How to Convert Old ICICI Bank Share Certificates to Demat and Recover Them from IEPF

To convert an old ICICI Bank share certificate to demat, open a demat account in exactly the name printed on it, update your KYC with ICICI Bank’s registrar, KFin Technologies in Hyderabad, and hand the certificates in through your broker or bank with a Demat Request Form. Every ₹10 share on an ICICI Bank certificate from before December 2014 is 5.5 shares today, because of a split in 2014 and a bonus issue in 2017. If the shares have already moved to the IEPF, you claim them back with Form IEPF-5.

The certificate in your cupboard may not even say “ICICI Bank”. ICICI Ltd, Bank of Madura, The Sangli Bank and The Bank of Rajasthan all became ICICI Bank shares when they merged into the bank between 2001 and 2010. Those banks no longer exist, so families often assume the paper is worthless. It is not. Each of those certificates now stands for ICICI Bank shares, at a fixed ratio.

That is why an old ICICI-group certificate is usually worth far more than it looks. 100 old ₹10 ICICI Bank shares are 550 shares today, about ₹7.11 lakh. 100 Bank of Madura shares are 1,100 ICICI Bank shares, about ₹14.21 lakh, at the 29 September 2026 price of ₹1,292.20. Check what your family holds with Find Your Shares →

How many ICICI Bank shares does an old certificate represent today?

Every ₹10 share printed on an ICICI Bank certificate from before December 2014 is 5.5 shares today. For the banks that merged into ICICI Bank, the merger ratio comes first, and then the same 5.5. Look at two things on the certificate: the name of the company and the face value (₹10 or ₹2). Then find the row that matches.

For shares that were ICICI Bank shares from the start, only two events changed the count: the 2014 split and the 2017 bonus. The split turned each ₹10 share into five ₹2 shares. The bonus then added one share for every ten. 1 × 5 × 1.1 = 5.5.

Fractions left over by a merger or a bonus are normally sold and the money paid out, so an odd-sized holding can come out a share or two below the straight ratio. The registrar’s figure for the folio is the final one.

Has ICICI Bank ever issued bonus shares? Its full share history

Yes, once: one bonus share for every ten, in June 2017. Along with the 2014 split, that is the only change to an old ICICI Bank holder’s share count. Everything else in ICICI Bank’s history is a merger, which changes nothing for existing ICICI Bank holders but turns another company’s certificates into ICICI Bank shares. Here is every event that matters, from the company’s own records and exchange filings:

Every merger happened before the 2014 split, so every one of those holdings also went through the split and the bonus. That is why the 5.5 multiplier applies to all of them, after the merger ratio.

What happened to old ICICI Ltd shares?

They became ICICI Bank shares in 2002: one ICICI Bank share of ₹10 for every two ICICI Ltd shares of ₹10. After the 2014 split and the 2017 bonus, 100 ICICI Ltd shares are 275 ICICI Bank shares today, about ₹3.55 lakh.

ICICI Ltd was the older company, the Industrial Credit and Investment Corporation of India, and it was the parent of ICICI Bank. In 2002 the parent merged into its own bank. The merger took effect on 3 May 2002, and everyone on ICICI Ltd’s register on 7 June 2002 received ICICI Bank shares in its place.

• ICICI Ltd no longer exists, so its certificate cannot be dematted as it is. What your family owns is the ICICI Bank shares issued in its place.
• Paper holders were issued ICICI Bank shares on 11 June 2002. If those certificates never reached the family, or were lost, KFin Technologies can trace them from the old ICICI Ltd folio and certificate numbers.
• If the family never cashed an ICICI Bank dividend on those shares, they may since have moved to the IEPF. How to check.

ITC Classic Finance and Anagram Finance certificates lead here too. Both companies merged into ICICI Ltd in the late 1990s, at one ICICI Ltd share for every 15 of theirs. So 1,500 ITC Classic or Anagram shares became 100 ICICI Ltd shares, which are 275 ICICI Bank shares today, about ₹3.55 lakh. Holders of SCICI Ltd, another company that merged into ICICI Ltd in the 1990s, should ask the registrar for their count.

What happened to Bank of Madura, Sangli Bank and Bank of Rajasthan shares?

All three became ICICI Bank shares. Bank of Madura holders got 2 ICICI Bank shares for every 1 in 2001. Sangli Bank holders got 100 for every 925 in 2007. Bank of Rajasthan holders got 25 for every 118 in 2010. These were old regional banks, from Tamil Nadu, Maharashtra and Rajasthan, and many of their shareholders still hold the original paper.

