'Dhirubhai Ambani’s sign wasted': Chandigarh man who hit Rs 12 lakh JACKPOT in Reliance shares opts out due to...

Rattan Dillon, a man from Chandigarh, recently found physical shares of Reliance Industries (RIL) that he had purchased in 1988 laying around his house. The shares were initially bought by a now-deceased family member for Rs 10 each, and since Rattan Dillon had no prior stock market expertise, he was unclear of what to do. He shared a picture on social media and asked for help determining who owned these shares.

Dillon initially chose not to pursue the claim. On X (previously Twitter), he expressed his disappointment about the drawn-out and cumbersome procedure needed to digitise the physical shares. He was first thrilled about digitising them, but quickly learnt that it required a lot of paperwork, including a succession certificate, legal heir certificate, and Investor Education and Protection Fund Authority (IEPFA) permission. Dhillon announced his decision to abandon the effort, stating on X, "It seems Dhirubhai Ambani’s signatures will go to waste, as I’ve decided not to proceed with digitising the shares. The process is just too lengthy—obtaining the legal heir certificate alone takes 6-8 months, and the IEPFA process reportedly takes 2-3 years. I don’t see the value in investing so much time. India really needs to streamline its paperwork."

One user countered his timeline, saying, "IEPFA process takes a few months, not 2-3 years… For that amount, a little running around should be fine, I guess."

March 12, 2025

Others recommended outsourcing the paperwork: "Get a company secretary to do all this. Get a lawyer to obtain the heirship certificate. You don’t have to move an inch from the comfort of your home. Trust me, this is easy."

Some suggested that stock splits and bonuses over the years might have greatly boosted the value of the shares, so they urged Dhillon to confirm the precise number he owns. According to one user, "Legal heir certificate will take 1 week, IEPFA will take 6 months. Plus, these are not the only shares—Reliance had issued bonuses, so shares would have been added. Please don’t let it go to waste."

When Dillon turned to the Internet for assistance earlier, several X users, including the Investor Education and Protection Fund Authority (IEPFA), offered insightful but humorous recommendations. The IEPFA Authority, which is in charge of managing the IEPF and returning shares, unclaimed dividends, matured deposits, debentures, and other assets to investors, answered Dillon's post.

March 11, 2025