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Over the decades, the Oil and Natural Gas Corporation (ONGC) has been a key pillar in the portfolios of millions of Indian households. Among India’s public sector enterprises, ONGC has a good reputation and has long attracted investors due to its consistent performance and generous dividends.
Unclaimed investments arose due to various reasons, such as the loss of share certificates, the absence of nominee information, a change of address, or the passing away of the original shareholders without passing any information to their heirs. Currently, all such unclaimed shares and dividends are protected by the Investor Education and Protection Fund (IEPF) created by the Government of India.
This article provides a comprehensive guide for individuals and families who want to retrieve unclaimed ONGC shares or dividends from the IEPF. The article starts with the history of ONGC, how to identify unclaimed investments, to the claims process of ONGC shares, simplifying the entire process for investors to get back what rightfully belongs to them.
ONGC is India’s flagship oil and gas exploration and production company. Being a Maharatna PSU, ONGC has been assigned the national duty of energy security. It is accountable for about 70% of the crude oil and gas production in the country.
Due to its consistent delivery of financial performance, the company has paid high dividends, bonus shares, and appreciation in share price to all its shareholders. ONGC has been listed on the Bombay Stock Exchange and National Stock Exchange and is one of the most liquid and respected stocks in the Indian equity markets.
In 1956, ONGC was established by the Ministry of Natural Resources and Scientific Research for the exploration and production of oil and gas in India. In 1959, ONGC became a statutory corporation under the ONGC Act. Subsequently, in 1993, the Commission was converted into a corporate entity known as ONGC Ltd, and all assets and liabilities were transferred in 1994.
Ever since, ONGC has spread its operations across the world and has expanded into alternate energy sources and joint ventures with international energy giants. Keeping in mind that company shares were also listed in Indian bourses and gained prices and volumes among the majority of very liquid traded stocks in the PSU arena.
Here is a quick overview of ONGC transformation for each of these decades:
ONGC has played a pivotal role in India’s energy independence and economic growth. The great discovery and production of oil and gas by the company domestically have massively lowered dependence on foreign energy imports.
Besides, ONGC has provided jobs to millions, contributed hugely to the revenue collections of the central government, through taxes and dividends, and brought wealth to lakhs of retail investors. These investments are an indicator of ONGC’s vision of the future as they are spreading out into alternative and renewable energy. It is, therefore, not just an energy giant but also, in no small measure, an energy nation-building entity in itself.
Let’s understand the potential value of long-term investment through a real-world-like example:
Suppose your grandfather bought 300 shares of ONGC in April 1990.
A modest investment in 1990 has grown into shares worth over ₹7.4 lakh, not including dividends. This showcases the powerful compounding and appreciation potential of holding ONGC shares long-term.
The dividend policy of ONGC has remained very healthy for its shareholders. Its robust profitability, coupled with strong cash flows, facilitates large dividend distributions, and in fact, this tradition continues over the decades. Such a consistent dividend history makes ONGC a darling for income-focused investors.
The Investor Education and Protection Fund was set up by the Ministry of Corporate Affairs, Government of India, under Section 125 of the Companies Act, 2013, to hold unclaimed and unpaid amounts that have been transferred by companies to such funds. Such amounts include unclaimed dividends, matured deposits, debentures, and shares that have remained unclaimed for seven years or more.
The core functions of IEPF include:
The fund brings transparency, fairness, and structure into the whole process of managing unclaimed investments in India.
ONGC shares or dividends may have gone into the IEPF due to the following reasons:
These being stated, the law requires ONGC to automatically transfer the dividends and shares associated with it to the IEPF.
To know whether any ONGC shares or dividends are being held by IEPF:
1. Visit the IEPF website
2. Select “Search Unclaimed /Unpaid Amount”
3. Enter the name of the investor, father/husband’s name, or Folio Number
4. Check the output to see if any records are available for the query
If no record is found, you can contact the ONGC Registrar or the IEPF Nodal officer for further help.
The process to claim ONGC shares and dividends from IEPF is as follows:
1. Fill out Form IEPF-5: Download from the MCA site and fill it out carefully.
2. Submit Online: An SRN (Service Request Number) will be generated at submission.
3. Print Documents: Print the form and the acknowledgement slip.
4. Send Physical Documents to ONGC’s Nodal Officer:
5. Verification by Company: ONGC will verify and give a report to IEPF.
6. Approval and Refund: IEPF Authority will look at the claim approve it, and later, shares will go to your Demat account while dividends will go directly to your bank account.
Keeping unclaimed shares unattended leads to the loss of considerable wealth over time. ONGC shares have historically appreciated and given huge dividends. Thus, recovery of shares brings back the financial rights of the individual along with giving the returns of the investments made by their ancestors, keeping in line with the increasing prices of the market and inflation, which makes these assets more valuable.
In a time when everyone ought to be financially conscious, reclaiming unclaimed investments would be one step toward building and securing wealth. These unclaimed shares and dividends from ONGC, often silenced with measures of administrative lapses or lack of information, could turn out to be huge financial gains.