The old bank’s certificate cannot be dematted or sold. The bank no longer exists. What you own is the ICICI Bank shares issued in its place, which were sent as ICICI Bank certificates or credited to a demat account. Quote the old folio number and the name of the old bank when you write to the registrar.

If the family never received those ICICI Bank shares, or never cashed a dividend on them, they have been sitting unclaimed since the merger. That makes them exactly the kind of holding that moves to the IEPF after seven years. For Bank of Madura and Sangli Bank shares, seven years ran out long ago.

What are 100 old ICICI Bank shares worth today?

From about ₹1.29 lakh for a recent ₹2 certificate to about ₹14.21 lakh for a Bank of Madura certificate. These figures use the 29 September 2026 price of ₹1,292.20 a share. Share prices move every day, so treat them as a guide.

A family example

Say a mother in Chennai bought 300 Bank of Madura shares in the 1990s. In 2001 the merger turned them into 600 ICICI Bank ₹10 shares. The 2014 split made them 3,000, and the 2017 bonus made them 3,300. Nobody in the family ever dealt with ICICI Bank. The dividends went to an old address and were never cashed, so the shares moved to the IEPF.

Today those 3,300 shares are worth about ₹42.64 lakh. The family found the certificate, read “Bank of Madura, 300 shares”, and assumed a bank that disappeared in a merger 25 years ago left them nothing. At today’s price even 300 ICICI Bank shares would be about ₹3.88 lakh. The folio really stands for 3,300 shares, eleven times that.

We found several old ICICI Bank certificates. How do we count them?

Count the newest certificates for each folio and add them up. Use the 5.5 multiplier only when the old ₹10 certificate is all you have. A family that held ICICI Bank shares from the 1990s may find up to three kinds of paper for the same folio: the original ₹10 certificate, ₹2 certificates issued after the 2014 split, and a certificate for the 2017 bonus shares.

• Only the ₹10 certificate survives: multiply by 5.5. That gives the whole folio, because the split and bonus shares belong to it whether or not their certificates can be found.
• You have the ₹2 certificates: add up the shares on those, plus any bonus certificate. Do not count the ₹10 certificate again.
• Two common mistakes. Adding all three gives 1,300 shares. Multiplying the old certificate by 5.5 and then adding the newer ones gives 2,200. The right answer is 1,100, and a claim for shares that do not exist will be sent back.
• Merged-bank certificates are separate. A Bank of Madura, Sangli Bank, Bank of Rajasthan or ICICI Ltd folio is a different holding from an ICICI Bank folio, even for the same person. Count each one with its own ratio and add them.

The registrar can confirm the total for each folio.

Which papers are not ICICI Bank shares?

Many things carry the ICICI name, and they turn up together in old files. Check each one before you count it:

• ICICI Prudential Life Insurance and ICICI Lombard shares. These are separate listed companies with their own shares, registrars and IEPF lists. They are not part of an ICICI Bank folio.
• ICICI Prudential Mutual Fund units. These are fund units, not shares. Unclaimed amounts are claimed from the fund house, not through the IEPF share process.
• ICICI Bank bonds. Unclaimed bond interest and redemption money can also end up with the IEPF, and ICICI Bank’s investor website explains how to claim it. But a bond is a loan to the bank, not a share.
• ICICI Bank fixed deposit receipts and old passbooks. Money in a bank account that has been untouched for ten years goes to the Reserve Bank of India’s Depositor Education and Awareness Fund, not the IEPF. You can search for it on the RBI’s UDGAM portal and claim it through ICICI Bank.

How do you check and claim an unclaimed ICICI Bank dividend?

Check the unpaid and unclaimed dividend details on ICICI Bank’s investor relations website, then claim any dividend from the last seven years from KFin Technologies. Older dividends have already gone to the IEPF. Every year, the dividend that has been unclaimed for seven years moves to the IEPF, so the oldest one still with the bank is always the next to go.

How to claim

Write to KFin Technologies (for ICICI Bank) with the folio number, the dividends you did not receive, a cancelled cheque, and self-attested copies of your PAN card and an address proof. Paper folios must also send Form ISR-1 to update their KYC; ICICI Bank asks every paper shareholder to do this. For shares already in demat, send your client master list instead.

Complete the folio’s KYC first. A paper folio is paid its dividend only electronically, and only if its KYC (PAN, bank account, contact details and signature) is complete. Without it the dividend is simply held back, and seven years of held-back dividends sends the shares to the IEPF.

If the shares have already moved to the IEPF, some of the folio’s dividends may still be with ICICI Bank and others with the IEPF. The entitlement letter from the registrar sets out which is where. How to recover a dividend from the IEPF.

