I bought some shares in 1998 when I was in India. The paper share certificates were delivered to me. For one company, I lost the share certificates before it got transferred to my name. For another company, I lost the share certificates after transferring to my name.
Can I reclaim the share certificates for these cases of
(a) Stocks are in my name.
(b) Stocks are still in the name of the seller.
What are the risks in not having the share certificates in hand?
Appreciate your help! If anyone has seen a old thread on this topic, please let me know.
Lost share certificates
Lost share certificates
[QUOTE]Can I reclaim the share certificates for these cases of
(a) Stocks are in my name.
(b) Stocks are still in the name of the seller.
What are the risks in not having the share certificates in hand?
(a). Where the stock is in your name, you will have to contact the company investor relations dept that you have lost the certificate. There may be a process to issue a new certificate and a guarantee to indemnify the company of any loss. This is my guess although I am not that familiar with the processes used in India.
(b). If the shares have not been registered in your name, then they are registered in some other person X's name. X is the owner of those shares on the books. Your claiming lost shares will go nowhere in such instance. X has to claim lost share certificate and then X has to transfer it to you, if he still knows you and agrees that he had sold them to you.
[QUOTE]What are the risks in not having the share certificates in hand?
About the same as not having the $100 bill in hand that I misplaced. Seriously, without the shares dematerialized and no share certificate, how do you plan to sell? You have to reclaim the share certificate to sell and if it is not in your name on the company books, you cannot even reclaim.
(a) Stocks are in my name.
(b) Stocks are still in the name of the seller.
What are the risks in not having the share certificates in hand?
(a). Where the stock is in your name, you will have to contact the company investor relations dept that you have lost the certificate. There may be a process to issue a new certificate and a guarantee to indemnify the company of any loss. This is my guess although I am not that familiar with the processes used in India.
(b). If the shares have not been registered in your name, then they are registered in some other person X's name. X is the owner of those shares on the books. Your claiming lost shares will go nowhere in such instance. X has to claim lost share certificate and then X has to transfer it to you, if he still knows you and agrees that he had sold them to you.
[QUOTE]What are the risks in not having the share certificates in hand?
About the same as not having the $100 bill in hand that I misplaced. Seriously, without the shares dematerialized and no share certificate, how do you plan to sell? You have to reclaim the share certificate to sell and if it is not in your name on the company books, you cannot even reclaim.
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shankar_ss
- Posts: 14
- Joined: Wed Jan 17, 2007 5:58 pm
Lost share certificates
Hi
Desi is right, you can still salvage the shares which are in your name by writing to the company with the folio no , they send a legal form on stamp paper for indemnification, which you sign notarise and send back and then the company puts out a news paper ad, and if no one has objections to it being transferred to your name, then the certificates are issued after the board ratifies the same. Its a long process but you will get the shares.
In the case where you havent transfererd in your name, i dont think anyone is going to agree to give away the shares that you forgot to get transferred, you need to know the name and contact details and write a letter, and you need the proof of purchase ie a valid contract issued by a broker, i guess you can write this off more or less :emsad:
Desi is right, you can still salvage the shares which are in your name by writing to the company with the folio no , they send a legal form on stamp paper for indemnification, which you sign notarise and send back and then the company puts out a news paper ad, and if no one has objections to it being transferred to your name, then the certificates are issued after the board ratifies the same. Its a long process but you will get the shares.
In the case where you havent transfererd in your name, i dont think anyone is going to agree to give away the shares that you forgot to get transferred, you need to know the name and contact details and write a letter, and you need the proof of purchase ie a valid contract issued by a broker, i guess you can write this off more or less :emsad: