How to Convert Old Mafatlal Industries Share Certificates to Demat and Recover Them from IEPF

To convert an old Mafatlal Industries share certificate to demat, open a demat account in exactly the name printed on it, update your KYC with Mafatlal’s registrar, KFin Technologies, and hand the certificate in through your broker or bank with a Demat Request Form. In November 2022 every ₹10 Mafatlal share became five ₹2 shares, so the count in your demat account will be five times the number printed on a ₹100 or ₹10 certificate. If the shares have already moved to the IEPF, you claim them back with Form IEPF-5.

The Mafatlal shares are often not the most valuable thing on an old Mafatlal folio. Everyone who held Mafatlal Industries shares on 31 January 2003 also received one share of the company that is now Navin Fluorine International for each Mafatlal share. So 100 Mafatlal shares from before 2003 are 500 Mafatlal shares today, about ₹58,460, and 500 Navin Fluorine shares, about ₹42.92 lakh. How the Navin Fluorine shares came about.

Mafatlal moved shares to the IEPF in yearly batches from 2020 to 2024, for folios that had not cashed the dividends paid between 2013 and 2017. If nobody in the family has cashed a Mafatlal dividend in years, check the IEPF first. Check what your family holds with Find Your Shares →

How many Mafatlal Industries shares does an old certificate represent today?

Five for every ₹100 or ₹10 share, and one for every ₹2 share. A ₹100 certificate held on 31 January 2003 also brought five Navin Fluorine shares for every Mafatlal share. Mafatlal has given only one bonus, in 1978, so for most certificates the only multiplier is the 2022 split.

What decides the Navin Fluorine shares is whose name was on Mafatlal’s register on 31 January 2003, not the face value printed on the certificate. Those shares were issued on a separate certificate, in the name Polyolefins Rubber Chemicals Limited, and posted to the holder in 2003. They are on their own folio.

Values in this guide use the 25 September 2026 prices: ₹116.92 for Mafatlal Industries and ₹8,584.50 for Navin Fluorine. Share prices move every day, so treat the rupee values as a guide.

What is Mafatlal Industries’ bonus, split and merger history?

One bonus, one split, one cut in face value, two mergers into the company and one demerger out of it. Here is every event that affects an old Mafatlal shareholder, from the company’s own records, exchange records and the court orders on its schemes:

The 1992 rights issue is where families most often go wrong. It was not free: the holder had to apply and pay ₹500 a share. Shares from it exist only if someone did, and they came on their own certificates.

Did Mafatlal Industries shareholders get Navin Fluorine shares?

Yes. Everyone on Mafatlal Industries’ register on 31 January 2003 received 1 fully paid ₹10 share of Polyolefins Rubber Chemicals Limited for every Mafatlal share they held. That company took over Mafatlal’s fluorochemical plants at Bhestan near Surat and at Dewas, and changed its name to Navin Fluorine International Limited in October 2004.

This was part of a rescue plan for Mafatlal approved by the Board for Industrial and Financial Reconstruction (BIFR) in October 2002. Navin Fluorine has never issued bonus shares, but it split each ₹10 share into five ₹2 shares in 2017. So each Mafatlal share held that day is five Navin Fluorine shares today, worth about ₹42,922. In money terms, the Navin Fluorine shares from one Mafatlal share are now worth about 73 times the Mafatlal shares from it.

The Navin Fluorine shares are a separate holding with their own folio and their own IEPF record, handled by KFin Technologies for Navin Fluorine. If their dividends went unclaimed for seven years, they may be in the IEPF even if your Mafatlal shares are not. The full guide to old Navin Fluorine and Polyolefins shares.

Is an old ₹100 Mafatlal Industries share certificate still valid after 2003?

Yes. The shares behind it are still yours, and the 2003 change did not reduce how many you hold. On 31 January 2003 Mafatlal cut the face value of each share from ₹100 to ₹10 as part of its rescue scheme. The company had 50 lakh shares before the change and 50 lakh shares after it.

Some share-data websites show this as a “split” of each ₹100 share into ten ₹10 shares. It was not. A split would have multiplied the count by ten. Here the count stayed the same and each share simply became a ₹10 share. If you use a split calculator you will overstate the holding ten times, and the registrar will not confirm it.

So a ₹100 certificate for 100 shares is 100 ₹10 shares after 2003, and 500 ₹2 shares after the 2022 split. KFin Technologies matches the old certificate to the folio before the shares can be dematted. If the registrar issued you replacement certificates in 2003 or 2022 and you cannot find them, it becomes a duplicate case (see below).

What happened to Mafatlal Fine Spinning & Manufacturing shares?

They became Mafatlal Industries shares when the two companies merged in the mid-1990s, at 2 Mafatlal Industries ₹100 shares for every 5 Mafatlal Fine ₹100 shares. The Mafatlal Fine Spinning and Manufacturing Company was founded in 1931. A director challenged the merger in court, and the Supreme Court upheld it in September 1996.

