How to Convert Old Apar Industries (Gujarat Apar Polymers) Share Certificates to Demat and Recover Them from IEPF

To convert an old Apar Industries share certificate to demat, open a demat account in exactly the name printed on it, update your KYC with the registrar (MUFG Intime, earlier called Link Intime, in Vadodara), and hand the certificate to your broker or bank with a demat request form. If the shares have already moved to the IEPF, you claim them back with Form IEPF-5. Either way, the shares end up in your demat account.

But an old certificate from this company often does not say “Apar Industries”. It says Gujarat Apar Polymers Limited, the name the company used from 1989 until April 1999. Or it says Apar Limited, or Uniflex Cables Limited. And the number printed on it is almost never the number you own today. With Apar, the number can go down as well as up.

100 Gujarat Apar Polymers shares from 1991 are just 16 Apar Industries shares today. In 1999 every 100 shares became 12, and a bonus in 2007 turned 12 into 16. But at today’s price those 16 shares are worth about ₹2.85 lakh. An Apar Industries certificate from 1999 to 2006 is worth a third more than it says. And an old Apar Limited certificate for 100 shares is now about 241 Apar Industries shares, about ₹42.91 lakh (24 September 2026 price).

This guide covers every situation we see with these shares: the old names, what each kind of certificate is worth today, converting to demat, claiming from the IEPF, lost certificates, duplicates, names that do not match, joint holders, and shares of a holder who has died. If you would rather we checked your certificates for you, start with Find Your Shares.

My certificate says Gujarat Apar Polymers. Is it Apar Industries?

Yes. Gujarat Apar Polymers Limited is today’s Apar Industries Limited. It changed its name on 19 April 1999. The company was set up in 1989 and came to the market in 1991. In 1999 it took over the business of the older family company, Apar Limited, and took the Apar name. Here is what each name on a certificate means:

You do not need to exchange a Gujarat Apar Polymers certificate before you start. The registrar can trace the folio under the old name. Letters from the registrar may also carry an old name: Link Intime India is now called MUFG Intime India. It is the same registrar.

How many Apar Industries shares does an old certificate become today?

It depends on which company’s name is on the certificate and whether it is from before January 2007. Four events changed Apar holdings:

Find the row that matches your certificate:

*At about ₹17,804 a share, the closing price on 24 September 2026. Values move with the market. Where a holding did not divide evenly, the leftover fraction was not issued as a share, so some odd-sized holdings come out slightly lower than the table.

Here is how 100 Gujarat Apar Polymers shares bought in the 1991 public issue, for ₹1,000, grew, one step at a time:

Look at the last row. The certificate says 100, and the family owns 16. That sounds like a loss, but those 16 shares are worth about ₹2.85 lakh. Apar paid a dividend of ₹60 a share for 2025–26, so this holding earned ₹960 in one year.

Each of these events came on separate paper. In 1999 the old Gujarat Apar Polymers certificates were cancelled, and new Apar Industries certificates were sent out for the equity shares. The 2007 bonus came as another certificate, in another envelope. Many families have only the original 1991 certificate and assume it is everything. Certificates that never reached the family go into the company’s unclaimed suspense account, and after seven years of unclaimed dividends the shares move to the IEPF. So one family’s holding can be spread across three places: the cupboard, the suspense account and the IEPF.

The face value does not help you date an Apar certificate. Apar has never split its shares, so every certificate says ₹10. Look at the company name and the date of issue instead. If your father bought the shares in the market, the transfer is usually stamped on the back of the certificate with a date. What matters is when the shares were registered in your family’s name.

Every number here comes from the company’s own records and the schemes approved by the High Courts. The registrar’s folio record gives the final count for your family. Don’t want to work it out yourself? Send us the folio and we will trace the complete holding.

Why did 100 Gujarat Apar Polymers shares become 12?

Because in 1999 the company reorganised its capital as part of the merger with Apar Limited. For every 100 equity shares, shareholders received 12 new equity shares and 88 preference shares of ₹10 each. The old certificates were cancelled automatically. The High Courts of Bombay and Gujarat approved the scheme in January 1999, with effect from 1 April 1997.

The 88 preference shares were not shares in the company for keeps. They were repaid at ₹10 each, in three parts: 30% in April 2003, 30% in April 2004 and the last 40% in April 2005. So for every 100 old shares, the family was sent ₹880 in cash over those three years. The part that grows is the 12 equity shares, which the 2007 bonus turned into 16.

If a holding did not divide evenly by 100, a fraction of half a share or more was rounded up to one share, and a smaller fraction was dropped. So 150 old shares became 18 new ones, and 104 became 12 (12.48 was rounded down).

*At about ₹17,804 a share, 24 September 2026.

Rights shares from 1995 were Gujarat Apar Polymers shares too, so they were converted the same way, 12 for every 100. They came on their own certificates, and only to holders who paid for them.

I have an Apar Limited certificate. What is it now?

In 1999 Apar Limited moved its industrial business into Gujarat Apar Polymers, and every Apar Limited shareholder was given 1.8083 Apar Industries shares for each Apar Limited share. With the 2007 bonus on top, 100 Apar Limited shares are about 241 Apar Industries shares today, about ₹42.91 lakh. Apar Limited is the oldest company in the group. It began in 1958 as Power Cables Private Limited, became Apar Private Limited in 1974 and Apar Limited in 1988.

*At about ₹17,804 a share, 24 September 2026. A fraction of half a share or more was rounded up in 1999, and a smaller one was dropped. Fractions from the 2007 bonus were not issued as shares.

Apar Limited itself did not disappear. Only its industrial business moved. The company kept its other assets, and the same scheme provided for it to be renamed Apar Investments Limited. Its shares are not Apar Industries shares, and they were not converted. So a family with an Apar Limited certificate may own two things: the Apar Industries shares given in 1999, and the old company’s own shares. They are traced separately.

The Apar Industries shares given in 1999 are on an Apar Industries folio, not the Apar Limited one. If that certificate never reached the family, the shares are with Apar Industries’ registrar or, after seven years of unclaimed dividends, in the IEPF. We can trace both folios for you.

I have Uniflex Cables shares. What happened to them?

Uniflex Cables Limited merged into Apar Industries in 2012, and its shareholders were given 1 Apar Industries share for every 10 Uniflex shares. The Uniflex shares were cancelled and removed from the stock exchanges. So 1,000 Uniflex shares are now 100 Apar Industries shares, about ₹17.80 lakh.

Apar had bought a majority of Uniflex, a cable maker in Umbergaon, Gujarat, in 2008. The merger came through a rehabilitation scheme, and the new Apar shares were allotted in October 2012, after the 2007 bonus. So there is no bonus to add to them. Where a holding did not divide by 10, the fractions were pooled, sold, and the money shared out among the holders.

*At about ₹17,804 a share, 24 September 2026.

The old Uniflex certificate still matters. It proves what the family held, and the registrar can trace the Apar Industries folio from it.

How do you convert Apar Industries share certificates to demat?

Through a demat account in the same name as the certificates. Your broker or bank sends them to the registrar, MUFG Intime in Vadodara, and the shares are credited electronically. Since 1 April 2019, physical shares cannot be sold or transferred until they are in demat. So this step comes before anything else you want to do with them.

1. Open a demat account in exactly the name on the certificates. If the certificate says “Ramesh K. Patel”, the account must be able to match that. If the names differ, fix that first (see name mismatch below).
2. Update your KYC with the registrar. For physical shares SEBI requires PAN, address, mobile, email, bank details and a specimen signature on the folio. You do this with Form ISR-1, plus ISR-2 (your bank confirms your signature) if the signature on record is old or different. Until the KYC is complete, the registrar will not process the demat request.
3. Fill a Demat Request Form (DRF) at your broker or bank (your “depository participant”). Write “Surrendered for Dematerialisation” on each certificate and sign it as it was signed on the register.
4. Your broker sends the DRF and certificates to the registrar. It checks the signature, the folio and the distinctive numbers against Apar’s register.
5. The shares appear in your demat account, usually within a few weeks if the papers are clean.

A Gujarat Apar Polymers certificate from before 1999 cannot be dematerialised as it is. It was cancelled in 1999. What you convert is the Apar Industries certificate issued in its place. If that never reached the family, the registrar can see where those shares are now.

Where people get stuck: signatures that no longer match after 30 years, a name spelt differently on the PAN card, a joint holder who has died, and replacement or bonus certificates that never reached the family. Each of these is covered below. For the fees involved, see what it costs to convert physical shares to demat, or read about our physical shares to demat service.

