Reliance Industries tops IEPF unclaimed shares; ₹89,000 crore stuck across 1,671 companies: Report

Reliance Industries alone accounts for 15.6% of the total unclaimed equity holdings by value in the Investor Education and Protection Fund (IEPF), highlighting a sharp concentration of dormant wealth in India’s largest listed company.

According to a study by 1 Finance Magazine – a personal finance advisory firm, a significant portion of India’s unclaimed financial wealth is now concentrated in equities, with the Investor Education and Protection Fund Authority (IEPFA) holding shares worth nearly ₹89,004 crore across 1,671 listed companies as of November 2025. What stands out is the high concentration of value in a handful of blue-chip stocks, underscoring both the scale and skew of unclaimed investor wealth.

Other major contributors include:

HDFC Bank – 2.4%
Larsen & Toubro (L&T) – 2.3%
Hindustan Unilever (HUL) – 2.2%
JSW Steel – 2.2%

While the top five companies account for a significant share, the remaining 75.2% of holdings is spread across hundreds of firms, indicating a long tail of smaller, fragmented investments.

Why large-cap stocks dominate

The concentration in companies such as Reliance, HDFC Bank, and HUL reflects long-standing retail investor behaviour, with households preferring established, blue-chip names. Over time, many of these holdings have turned unclaimed due to administrative gaps rather than investment decisions.

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The study noted that unclaimed equity shares typically arise from:

• Outdated contact or bank details
• Unreported deaths
• Lack of awareness among legal heirs
• Inactive or forgotten demat accounts

How shares move to IEPF

Under the Companies Act, dividends that remain unclaimed for seven consecutive years are transferred to the IEPF along with the underlying shares. While dividends are moved as cash balances, the shares are transferred to IEPF-managed demat accounts. Unlike most unclaimed assets, these shares remain market-linked, continuing to track price movements even after transfer.

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Market-linked wealth

The scale of unclaimed equity holdings has expanded rapidly. Since 2018:

The number of shares in IEPF has grown at 17% annually
The total value has increased at 26% annually

This makes unclaimed equities one of the fastest-growing segments within India’s broader pool of unclaimed financial assets, which exceeds ₹2.2 lakh crore.

Cash vs equity

Alongside equities, the IEPF also holds unpaid dividends and other monetary balances, which stood at ₹8,237 crore as of March 2024. However, unlike equities, these balances do not benefit from market-linked growth.

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This creates a clear distinction:

Equity holdings continue to grow with market performance
Cash balances remain relatively static
Claims possible, but gaps remain

Even after transfer, ownership of shares remains with the investor or their legal heirs, and claims can be made at any time. Once verified, the shares are returned to the claimant’s demat account along with the unpaid dividends.

However, benefits accrued during the holding period may not fully pass through, making timely claims critical.

A silent build-up

The dominance of large-cap stocks in IEPF holdings highlights a broader issue—India’s rising equity participation has not been matched by financial awareness, documentation, and succession planning.

As a result, a large portion of household wealth remains invested but inaccessible. According to the study, improving nominee disclosures and investor awareness could unlock a significant share of this dormant wealth.