Being one of the most influential IT companies, BPO brands, or consultancy firms, Wipro has made quite a remarkable profit in recent times, which certainly acts as motivation to entrepreneurs, job seekers, and, of course, investors and shareholders across the globe.
This profit, however, is the gateway to new investment routes because the shares from this company have skyrocketed in recent times. Reports state that Wipro made a whopping advancement of 35% profit last year.
What’s more surprising is this company already produced 4.6% more profits in quarter 1 of this year, according to reports.
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As a matter of fact, this profit margin has a significant impact on the rates and the price of the company’s shares. Recent reports state that Wipro’s share price stands at Rs. 495 per share by mid-year 2024.
That doesn’t sound interesting to most people unless it’s revealed that Wipro share prices stood at Rs. 52/- per share 25 years ago, which is the year 2000.
Owning shares from this company can, therefore, be a productive choice on your end.
However, there’s a catch: What if you already own shares from the company and you haven’t claimed it?
You can miss out on serious profits as you have just learnt the current value of the Wipro shares.
It is likely that the unclaimed Wipro shares are transferred to the IEPF authority as generally, that is what the laws of the country dictate. The best and the most practical thing to do here is to look for the complete recovery of shares from IEPF as soon as possible.
Understanding IEPF
Known as the Investor Education and Protection Fund (IEPF) is the authority that almost works as an intermediary between the company and its shareholders/ investors on the grounds of offering protection to shares that are not claimed by the latter yet.
What you have just read means IEPF takes care of protecting your shares (whatever their kind is) when you haven’t claimed it. However, IEPF never alters the ownership of the shares.
It rather authenticates your ownership by means of protecting it until you make a move to claim these shares. IEPF, as a central government organisation, protects the legal rights of investors/ shareholders and makes the process of share recovery easy and trackable for every one of them.
When does the company – in this case, Wipro – decide to transfer shares to the IEPF authority?
When the shareholder or the investor fails to claim the shares (or doesn’t do so for any reason) for seven consecutive years, then, by law, the company is to transfer the shares with their ownership details to the IEPF, where it remains protected.
The Process of Recovery of Shares From IEPF
We are going to look at two important factors when it comes to your IEPF claim by the MCA portal, which are – 1. What makes you eligible and 2. How can you get your shares by officially claiming them from IEPF?
Eligibility Criteria
Not much is to be mentioned here, for which you need to be concerned. However, to begin with, we might need to pay attention to how the business works with the unclaimed share recovery process.
The IEPF recovery of shares is an intricate process that happens only once given a singular financial year. You cannot, therefore, make this claim more than the financial year the company observes on business grounds. If you have unclaimed shares with a company, it is likely the company will issue an entitlement letter to you, which serves as a vital document to the IEPF recovery process. However, this factor only comes into play when you are a registered shareholder/ investor, a nominee, or an heir to the shareholder legally.
Although it’s not strictly an ‘eligibility’ thing, you are supposed to maintain all IEPF recovery norms too.
Step-by-Step Recovery Process
With the information furnished in the previous point, you might be wondering about the step-by-step roadmap for the recovery of your shares. The points below may prove helpful in this case.
Step 1- Visit the Official Website of IEPF: You cannot claim your shares unless you access the official IEPF website. Go to the website of The Ministry of Corporate Affairs (MCA), where you will find the official IEPF portal.
Step 2 – Check Your Wipro Share Status: Use your share certificate numbers, shareholder details, and personal information to find out the status of the shares you own from Wipro, such as values, ownerships, number of shares, etc.
Step 3 – Learn about the IEPF Form-5 and Prepare Documents: This is where you want to make sure you can arrange the legal documents for verification purposes of your share certificates by the IEPF authority. Usually, the share certificate or the duplicate share certificate, dividend checks, KYC details, SRN, indemnity bond, and more are required. However, if the shareholder or investor dies and the legal heir wants to claim shares in the way of inheritance, death certificates, legal heir certificates and succession certificates are required.
Step 4 – Submit the IEPF-5 Form: When you are able to collect all the legal information, you want to make a printout of the IEPF Form 5 and then submit it to the nodal officer to allow the professional to verify those documents for the recovery of shares from IEPF.
Step 5 – Wait for the Verification Phase: The nodal officer sends the documents to the IEPF authority to verify if you are the legal owner or heir of the shares by running intricate processes on their end. This process might take a while but is not a very lengthy procedure.
Step 6: Receive Your Unclaimed Shares: Once verified, the company or its RTA is going to issue the share valuation to your account. However, the time for this process may take a few days or many weeks considering the company’s present operational status.
When this process is concluded, you officially restore your shares and they are not ‘unclaimed’ anymore. However, it’s good advice that you check your shareholder status in the IEPF portal after the recovery of unclaimed shares.
Common Challenges in Share Recovery
Although the IEPF portal has made share ownership protected and the recovery simplified, many shareholders and investors do not know how to claim shares from IEPF following all the correct regulations.
This is not an uncommon matter because of the lack of share certificate information, or the detachment from share activities for long, many owners find claiming their shares a very complicated, tiring, and murky process.
This is where they might need additional assistance from people (or professionals) who can be their wingman/wingwoman to help them with the unclaimed share ownership effectively.
These people or professionals are often found in the industry as consultants. Not only are they experts at what they do for you, but they are also certified to help you most effectively and securely as possible.
If you happen to talk to a consultant such as them, you might find these complications that are likely to slow down the IEPF recovery process.
Common problems like signature mismatch, change of address, no objection certificate (NOC) from family members, and other complications exist, which act as impediments in the way of the verification phase.
However, if the shareholder dies, then producing relevant documents of the legal heir (such as legal heir certificates) undergo serious scrutinisation procedures. You may get rejected in this phase, which often increases the frustration of the shareholder in the recovery of IEPF shares.
What if both the shareholder and the heir are deceased? In that case, the family member of the shareholder or the heir can ask IEPF to transfer shares using your death certificates, legal heir certificates, duplicate share certificates, other KYC details, and more.
However, chances are there might be complexities in the process that can hinder the family from getting ownership of shares.
Transferring shares to a minor by the nominee is also a process that is likely to come with clutters. Although these processes are very ‘segmented’ in nature, conducting them correctly might be a problem for most because of the complexity of the procedures.
This is where you need a consultant for unclaimed share/investment recovery so that you can simplify the process and make it more uniform.
Why Choose Infiny Solutions?
Our job, as a consultant organisation for unclaimed shares recovery, is to help our clients get back the ownership of their shares as soon as possible following correct legal routes.
Known as Infiny Solutions, we are committed to helping shareholders/investors to get the recovery of shares from IEPF in quick and cost-effective ways. Know that there might be complications in the way of unclaimed share restoration. However, we are here to solve that for you so that you gain that peace of mind to obtain your shares.
Partnered with experienced CA professionals, we have made it possible to be in the headlines of esteemed newspapers and online media.
If you want to learn more about our work and also talk to our expert consultant, contact us at 90279 00537 or send an email to info@infinysolutions.com
RECOVER YOUR LOST WEALTH
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UNLOCK YOUR WEALTH
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