Is there a deadline? Not for shares already registered in your own name. You can demat them at any time. But while they sit on paper, you cannot sell them, and unclaimed dividends are quietly pushing them towards the IEPF. Read more about the demat “last date”.

How do you check if your Apar shares have gone to the IEPF?

If no dividend on a folio has been cashed for seven years in a row, those shares have very likely been moved to the IEPF. The IEPF is the Investor Education and Protection Fund, a government fund that holds unclaimed shares and dividends until the owner claims them back. Apar usually pays one dividend a year, so it usually moves one batch of shares a year. The latest batch moved on 12 September 2026, for folios that had not cashed a dividend since the 2018–19 dividend.

• Apar’s own IEPF page has a search that covers both shares moved to the IEPF and unpaid dividends. APAR Industries IEPF page.
• The IEPF Authority’s search at iepfa.gov.in lets you search by company and holder name. How to search the IEPF step by step.
• Search under today’s name, Apar Industries Limited, not Gujarat Apar Polymers. And search every old spelling of the holder’s name. A folio opened in 1991 will often show only initials.
• Look for more than one entry. The 1999 shares and the 2007 bonus shares can have moved in the same batch or in different years, depending on which certificates were delivered.

If you find nothing, the shares may still be with the company, which is better news: you can demat them directly without an IEPF claim. We can run the search for you.

How do you recover Apar Industries shares from the IEPF?

You first get an entitlement letter from Apar, then file Form IEPF-5 online on the Ministry of Corporate Affairs website, then send the signed papers to Apar’s Nodal Officer, who verifies them and reports to the IEPF Authority. The Authority then releases the shares, and any dividends it holds, to your demat account. Shares are only ever released into a demat account, never as a paper certificate.

1. Open a demat account in the name of the claimant. For a joint holding, it must be in the same names and the same order.
2. Complete KYC with the registrar and ask Apar for an entitlement letter. This letter states how many shares and how much dividend on your folio went to the IEPF. Since October 2025 the entitlement letter is a mandatory part of every IEPF-5 claim.
3. File Form IEPF-5 on the MCA portal. Note the SRN it gives you; that is your claim number. How to file IEPF-5 online.
4. Send the physical documents to Apar’s Nodal Officer, at the address on Apar’s IEPF page, in an envelope marked “Claim for refund from IEPF Authority”. These are: the signed IEPF-5 printout and acknowledgement, an indemnity bond on stamp paper, an advance stamped receipt, PAN, Aadhaar, a cancelled cheque, your client master list, the entitlement letter and the original certificate if you still have it.
5. Apar verifies and reports to the IEPF Authority. The rules give the company 15 days to send its verification report and the Authority 60 days to decide. That is 75 days on paper. Real claims usually take far longer, because documents go back and forth. What to do when an IEPF claim is stuck.

Claim the full folio in one go. If the 1999 shares and the 2007 bonus shares went to the IEPF in different batches, one claim should cover everything on that folio. Claim only the number printed on your certificate, and you will be back in the queue for the rest.

Watch the signature. With a Gujarat Apar Polymers folio, the specimen signature on record can be 35 years old. If yours no longer matches, the entitlement request comes back. Fix it with Form ISR-2 before you start, not after. How to fix a signature mismatch.

What if the Apar share certificates are lost?

It depends on where the shares are now. If they are still with the company, you need a duplicate certificate. If they have gone to the IEPF, you usually do not.

• Shares still with Apar: the company must first cancel the lost certificate and issue duplicate shares, which are credited straight into your demat account. This is the process in the next section.
• Shares already in the IEPF: when physical shares move to the IEPF, the company converts them to demat and transfers them to the Fund, so the paper certificates no longer count. There is nothing left to duplicate. You claim with IEPF-5 and the entitlement letter, which is based on the company’s register, not on the paper in your hand. Families often spend months getting a duplicate they never needed.

Don’t know the folio number? Old dividend warrants, the preference share repayment letters of 2003 to 2005, bank passbooks showing Apar dividend credits, or letters from Gujarat Apar Polymers can all give it. With the holder’s name and an old address, the registrar can usually trace the folio. Our lost shares recovery service starts from exactly this point.

How do you get a duplicate Apar Industries share certificate?

