Your Rights as a Legal Heir — What the Law Says
Under Indian law, shares are a heritable asset. When a shareholder passes away, ownership of the shares transfers to the legal heirs under the applicable succession law — Hindu Succession Act for Hindus, Indian Succession Act for Christians and others, or Muslim Personal Law for Muslims. There is no time limit on this right. Even if 20 years have passed since the shareholder's death, legal heirs can still claim the shares.
Importantly, if shares were transferred to IEPF (because dividends were unclaimed for 7+ years), the legal heir's right to recover from IEPF also survives — there is no expiry on IEPF claims either.
Step 1: Find and Document All Holdings
Before approaching any company or government authority, make a complete inventory of what exists. Search through:
- Old physical files, cupboards, bank lockers, and safe-deposit boxes for share certificates
- Old bank statements for dividend credits (shows company name and dates)
- Old annual reports addressed to the deceased (often mailed to shareholders)
- Email archives for electronic dividend notifications or RTA communications
- Any demat account statements (check with NSDL/CDSL using PAN)
For each holding, note: company name, folio number (printed on the certificate), certificate number, number of shares, and face value. If you only have a partial record — even just the company name — it is often enough to start tracing.
Step 2: Check Whether a Nominee Was Registered
This single question determines how simple or complex your path will be.
Submit to the company's RTA: (1) Death certificate of the deceased, (2) Nominee's PAN and Aadhaar, (3) Demat account details. No court documents required. Timeline: 30–60 days.
You need a legal heir certificate (from Tehsildar/DM) or succession certificate (from civil court). Then submit with death certificate, NOC from all co-heirs, Indemnity Bond. Timeline: 2–6 months depending on which document you obtain.
To check if a nominee was registered: contact the company's RTA with the deceased's folio number, or check the demat account with the depository.
Step 3: Check if Shares Are With RTA or Transferred to IEPF
If the deceased shareholder had shares for many years and dividends were unclaimed (possibly because they changed addresses or were unaware of the dividends), the shares may have been transferred to IEPF after 7 consecutive years of unclaimed dividends.
How to check: Contact ClaimMyFunds for a free search — share the deceased's name, PAN, or folio number and we verify across companies and RTAs whether shares are with the RTA or have moved to IEPF. You can also check the IEPF disclosure in the company's Annual Report.
Complete Document Checklist for Legal Heirs
What If Multiple Heirs Are Involved?
When the deceased shareholder has multiple legal heirs (e.g., spouse and adult children), all heirs must be in agreement for the claim to proceed smoothly. The standard approach:
- Designate one claimant — one heir applies for the shares to be transferred to their demat account
- All other heirs provide NOC on stamp paper consenting to the single claimant receiving the shares
- Prepare a joint Indemnity Bond signed by all heirs collectively
If heirs are in dispute, the matter may need to be resolved through a civil court succession certificate that specifies each heir's share. ClaimMyFunds at +91 90818 47140 provides guidance on managing multi-heir situations.