How do you convert old ICICI Bank share certificates to demat?

Open a demat account in exactly the name on the certificate, update the folio’s KYC with KFin Technologies, then hand in the certificates with a Demat Request Form through your broker or bank. If all you hold is a certificate from a bank that merged into ICICI Bank, ask the registrar for the ICICI Bank shares issued in its place first.

1. Open a demat account in the same name, or the same names in the same order for a joint holding.
2. Update KYC on the folio with Form ISR-1 (PAN, bank, contact details), and Form ISR-2 if your signature has changed. How to fix a signature mismatch.
3. Write “Surrendered for Dematerialisation” on each certificate and sign it as it was signed on the register.
4. Hand in the certificates with a Demat Request Form through your broker or bank. Put every certificate from the same folio on one form.
5. The registrar checks the signature, the folio and the distinctive numbers against the register, and the shares arrive in your demat account, usually within a few weeks if the papers are in order.

Since April 2019, paper shares cannot be sold or transferred until they are in demat. There is no deadline to demat shares already registered in your own name. But every year on paper is another year of dividends that can go unclaimed, and seven of those send the shares to the IEPF. The rules on physical shares in 2026.

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

If no dividend on the folio has been cashed for seven years in a row, assume the shares may have moved to the IEPF, and check. Look in three places:

• ICICI Bank’s investor relations website publishes the details of unpaid and unclaimed dividends, and a list of shares due to move to the IEPF.
• The IEPF Authority’s search at iepfa.gov.in covers dividends and shares that have already moved. It searches by the holder’s name, not by folio number. How to search the IEPF step by step.
• KFin Technologies can confirm the status of a folio once you give the folio number and the holder’s details.

Look for “ICICI Bank”, not the old bank’s name. Shares from a Bank of Madura, Sangli Bank, Bank of Rajasthan or ICICI Ltd certificate were ICICI Bank shares by the time they moved, so that is the company name they sit under. Search every old spelling of the holder’s name, and the joint holders’ names too. If you find nothing anywhere, the shares are probably still on ICICI Bank’s register in the holder’s name, waiting to be dematted.

How do you recover ICICI Bank shares from the IEPF?

Get an entitlement letter from KFin Technologies, file Form IEPF-5 online on the Ministry of Corporate Affairs website, then send the signed papers to ICICI Bank’s IEPF nodal officer for verification. ICICI Bank checks the claim and sends a verification report to the IEPF Authority, which credits the shares back to your demat account and refunds the dividends.

1. Open a demat account in the claimant’s name. For a joint folio, the same names in the same order.
2. Complete KYC with the registrar and ask for an entitlement letter. It 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 and note the SRN, your claim number. How to file IEPF-5 online.
4. Send the physical documents to ICICI Bank’s nodal officer for IEPF, named on the bank’s investor relations website: 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 certificates if you have them.
5. ICICI Bank verifies and reports to the IEPF Authority. The rules give the company 15 days for its report and the Authority 60 days to decide: 75 days on paper. Real claims usually take much longer, because papers go back and forth. What to do when an IEPF claim is stuck.

Claim the whole folio, not the number on the paper. Claim only the 300 printed on a Bank of Madura certificate and you leave 3,000 shares in the queue. The entitlement letter is based on ICICI Bank’s register, so it gives the full count after the merger, the split and the bonus.

What if the ICICI Bank share certificates are lost?

If the shares are still with ICICI Bank, apply to KFin Technologies for duplicate shares with Form ISR-4. If they have gone to the IEPF, you claim them with IEPF-5 instead and do not need a duplicate. When paper shares move to the IEPF, the old certificates are cancelled automatically.

For duplicates, what you need depends on what the lost shares are worth today. SEBI simplified these rules in December 2025:

• 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 and certificate numbers, plus a notice of the loss in a widely read newspaper.

With ICICI Bank, the ₹10 lakh line sits at about 773 of today’s shares. ₹10,000 covers only 7. A lost certificate for 141 old ₹10 ICICI Bank shares is 775 shares today, about ₹10.01 lakh, so it already needs the police report and the newspaper notice. For Bank of Madura the line is just 71 shares.

Open the demat account before you apply. Since 2 April 2026 the registrar credits duplicate shares straight into demat. There is no longer a “Letter of Confirmation” to carry to your broker. SEBI expects about 30 days for a complete, correct application.

Don’t know the folio number? Old dividend warrants, bank passbooks showing ICICI Bank dividend credits, a merger allotment letter, or any letter from ICICI Bank can give it. 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 must all show the same name. One mismatch and the papers come back.