Apply to the registrar with Form ISR-4 and the documents SEBI sets for the value of your holding. The duplicate shares are then credited straight into your demat account. SEBI simplified these rules in December 2025. Duplicates are no longer issued on paper at all.

What you need depends on what the lost shares are worth today:

• Up to ₹10,000: a simple undertaking on plain paper.
• ₹10,000 to ₹10 lakh: one standard affidavit-cum-indemnity bond.
• Above ₹10 lakh: the affidavit-cum-indemnity bond, plus a police report (FIR, e-FIR or police complaint) that mentions the folio, certificate numbers and distinctive numbers, plus a notice of the loss in a widely read newspaper.

With Apar, these lines come very quickly. At about ₹17,804 a share, even one share is above the ₹10,000 plain-paper limit, and ₹10 lakh is only about 56 shares. A lost Apar Industries certificate for 50 shares from before 2007 is already 66 shares, about ₹11.75 lakh. So most lost Apar certificates need the full process.

1. Open a demat account first, in the same name (or names) as the folio. Since 2 April 2026 the registrar credits duplicate shares directly into your demat account. There is no longer a “Letter of Confirmation” to carry to your broker, so the account has to exist before you apply.
2. Update KYC on the folio with Form ISR-1, and ISR-2 if your signature has changed.
3. Get the police report and newspaper notice if the holding is above ₹10 lakh. The registrar can give you the certificate numbers if you do not have them.
4. Submit Form ISR-4 to the registrar, with the affidavit-cum-indemnity bond, the police report and notice if needed, and your demat account details.
5. The shares are credited to your demat account once the registrar completes its checks. SEBI expects this in about 30 days for a complete, correct application.

The value is worked out on the market price, not the ₹10 printed on the certificate. The bonus shares on the folio count too, so a holding that “looks” small is often over the line. The full process is in our guide to reporting a lost share certificate.

What if the name or spelling on the certificate does not match?

Fix the name on the folio first, before you demat or file an IEPF claim, using Form ISR-1 and a document that proves both spellings belong to you. The registrar, the demat account and the IEPF claim all have to show the same name. One letter out of place is enough to get a request returned.

This is very common with folios opened in the 1991 public issue. Typical cases:

• Initials on the certificate, full name on the PAN card: “R. K. Patel” against “Rajesh Kantilal Patel”.
• A woman’s maiden name on the certificate and her married name on everything else.
• Spelling changes over time: “Bhatt” and “Bhat”, “Laxmi” and “Lakshmi”, a dropped middle name or surname.
• Titles and suffixes like “Smt.”, “Dr.” or “HUF” in one place and not the other.

The usual proof is a passport, a marriage certificate, a gazette notification, or a notarised affidavit that both names are the same person. Send it with Form ISR-1 to the registrar. Once the folio matches your PAN, the demat and the IEPF claim can go through.

Don’t open the demat account in the “new” name and hope it works. The registrar will reject the demat request, and the certificates come back weeks later. Getting the order right the first time saves months.

How do joint holders convert or claim Apar shares?

The demat account must be in the same names and in the same order as on the certificate, and every living holder must sign. A certificate in the names of “A, B and C” can only be converted into a demat account held by A, B and C, in that order. The 1999 and 2007 certificates carry the same names in the same order as the folio they came from, so one joint demat account can take all of them.

• Everyone alive and available: open a joint demat account matching the certificates, complete KYC for every holder, and all of them sign the demat request.
• The names are in the wrong order for the demat account you want to use: ask the registrar to change the order (“transposition”) with Form ISR-4 before you demat.
• One joint holder has died: the surviving holders get the shares simply by having the deceased holder’s name deleted. You need a copy of the death certificate and the survivors’ KYC. No succession certificate, will or probate is needed for this.
• Every holder has died: this becomes a transmission to the legal heirs of the last surviving holder (next section).

For an IEPF claim on a joint folio, the IEPF-5 and the demat account follow the same rule: same names, same order. If one holder has died, delete their name through the registrar before you file.

What if the Apar shareholder has died?

The shares pass to the nominee or legal heirs through transmission, handled by the registrar, and they are always credited in demat. If the shares have also gone to the IEPF, transmission and the IEPF claim happen together, and the heir files the IEPF-5 as the claimant.

