Freezing of Folios of physical shareholders... Last date for KYC is 30th September 2023... Act now Ref: SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37


Recovery of Infosys’ Shares from the IEPF can make you Crorepati Over A Night!

  • Home
  • Blog
  • Others
  • Recovery of Infosys’ Shares from the IEPF can make you Crorepati Over A Night!
Infoys Shares Recovery

Recovery of Infosys’ Shares from the IEPF can make you Crorepati Over A Night!

Do you think 1 share of a company can give you more than ₹ 10 Lakhs? Yes, you read it right! Infosys has done the impossible. If your father or grandpa had bought 10 shares of Infosys during its IPO, then today, the value of those shares would be more than ₹ 1 Crore.

Curious to know about it? Here, I am going to discuss how you could earn a fortune if you just came to know that you owned 10 shares of Infosys in 1993.

About the Company

Infosys is an Indian MNC that provides the services of business consultation, information technology, and outsourcing. It was incorporated in 1981 as a private company. In 1992, it converted into a public company. The very next year, it got listed on the stock exchanges. It is the 2nd largest Indian IT company after TCS with a market capitalization of 2,73,214 Crores. It has been growing exponentially.

It continued to generate profits during the setback of the COVID-19 pandemic and provided dividends to its members. Infosys has provided 2 dividends, in 2020-2021, of 12 and 9.50, accumulating to 21.5 per share. This means that if you would have purchased 10 shares in 1993, then you could have received a dividend of 2, 20, 160 in this year alone. You must be wondering how 10 shares could yield the said amount with the dividend of only 21.5 per share. All thanks to the bonus shares, Infosys has issued from time to time. Below is the calculation that will provide you an explanation.


  • Imagine that you or any family member in your previous generation has bought 10 Infosys shares during its IPO in 1993.
  • The share was issued at 95. Thus, you invested a total of 950 in these shares.
  • The company, in 1994, issued its first bonus shares in the ratio of 1:1.

[Bonus Shares are issued by the company to its shareholders as fully paid up shares without any cost. In other words, the company by issuing bonus shares gives a gift to its shareholders].

Issuing bonus shares at a 1:1 ratio means, that for every share owned by a shareholder, the company will issue another share in his name. This means that if you had 10 shares in the beginning, it has now become 20 shares.

  • In 1997, the company again issued the bonus shares in the ratio of 1:1. Therefore, the 20 shares in your name have now become 40 shares.
  • In 1999, the company again issued bonus shares at a 1:1 ratio. Now, your number of shares has increased from 40 to 80.
  • The company, in the very next year, in 2000, due to an extreme rise in its share price, split up its stock in the ratio of 2:1.

[A company splits its stock when the share price of the share increases to a great extent and it becomes difficult for the retail investors or small investors to invest in the shares of such companies. By splitting the stocks, the company increases the number of shares in the market while decreasing its price by the same proportion. In this way, there is no change in the net value of the market capital.]

The same thing happened with Infosys. Its stock price shot up to a great height. To reduce the share price, and to make it easier for the retail investors to buy the stock, the company split its stock into 2. This means that for every share, the shareholder got 2 shares, worth half of the original 1 share. In simpler words, earlier, if you had 10 shares of 100 each, then now you have 20 shares of 50 each. Thus, no change in the net value of the shares worth 1, 000.

Due to the stock split, now your shares increased from 80 to 160.

P.S.: Do not confuse it with Bonus Shares. Because unlike Stock Spilt, the price per share does not decrease while issuing Bonus Shares.