The IEPF mechanism is the set-up wherein individuals can get back these assets through a structured and legal manner. Although the process is long and involves lengthy documentary submissions, the reward is mostly worth the effort. Check your records for the beginning and take a step toward claiming what is rightly yours or your family’s legacy.
To get expert assistance in recovery of unclaimed shares and dividends of ONGC from the IEPF, visit https://enterslice.com/.
Unclaimed ONGC shares and dividends are investments not previously claimed by respective shareholders for seven years or more. This might result from a range of matters consisting including lost certificates, change of address, or death of the original shareholder. According to the Act, ONGC shall transfer such unclaimed amounts to the Investor Education and Protection Fund (IEPF) established by the Ministry of Corporate Affairs. By means of a precise legal process, such assets can be claimed.
You can find out if you or any deceased family member has unclaimed ONGC shares or dividends through the IEPF website. Choose “Search Unclaimed / Unpaid Amount” and enter the shareholder's name, father's or husband's name, and folio number. If a record is generated, it means the shares/dividends have been transferred to IEPF, and you can proceed with the claim.
The original shareholder or his/her legal heir, nominee, or legal representative can be the claimant. In case the original shareholder is alive, he/she can/file a claim. In the event of the death of the original shareholder, legal heirs or nominees can file a claim after furnishing proof in the form of a Succession Certificate, Legal Heir Certificate, or Probate of Will. Documents supporting identity and ownership must be provided at the time of making the claim.
IEPF-5 needs to be downloaded and filled out online on the MCA website. Personal details, company, and shares or dividend amounts being claimed, and supporting documents are required. On submitting the IEPF-5, an SRN number (Service Request Number) is generated. You shall then take a printout of the form and acknowledgment and send them with the required documents to verify with ONGC's Nodal Officer.
No, there’s currently no fixed deadline to reclaim shares or dividends from IEPF. Once transferred, the shares stay with the IEPF Authority indefinitely until claimed. However, it's best to apply as early as possible to avoid issues like changes in rules, missing documents, or difficulties in obtaining legal paperwork over time. Proactive recovery ensures timely credit and prevents complications.
Usually, it takes between two to six months to receive your ONGC shares or dividends from IEPF, depending on the completeness, accuracy, and efficiency of ONGC in verifying your documentation with the claim. ONGC submits the verification report to the IEPF Authority, and upon approval by them, the shares get credited to your Demat account, while dividends will be sent to your bank account. Staying available for any communication and tracking your SRN online will expedite the process.
Yes, if you are a legal heir or nominee, you can claim ONGC shares or dividends from the IEPF in favour of a deceased family member. Supporting documents such as the death certificate, succession certificate, or legal heir certificate, among others, must be submitted. The procedure also involves the submission of Form IEPF-5, an indemnity bond, proofs of identity, and bank/Demat account details. Once verified by ONGC and the IEPF Authority, the assets will be released.
To estimate the value of unclaimed ONGC shares, first, find out how many shares have been transferred to IEPF through the online search tool. The next step would be to multiply that number by the ONGC market price prevailing today, which you can check for current prices on the BSE or NSE websites. Additionally, consider past dividend payments for those shares. Over the decades, such investments could amount to several lakhs on account of stock splits, bonus issues, and consistent dividend payouts from ONGC turned out through the years.
After filing Form IEPF-5 online, you will get a unique Service Request Number (SRN) to track the claim status on the IEPF portal. After ONGC has verified the documents, the process takes a few weeks for the IEPF to decide on the claim. On full approval of the claim, shares will be delivered directly into the Demat account, and dividends will be credited to the bank account. Claim approval and completion notifications will also be sent to you by email or SMS alert.
No, you cannot file Form IEPF-5 offline. IEPF-5 form requires online submission on the portal of the Ministry of Corporate Affairs (MCA). Submitting will generate an SRN and acknowledgment slip. The next step involves printing, signing it, and then sending the printed form with all required attached documents to the Nodal Officer of ONGC through courier. The process doesn't conclude unless ONGC receives and verifies all the physical documents. There is no option for offline applications or accepting emails at IEPF or with the respective company.
If you are not sure about having a share in a company, you can enter your name on the IEPF website, and it will report to you unclaimed dividends and shares of many companies that have unclaimed dividends and shares against an individual's name. You can even put your name or your family name, which may give you an idea about some unclaimed investment you are not aware of. This search is more useful when the records of shares have not been maintained properly or have been lost with time, which happens with so many households in India that invested in PSUs like ONGC.
No. Each claim must be filed separately for each person based on each folio number. As a legal heir of multiple family members who have been the holders of ONGC shares and also deceased, a person must submit multiple Form IEPF-5 applications for each of the deceased holders. Each claim has its specific set of documents, such as death certificates, legal heir certificates, ID proofs, shareholding details, etc. Combining multiple claims into one application is not allowed and may result in delays or rejection.
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