SEBI’s new transmission rules have applied since 22 August 2026. They make this easier than it was:

• Simplified documents for physical shares worth up to ₹10 lakh per company, doubled from ₹5 lakh.
• Quick processing for physical holdings up to ₹10,000 where the claimant is a parent, spouse, child or parent-in-law.
• No blanket requirement for probate, and one combined affidavit-cum-NOC in place of separate papers. You still have to prove your entitlement if other heirs dispute it.
• 21 days for the registrar to process once all documents are in.

With Apar, the ₹10 lakh limit is only about 56 shares. Most old Apar Industries and Apar Limited holdings are over it. Above it, you usually need a succession certificate or legal heir certificate, unless there is a nominee or the other heirs give no-objection. Read the full picture in our guides to transmission of shares and transmission without a succession certificate.

Why not just hand the certificates to a local lawyer or agent?

Because a claim is only as good as the holding traced behind it, and with Apar the certificate in your hand is rarely the whole story.

Take a family with an Apar Limited certificate for 100 shares from the 1980s. A generalist sees “100 shares of a company that no longer trades” and either prices the job on that or gives up. The folio actually leads to about 241 Apar Industries shares, about ₹42.91 lakh, on a different company’s register. The 1999 certificate and the 2007 bonus certificate were separate papers, and the old Apar Limited shares themselves are a separate trail again. Some of it may sit in the suspense account, some in the IEPF, in different years. Unless someone traces it all, it is never claimed.

We work the other way round. We trace the complete holding first: the old names, the 1999 swap, the 2007 bonus, the Uniflex shares, every folio, every IEPF transfer. Then a vetted local partner handles the paperwork where you live (affidavits, police report, newspaper notice, succession papers) on the full holding, the first time.

There is also the question of who is paid for what. A lawyer or agent is paid whether or not your shares ever arrive. We are not. Zero advance — you pay only once the shares are credited to your demat account. So we only get paid if the whole chain works.

And the IEPF claim itself is decided in Delhi, where the IEPF Authority sits. Apar verifies the claim, but the file then waits in Delhi for release. Our team is in Delhi, so we can follow your file up in person, not by letter from another city. When it comes to an IEPF claim, what matters is who is closest to the office that holds your file.

The document is only the start. After it come the KYC, the entitlement letter, the verification, the demat credit, and a transmission if the holder has died. Anyone can get you a piece of paper. We get you the shares. See how our IEPF claim service works.

Dates you should know about

The next Apar transfer to the IEPF covers folios that have not cashed a dividend since the 2019–20 dividend, which Apar paid in March 2020. On the seven-year rule, that batch falls due in the first half of 2027. Apar publishes a newspaper notice and writes to the holders about three months before each transfer. Cashing any one dividend before the transfer date keeps the shares with the company, so check now, not after the next batch has moved.

April 1999 and January 2007 are the dates that decide how to read your certificate. A Gujarat Apar Polymers or Apar Limited certificate is from before April 1999 and was exchanged for Apar Industries shares. An Apar Industries certificate from before January 2007 is worth a third more than it says.

4 February 2027 is when SEBI’s special window for old physical transfers closes. It covers transfer deeds signed before 1 April 2019 that were rejected, returned or never processed. One example: Apar shares bought on paper and never registered in the buyer’s name. Shares already moved to the IEPF are not covered. The full rules of the window.

Holding other old power-sector certificates too? See how English Electric became GE Vernova T&D, or what happened to ABB shares and Hitachi Energy. Our guides to share recovery in Mumbai, where Apar’s corporate office is, and share recovery in Ahmedabad, for Gujarat families, cover the local side.

Not sure what your Gujarat Apar Polymers, Apar Limited or Uniflex certificate is worth? Start with Find Your Shares →

Frequently Asked Questions

How do I convert Apar Industries physical share certificates to demat?
Open a demat account in exactly the name on the certificate, update your KYC with the registrar, MUFG Intime India (earlier Link Intime) in Vadodara, using Form ISR-1, then give the certificates to your broker or bank with a Demat Request Form. The registrar checks the folio and signature and credits the shares to your demat account, usually within a few weeks if the papers are in order. A Gujarat Apar Polymers certificate from before 1999 was cancelled in the 1999 restructuring; what you convert is the Apar Industries certificate issued in its place.