  • After that, the company has issued bonus shares 5 times to date.
  • In 2005, the company issued bonus shares at a 3:1 ratio. This means that for every share owned by a shareholder, the company will issue another 3 shares in his name. This means that if you had 160 shares in the beginning, it has now become 640 shares. (160 Original Shares + 480 Bonus Shares)
  • In 2007, the company issued another round of bonus shares at the ratio of 1:1. Now your shares are doubled in the amount. Thus, it has increased to 1, 280 shares.
  • After the 8 years, in 2015, the company again issued the bonus shares at the ratio of 1:1. The shareholding of every shareholder got doubled, thus, the shares increased from 1, 280 to 2, 560.
  • The very next year, in 2016, the company again issued bonus shares at a 1:1 ratio. Now, your number of shares has increased to 5, 120.
  • Infosys last issued the bonus shares in 2019 at the ratio of 1:1. Thus, today, the number of Infosys shares you should own is 10, 240.
  • Now, the price of 1 share of Infosys, as of 3rd December 2020, is 1, 125. Thus, the value of your shares as of date is,

1, 125 x 10, 240 shares = 1, 15, 20, 000 (One Crore Fifteen Lakhs Twenty Thousand)

  • The above amount is only the price of the shares. We have not calculated the dividends that you have received so far.
  • Infosys is known for sharing its profits with its investors. To date, the company has paid an aggregate dividend of 722.25 per share.


Now you can calculate your dividends accordingly.

As you could see, if you had 10 shares of Infosys registered under your name in 1993, then you would have become a Crorepati today. Now the issue is that you are not in the possession of the shares of Infosys though you know that you are the rightful owner of the same. As per the Government’s rule, these shares are now treated as forgotten or lost shares because no one has claimed dividends on them for 7 years or more. Since the dividend remained unclaimed, the shares are now in the possession of the Government of India under the Investor Education and Protection Fund (“IEPF”). It was introduced in 2016 by the Government to resolve the issue of such ‘long lost and forgotten shares’.

About Investor Education and Protection Fund

As stated above, the Government introduced the IEPF to address the ever-increasing problem of people forgetting their shareholdings in a company. The IEPF was launched to promote the protection of interest, and awareness of the investors. The unclaimed dividend and lost shares transferred to this account are taken care of by the Government on behalf of the rightful shareholders. The dividends on the shares remain unclaimed for years because people tend to forget that they own the shares in the first place. There are multiple reasons why people forget about their ownership in a company:

  • No Nominee: Usually investors do not appoint a nominee/ heir to take care of the shares after their death. Therefore, the shares remain deserted because the heirs are clueless about their ownership of such shares.
  • Small Investments: Generally, the investment is of small amounts due to which an investor forgets about the shares.
  • Property Dispute: Shares get attached to the court because proceedings are pending in the courts regarding the property dispute. Thus, the shares remain ownerless till the court’s verdict.

There are many other reasons why an investor forgets about his/ her shareholding in a company. This is the reason why many companies have abundant shares with them with no sign of ownership.

Before the introduction of the IEPF, the companies were required to transfer the unclaimed dividends and unclaimed shares to the government funds. The Government could then use such funds for various public welfare schemes and various developmental works.  Since the problem of people forgetting their shareholdings in a company was increasing, the Government realized that it was causing huge losses for the investors. Therefore, the Government decided to set up the IEPF.  It is a one-stop solution that the government provides to the members of a company. Here, the members can approach the government and claim their dividends. Along with that, they can ask them to refund their long-forgotten shares. The IEPF was initiated while keeping in mind the interests of the shareholders. IEPF protected the investors’ funds while spreading awareness regarding the same.

The Government takes care of the unclaimed dividend and lost shares transferred to this account on behalf of the rightful shareholders. Thus, even after 7 years, investors can claim their dividends and shares from the fund manager by applying to the managing authority. People can claim their dividends and shares of different companies through one platform instead of going to each company individually, that is why IEPF is known as a one-stop solution.

Provisions Governing IEPF

The functioning of IEPF is governed by the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. Once a company declares a dividend on the shares, the shareholders get 30 days to claim the said dividend. After 30 days, if the dividends remain unclaimed by the shareholders, then the company, according to the above-stated laws, is obliged to transfer such dividends to a special account. This special account is opened in the name of the company, known as ‘Unpaid Dividend Account’.