• Initials on the certificate, full name on the PAN card: “R. S. Subramanian” against “Ramaswamy Sundaram Subramanian”. Common with South Indian names, so watch for it on Bank of Madura certificates.
• A woman’s maiden name on the certificate and her married name on everything else.
• 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 to KFin Technologies with Form ISR-1, and correct every certificate on the folio at the same time.

What if the ICICI Bank shareholder has died?

The shares pass to the nominee or legal heirs through transmission, handled by KFin Technologies, 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. If one joint holder has died, the survivors only need the name deleted with a copy of the death certificate.

SEBI’s new transmission rules have applied since 22 August 2026:

• Simplified documents for physical shares worth up to ₹10 lakh per listed 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. With ICICI Bank that is at most 7 of today’s shares.
• 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.

The ₹10 lakh limit is counted on today’s value of the whole folio, not on the number printed on the certificate. With ICICI Bank that is about 773 shares, or 140 old ₹10 shares, or 70 Bank of Madura shares. 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 more in our guides to transmission of shares and transmission without a succession certificate.

Bought ICICI Bank shares on paper but never got them transferred?

You can use SEBI’s special window, open until 4 February 2027, if the shares were bought before 1 April 2019 and you still have the original certificate. It is for people who bought shares from someone else, signed a transfer deed, and never became the registered holder. It applies to listed companies, ICICI Bank included.

• It covers transfers never lodged, and transfers lodged before but rejected or returned.
• It does not cover disputed cases, or shares already moved to the IEPF.
• The shares are credited in demat only, and they are locked in for one year from the date the transfer is registered.

If the deed was signed before a split, bonus or merger, the new shares went to the seller, who was still the registered holder. Ask the registrar exactly which shares your certificate covers before you lodge it. The full rules of the window.

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

Because with ICICI Bank the number printed on the certificate is usually the wrong number, the name on it may be a bank that no longer exists, and the shares may already be with the IEPF. Every document you need depends on getting those three right.

Take the family with the Bank of Madura certificate for 300 shares. A generalist either tells them the bank is gone, or reads “300 shares”, values them at about ₹3.88 lakh, and prepares the simple papers for a holding under ₹10 lakh. But the folio really stands for 3,300 ICICI Bank shares, about ₹42.64 lakh. That is far over the ₹10 lakh line, where a duplicate needs a police report and a newspaper notice and a transmission usually needs a succession certificate. The generalist also misses that the shares moved to the IEPF years ago. The papers come back, and the family starts again months later.

We work the other way round. We trace the complete holding first: the original shares, the merger, the split, the bonus, every folio, every dividend, 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.

ICICI Bank’s registrar is in Hyderabad, and our local partners work there and in the cities where old ICICI-group shareholders live. Share recovery in Hyderabad · Share recovery in Chennai · Share recovery in Mumbai. But the IEPF claim itself is decided in Delhi, where the IEPF Authority sits. Our team is in Delhi, so we can follow your file up in person, not by letter from another city. Share recovery in Delhi. For 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

June 2017 is when ICICI Bank issued one bonus share for every ten, and December 2014 is when each ₹10 share was split into five ₹2 shares. Together they make every pre-2014 ₹10 share 5.5 shares today.

7 June 2002 is the record date for the ICICI Ltd merger, when ICICI Ltd holders became entitled to one ICICI Bank share for every two. The merger took effect on 3 May 2002.

10 March 2001 is when Bank of Madura merged into ICICI Bank (record date 11 April 2001). 19 April 2007 is the date for The Sangli Bank (record date 19 May 2007), and 25 August 2010 the record date for The Bank of Rajasthan.

4 February 2027 is when SEBI’s special window for old physical transfers closes. And every year, another batch of ICICI Bank folios crosses the seven-year line and moves to the IEPF.

Holding other old bank or company certificates too? See what happened to SBI shares, HDFC and HDFC Bank shares, Reliance shares and ITC shares.

Not sure how many ICICI Bank shares your family’s certificates add up to, or whether they have gone to the IEPF? Start with Find Your Shares →

Frequently Asked Questions

How many ICICI Bank shares do 100 old shares become today?
100 ₹10 ICICI Bank shares on a certificate from before December 2014 are 550 shares today, about ₹7.11 lakh at the 29 September 2026 price of ₹1,292.20. The split in December 2014 made each ₹10 share five ₹2 shares, and the June 2017 bonus added one share for every ten. 100 ICICI Ltd shares are 275 ICICI Bank shares, and 100 Bank of Madura shares are 1,100.