Is Gujarat Apar Polymers the same as Apar Industries?
Yes. Gujarat Apar Polymers Limited was renamed Apar Industries Limited on 19 April 1999, after it took over the business of Apar Limited. It is the same listed company. But in the 1999 restructuring every 100 Gujarat Apar Polymers equity shares became 12 Apar Industries equity shares, plus 88 preference shares that were repaid in cash between 2003 and 2005.

How many Apar Industries shares do 100 Gujarat Apar Polymers shares become today?
16. In 1999 every 100 equity shares became 12, and the January 2007 bonus of 1 free share for every 3 turned 12 into 16. At ₹17,804 a share, the closing price on 24 September 2026, 16 shares are worth about ₹2.85 lakh. 1,000 Gujarat Apar Polymers shares are 160 Apar Industries shares today.

Has Apar Industries issued bonus shares or split its shares?
Apar Industries has issued bonus shares once, 1 free share for every 3 held, in January 2007. It has never split its shares, so the face value is still ₹10. An Apar Industries certificate issued before January 2007 is therefore worth 4 shares for every 3 printed on it.

What did Apar Limited shareholders get?
In 1999 Apar Limited transferred its industrial business to Gujarat Apar Polymers, renamed Apar Industries. Every Apar Limited shareholder received 1.8083 Apar Industries shares of ₹10 for each Apar Limited share. With the 2007 bonus, 100 Apar Limited shares are about 241 Apar Industries shares today. Apar Limited itself kept its other assets and was to be renamed Apar Investments Limited; its own shares are separate and were not converted.

What happened to Uniflex Cables shares?
Uniflex Cables Limited merged into Apar Industries under a rehabilitation scheme, and in October 2012 its shareholders received 1 Apar Industries share of ₹10 for every 10 Uniflex shares. The Uniflex shares were cancelled and delisted. Fractions were pooled, sold and the money shared out. 1,000 Uniflex shares are 100 Apar Industries shares today.

Who is the registrar (RTA) for Apar Industries?
MUFG Intime India Private Limited, at its Vadodara office. It was earlier called Link Intime India, so old letters may carry that name. Demat requests, KYC updates, duplicate certificates, transmission and IEPF entitlement requests all go through it.

How do I check if my Apar Industries shares have been transferred to the IEPF?
If no dividend on the folio has been cashed for seven years in a row, the shares have very likely been moved to the IEPF. Apar’s IEPF page has a search covering both shares transferred to the IEPF and unpaid dividends, and you can search the IEPF Authority’s records at iepfa.gov.in by company and holder name. Search under today’s name, Apar Industries Limited, and under every old spelling of the holder’s name.

When did Apar last transfer shares to the IEPF?
On 12 September 2026, for folios that had not cashed any dividend since the 2018–19 dividend. The next batch covers folios that have not cashed a dividend since the 2019–20 dividend, paid in March 2020, and falls due in the first half of 2027. Cashing any one dividend before the transfer date keeps the shares with the company.

How do I claim Apar Industries shares from the IEPF?
Open a demat account, complete KYC with the registrar and ask Apar for an entitlement letter. Then file Form IEPF-5 on the Ministry of Corporate Affairs website and send the signed form, an indemnity bond, an advance receipt, your ID, a cancelled cheque, the client master list and the entitlement letter to Apar’s Nodal Officer. Apar verifies the claim and the IEPF Authority releases the shares and dividends to your demat account.

What do I get back from the IEPF for Apar shares: shares or money?
The shares themselves, credited to your demat account, together with the dividends the IEPF holds on them, which are refunded as money. Once the shares are in demat you can keep them or sell them at the market price, which was about ₹17,804 a share on 24 September 2026.

I have lost my Apar share certificate. What do I do?
If the shares are still with the company, open a demat account, then apply to the registrar for duplicate shares with Form ISR-4. Up to ₹10 lakh, about 56 Apar shares at today’s price, you need a standard affidavit-cum-indemnity bond. Above ₹10 lakh you also need a police report and a newspaper notice. If the shares have already gone to the IEPF, you do not need a duplicate: you claim with Form IEPF-5 instead.

How long does it take to recover Apar shares from the IEPF?
The rules allow the company 15 days to send its verification report and the IEPF Authority 60 days to decide, so about 75 days on paper. In practice claims often take much longer, usually because documents go back and forth between the claimant, the company and the Authority.

Do I have to pay SharesRecover anything upfront?
No. Zero advance — you pay only once the shares are credited to your demat account.