After that, the company gets 90 days to publish a list of all the shareholders along with their unclaimed dividends on its website. In addition to this, the company can use any other mode of communication to tell its members about their unclaimed dividends kept with the company. If a shareholder wants to retrieve his unclaimed dividend from the ‘Unpaid Dividend Account’, then he has to file an application to the transfer agent of the company. Despite all these, if a shareholder, for any reason stated above, fails to claim the amount from the company for 7 years, then the company shall transfer such unclaimed dividend to the IEPF Account. The shares on which such dividend was declared will also get transferred to the IEPF for they are considered as forgotten shares. Thus, if the dividends remain unclaimed for 7 years, then the dividend and shares, both get transferred to the IEPF Account.

Unclaimed Dividend & Unclaimed Shares of Infosys

We can see the transfer status of the unclaimed dividend and unclaimed shares to the IEPF from the Annual Reports of a company.

Funds & Shares transferred to the IEPF

According to the Annual Report 2019-2020 of the company, Infosys has transferred the following unpaid dividend and unclaimed shares to the IEPF during the last 3 Fiscal Years:

Financial Year Type of Dividend Date of Transfer Amount of Unclaimed Dividend (in ₹)
2019-2020 Interim 2013-2013 19th Nov. 2019 67, 14, 375
2019-2020 Final 2011-2012 19th July 2019 1, 23, 64, 864
2018-2019 Interim 2011-2012 16th Nov. 201826th March 2019 69, 18, 540
2018-2019 Final 2010-2011 16th July 2018 68, 70, 340
2017-2018 Interim 2010-2011 20th Nov. 2017 1, 45, 91, 560
2017-2018 Final 2009-2010 17th July 2017 58, 56, 210
Total     5, 33, 15, 889


The company, in the previous 3 financial years, has transferred Five Crores Thirty-Three Lakhs Fifteen Thousand Eight Hundred Eighty-Nine Rupees (5, 33, 15, 889/-) of the unclaimed dividend to the IEPF Account.

Along with it, Infosys in 2019 alone, has transferred 8, 424 shares in the IEPF which are worth almost a crore. This is the data for only one year. The IEPF holds 0.1% shares of Infosys which accumulates to 2, 84, 487 shares. It is a huge chunk of unclaimed shares. The shareholders are thus advised to look into their investment history, or the ownership of shares passed on from a deceased family member and claim their dividends and shares from IEPF.

Funds & Shares to be transferred to the IEPF

The Annual Report 2019-2020 also provides the dates by which an investor can approach the Company’s Registrar or the Transfer Agent to claim dividends declared by the company from time to time. It also provides the amount of outstanding unclaimed dividends. After the expiry of the stated dates, Infosys will be forced to transfer the outstanding amounts of dividends, along with the shares, to the IEPF. 

The following table provides the information regarding the amount of dividend issued and the last dates by which the shareholders can claim those dividends.

For shareholders of Infosys:

S. No. Particulars of Dividends Amount of Unclaimed Dividend (in ₹) Due Date for transfer to IEPF
1 Final Dividend 2012-13 96, 43, 968 20th July, 2020
2 Interim Dividend 2013-14 83, 51, 120 23rd November, 2020
3 Final Dividend 2013-14 1, 25, 53, 377 19th July, 2021
4 Interim Dividend 2014-15 88, 35, 420 14th November, 2021
5 Final Dividend 2014-15 1, 62, 96, 862 23rd July, 2022
6 Interim Dividend 2015-16 1, 21, 42, 810 17th November, 2022
7 Final Dividend 2015-16 1, 82, 60, 306 17th July, 2023
8 Interim Dividend 2016-17 1, 25, 59, 871 19th November, 2023
9 Final Dividend 2016-17 2, 37, 51, 247 25th July, 2024
10 Interim Dividend 2017-18 2, 55, 23, 914 24th November, 2024
11 Final and Special Dividend 2017-18 5, 39, 73, 375 24th July, 2025
12 Interim Dividend 2018-19 2, 43, 97, 577 14th November, 2025
13 Special Dividend 2018-19 1, 48, 08, 680 10th February, 2026
14 Final Dividend 2018-19 3, 19, 36, 695 21st July, 2026
15 Interim Dividend 2019-20 2, 77, 24, 585 11th November, 2026


