investments they made long ago. This lack of awareness leads to a substantial accumulation of unclaimed funds within financial institutions. Currently, an estimated Rs 1 Lakh crore of investor wealth remains unclaimed in forgotten and lost investments, encompassing dormant bank accounts, idle insurance policy maturity proceeds, inactive provident fund accounts, and unclaimed mutual fund investments.
Q: What are the main reasons for investments going unclaimed?
A: One of the major reasons for unclaimed investments is the lack of awareness among individuals, especially when it comes to assets left by their parents or grandparents. In some cases, the absence of a Will further complicates the situation. Elderly individuals often forget about investments they made in the past or misplace physical certificates. Additionally, unclaimed mutual fund investments and uncashed dividends contribute to the problem.
Q: How to track unclaimed shares or dividends?
A: The first step in tracking unclaimed shares, dividends, or mutual funds is to collate all available information from personal records such as physical share certificates, dividends, allotment letters, income tax returns, and any other documentation related to investments.
According to Ranjit Jha, it is important to note that there is presently no centralized database available for effortless retrieval of information on unclaimed investments. This is primarily because many of these investments were made several decades ago, before the widespread implementation of centralized linking to PAN (Permanent Account Number) or Aadhaar. As a result, tracking and gathering information regarding these unclaimed investments require a different approach.
Q: So how does one go about collating the information?
A: To facilitate the search for unclaimed investments, there are two potential approaches. Firstly, investors can utilize the IEPF website, which offers a search facility to locate shares and dividends transferred to the IEPF. However, it should be noted that the database is not comprehensive or frequently updated, and clerical errors may arise. The second option entails visiting the websites of listed companies, as many of them disclose lists of investors who have not claimed their dividends. However, with thousands of listed companies in India, visiting each website individually may not be practically possible.
Although individuals can still reclaim their unclaimed funds even after a decade of inactivity. But Jha emphasized that the process of claiming back unclaimed investments is a multi-step journey involving multiple rounds of documentation, making it complex and cumbersome for the average investor. It requires extensive follow-ups and interactions with various parties, including the company, its registrar and transfer agents, government authorities such as the IEPF, and even courts in the case of deceased shareholders. And that’s where Rurash Financials plays a pivotal role in helping investors navigate the process and reclaim their unclaimed funds effectively. To date, Rurash Financials has helped hundreds of their clients recover crores of forgotten/unclaimed investments and lost money.
Q: How does Rurash Financials assist individuals in recovering their unclaimed funds?
A: Rurash Financials specializes in helping individuals recover their lost investments, including mutual funds, bonds, and PF. We specialize in helping individuals retrieve their unclaimed funds and plan their future investments. Our team of experts understands the complexities involved in these situations and offers comprehensive guidance. We assist in filing legal claims, and tracing investments from IEPF, dormant bank accounts, mutual fund investments, and FDs. We also provide support in obtaining succession certificates or legal heir certificates, as required. Additionally, our professionals can help clients navigate the KYC process and contact companies directly if share certificates have been lost or folio numbers are forgotten.
Ranjit Jha has also emphasized that NRIs (Non-Resident Indians) can rely on Rurash Financials in claiming their investments. They offer comprehensive solutions to NRIs across the globe. Whether addressing the complexities of cross-border investments or ensuring compliance with relevant regulations, they understand the unique needs of NRIs and provide them with the necessary support to optimize their financial outcomes.
In conclusion, Jha’s valuable insights into the process of tracking and claiming unclaimed investments, along with his guidance, have provided the necessary information and assistance to successfully retrieve one’s assets. His expertise has proven invaluable to investors navigating the complexities involved in reclaiming their unclaimed investments. Through his vision and his team’s expertise, investors can obtain valuable information and assistance in the journey to retrieve their unclaimed investments.
About Rurash Financials
In addition to their expertise in recovering unclaimed funds, Rurash Financials provides a comprehensive suite of investment management services. They assist clients in effectively managing their current, past, and future investments, offering personalized investment strategies that cater to their unique needs. With specialization in direct equity, private equity (unlisted and pre-IPO shares), fixed income, etc. together with exclusive services like NRI Financial Concierge and Loan Against Securities. Rurash Financials aims to enhance clients’ wealth and empower them to build a secure financial legacy.