To The Pleasant Surprise Of Many, Share Samadhan, a daughter company of Whiteinc Group, has undertaken the task of tracking and recovering unclaimed holdings and investments. The company seeks to provide a single-point advisory point for varying issues faced by investors.
One such elated beneficiary of the services is a senior citizen, Mr. Loknath Bhatia, who was approached by the firm to assist him redeem shares that belonged to his father and dated back several decades. After a successful search and consolidation of figures, they recovered shares valued at Rs 4.5 lakh.
Share Samadhan teams dig up details of missing documents and forgotten shareholdings by searching company databases. After collecting sufficient details, they approach the appropriate authorities and secure approvals to complete the process. Surprisingly the company does not charge if they fail to recover the investments while for those who succeed the company charges a fraction of the market value of the recovered investments or Rs 25,000.
An Estimated Rs 37,300 Crore worth of Securities currently lies in unclaimed shares, mutual funds, insurance policies, inoperative bank accounts and small savings schemes and dormant accounts. These funds fall under the custody of Sebi's Investor Education and Protection Fund if they remain unclaimed for seven years. It may prove worthwhile to dig up some family history and seek recovery of unclaimed investments.