The table above provides the deadlines to the shareholders of Infosys, to claim their dividends by applying to the Company’s Registrar or the Transfer Agent. After the due dates, provided in the 4th column, Infosys will be forced to transfer the dividend funds (provided in the 3rd column) to the IEPF, along with the respective shares.

An investor can check the status of their lost shares of Infosys, from

For more information, visit

Unclaimed Shares & Lost Dividend under IEPF

If a shareholder has unclaimed shares and lost dividends in the name of IEPF, then he can approach the IEPF fund manager to refund the amount and transfer back the shares in the name of the claimant. The shareholder does not lose his/ her right over the dividend and the shares. Despite the fact, Infosys still encourages its members to claim the dividends on time from the company itself, to avoid its transfer to the IEPF Account. Infosys does this to avoid its members to go through the tiresome procedure of recovering the money and shares from the IEPF Authority. The fund manager follows this rigorous procedure to ensure that the shares get transferred to the rightful owner only. When shares remain unclaimed for such long periods, i.e., 7 years or more, they become prone to someone fraudulent transactions. Due to this, the fund manager makes thorough investigations before initiating the transfer of the amount and the shares. This thorough investigation makes it a time-consuming procedure and it becomes hard for the members to get back their shares. Hence, Infosys advises its members to claim dividends as it is comparatively easier.

For this purpose, the Nodal Officer, appointed by the company under the rules of IEPF, is A. G. S. Manikantha, Company Secretary has been appointed as the Compliance Officer and the Nodal Officer. To contact the Nodal/ Deputy Nodal Officer of Infosys, write an email to [email protected].

Why do You Need Legal Help?

As stated above, the application procedure to claim the refund of unclaimed dividends and lost shares is a difficult process. It requires a certain degree of expertise to file the application to the fund manager. Hiring a legal professional can help you to save yourself from this tedious task. Your legal expert will take care of all the work and formalities required to file the refund application. If there are mistakes in an application, the IEPF authority straight away rejects it, and the claimant has to repeat the whole procedure. Hiring a lawyer will ensure that there are no mistakes in your application so that the procedure goes on smoothly. From contacting the nodal officer to collecting the information to filing the application, the lawyer will take care of everything.

Hiring a lawyer will be extremely helpful if your shares are stuck in a family dispute. As mentioned, sometimes, the shareholder dies without any nominee, and he also forgets to put shares in his will. In such a case, all the family members of the deceased come to claim their right to the deceased’s property, i.e., Infosys Shares. Not hiring a legal expert can cost you a fortune that you are entitled to. Why will people leave shares worth crores? If you are without a lawyer, then the other party will easily take your advantage and you will end up with nothing. A lawyer with the command of the law can protect you from all the loopholes which might go against you and thus, can provide you with the best deal possible.


As we have seen, Infosys is very generous in issuing bonus shares to its shareholders from time to time. This generosity increased your 10 shares, bought in 1993, to 10, 240 shares in number. The company is growing exponentially every year. Its share price has increased from 95 to 1, 125 since its IPO. Therefore, if you just came to know about the existence of Infosys shares in your name, then it is the best time to square your profits. It is advised that you check the tables provided above and find the expiry date by which you can claim the dividend from Infosys. If not already transferred into the IEPF, then apply to the Nodal Officer as soon as possible. However, if your dividend amount and shares are already transferred to the IEPF, then find a legal expert as soon as possible. The legal professional will make your job very easy. He will also come in handy in case you want to fight for the shares stuck in a legal dispute.

Previous Post
Newer Post