Has ICICI Bank ever issued bonus shares?
Yes, once. In June 2017 ICICI Bank issued one bonus share for every ten held. The only other change to an old holder’s share count was the December 2014 split, when each ₹10 share became five ₹2 shares.

What happened to ICICI Ltd shares?
ICICI Ltd merged into ICICI Bank in 2002. Holders on the record date of 7 June 2002 received one ICICI Bank share of ₹10 for every two ICICI Ltd shares of ₹10. After the 2014 split and the 2017 bonus, 100 ICICI Ltd shares are 275 ICICI Bank shares today. The ICICI Ltd certificate itself cannot be dematted; the ICICI Bank shares issued in its place are what the holder owns.

What happened to Bank of Madura shares?
Bank of Madura merged into ICICI Bank on 10 March 2001. Its shareholders received two ICICI Bank shares of ₹10 for every Bank of Madura share (record date 11 April 2001). After the 2014 split and the 2017 bonus, 100 Bank of Madura shares are 1,100 ICICI Bank shares today, about ₹14.21 lakh.

What happened to Sangli Bank and Bank of Rajasthan shares?
Both merged into ICICI Bank. The Sangli Bank’s holders got 100 ICICI Bank shares of ₹10 for every 925 Sangli Bank shares in 2007, so 925 Sangli Bank shares are 550 ICICI Bank shares today. The Bank of Rajasthan’s holders got 25 ICICI Bank shares for every 118 in 2010, so 118 Bank of Rajasthan shares are 137 ICICI Bank shares today, with fractions paid in cash.

Who is the registrar (RTA) for ICICI Bank shares?
KFin Technologies Limited, in Hyderabad. It handles demat requests, KYC updates, unclaimed dividends, duplicate certificates, transmission and IEPF entitlement letters for ICICI Bank, including for shares that came from ICICI Ltd, Bank of Madura, Sangli Bank and Bank of Rajasthan.

Do ICICI Bank shares go to the IEPF?
Yes. When the dividends on a folio go unclaimed for seven consecutive years, ICICI Bank must transfer that folio’s shares to the IEPF, after writing to the holder. This happens every year. Shares from old Bank of Madura, Sangli Bank, Bank of Rajasthan and ICICI Ltd folios whose owners never dealt with ICICI Bank are among the most likely to have moved.

How do I claim ICICI Bank shares from the IEPF?
Open a demat account, complete KYC with KFin Technologies and get 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, your client master list and the entitlement letter to ICICI Bank’s IEPF nodal officer. ICICI Bank verifies the claim and reports to the IEPF Authority, which credits the shares to your demat account.

How do I claim an unclaimed ICICI Bank dividend?
Dividends from the last seven years are claimed from KFin Technologies with a request letter quoting the folio, a cancelled cheque, and self-attested PAN and address proof, plus Form ISR-1 to update KYC for a paper folio. Dividends older than seven years have already gone to the IEPF and are claimed with Form IEPF-5.

I have lost my ICICI Bank share certificate. What do I do?
If the shares are still with ICICI Bank, open a demat account, then apply to KFin Technologies for duplicate shares with Form ISR-4. Up to ₹10 lakh, about 773 ICICI Bank shares at today’s price, you need a standard affidavit-cum-indemnity bond. Above that you also need a police report and a newspaper notice. Because each old ₹10 share is 5.5 shares today, a lost certificate for 141 old shares is already above ₹10 lakh. If the shares have gone to the IEPF, you claim them with Form IEPF-5 instead.

What if the ICICI Bank shareholder has died?
The shares pass to the nominee or legal heirs by transmission through KFin Technologies, and are credited in demat. Simplified documents apply to physical shares worth up to ₹10 lakh per company, which with ICICI Bank is about 773 shares, or 140 old ₹10 shares. Above that, heirs usually need a succession certificate or legal heir certificate unless there is a nominee or the other heirs give no-objection.

Are ICICI Prudential or ICICI Lombard shares part of an ICICI Bank shareholding?
No. ICICI Prudential Life Insurance and ICICI Lombard are separate listed companies with their own shares and registrars. ICICI Prudential Mutual Fund units are fund units, not shares, and are claimed from the fund house. An ICICI Bank share certificate does not include any of them.

How do I check unclaimed money in ICICI Bank accounts?
Deposits untouched for ten years go to the Reserve Bank of India’s Depositor Education and Awareness Fund, not the IEPF. Search for them on the RBI’s UDGAM portal and claim them through ICICI Bank. Unclaimed ICICI Bank share dividends and shares are a separate matter, handled by the registrar and the IEPF.

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