Because Mafatlal Fine shareholders were Mafatlal Industries shareholders by 2003, they also received the Navin Fluorine shares. So 100 Mafatlal Fine shares became 40 Mafatlal Industries shares, which today are:

• 200 Mafatlal Industries shares, about ₹23,384, after the 2003 cut in face value and the 2022 split.
• 200 Navin Fluorine shares, about ₹17.17 lakh, from the 2003 allotment and the 2017 split.

Holdings that did not divide evenly by 5 left a fraction of a share. The register shows exactly how many whole shares each folio received. A certificate from a company that no longer exists is not worthless. The registrar can trace it to the Mafatlal Industries folio it became.

What about New Shorrock, ₹125 or Mafatlal Denim certificates?

• The New Shorrock Spinning & Manufacturing Co. This was Mafatlal Industries’ own name from 1913 until January 1974, so these certificates are Mafatlal Industries shares. They show a face value of ₹125.
• ₹125 Mafatlal certificates, from before the mid-1980s. Mafatlal gave a bonus of 1 share for every 5 in 1978, and later changed its face value from ₹125 to ₹100. The registrar works out how many ₹100 shares such a folio held in 2003. We do not guess this one.
• Mafatlal Gagalbhai & Co. This company merged into Mafatlal Industries in January 1974. Its shareholders became Mafatlal shareholders, and the register shows how many shares they received.
• Mafatlal Denim, earlier called Mafatlal Burlington Industries. It merged into Mafatlal in April 2013 at 1 Mafatlal ₹10 share for every 10 Mafatlal Denim shares, so 100 of its shares are 50 Mafatlal shares today. It was not a listed company, so few families hold its certificates. Being after 2003, it brought no Navin Fluorine shares.

For all of these, the first step is the same: give the registrar the holder’s name, the certificate and an old address, and ask what the folio holds today.

What are 100 old Mafatlal shares worth today?

About ₹43.51 lakh for 100 Mafatlal Industries ₹100 shares held on 31 January 2003, almost all of it in Navin Fluorine shares. Without the Navin Fluorine shares, the same certificate is worth about ₹58,460.

A family example

Say a grandfather bought 250 shares of Mafatlal Fine Spinning & Manufacturing in 1985. In the mid-1990s that company merged into Mafatlal Industries, and he received 100 Mafatlal Industries shares of ₹100.

In January 2003 the face value of his shares was cut to ₹10, and a certificate arrived for 100 shares of Polyolefins Rubber Chemicals Limited, the company now called Navin Fluorine. In 2017 the Navin Fluorine shares were split into 500. In 2022 the Mafatlal shares were split into 500. Nobody cashed the dividends, and the shares moved to the IEPF.

Today the family holds 500 Mafatlal Industries shares (about ₹58,460) and 500 Navin Fluorine shares (about ₹42.92 lakh). That is about ₹43.51 lakh in all, from a certificate in the name of a company that stopped existing thirty years ago.

What did Mafatlal Industries shareholders not get?

Apart from the Navin Fluorine shares in 2003, a Mafatlal Industries certificate did not bring shares in any other listed company. The Mafatlal name is on several companies, and families often assume a certificate includes more than it does:

• Sulakshana Securities. The 2003 scheme also moved surplus assets into this company, at 1 share for every 500 Mafatlal shares. Almost every holding was only a fraction, so all of them were bought out for cash at 2 paise per Mafatlal share. There are no shares to claim.
• NOCIL and Stanrose Mafatlal Investments. Separate listed companies with their own shares. A Mafatlal Industries certificate carries none of them.
• The 2009 conversion and the 2022–24 reserves scheme. The first gave new shares to the promoters only. The second changed nothing in anyone’s share count.
• The 1992 rights shares, if nobody paid for them. An unexercised right lapsed. There is nothing to claim for it now.

If you hold a certificate of another Mafatlal-name company, the question is whether it had become Mafatlal Industries shares, through the 1974, 1996 or 2013 mergers above. The registrar can tell you.

What is Mafatlal Industries’ dividend history, and how do you claim an unclaimed dividend?

Mafatlal paid dividends for 2012–13 to 2016–17, paid none for the next seven years, and restarted in 2024. The dividends from 2013 to 2017 are the ones that decided which folios’ shares moved to the IEPF in 2020–2024.

How to claim a Mafatlal dividend

• Less than seven years old (2024–25 onwards): write to KFin Technologies (Unit: Mafatlal Industries Limited) with the folio number, the dividends you did not receive, a cancelled cheque and a self-attested copy of your PAN card. Mafatlal Industries investor page.
• More than seven years old (2012–13 to 2016–17): these have already gone to the IEPF, and the only way to get them back is Form IEPF-5. How to recover a dividend from the IEPF.
• Complete the folio’s KYC first. Since 1 April 2024, a paper folio is paid its dividend only electronically, and only if its KYC (PAN, bank account, contact details and signature) is complete. This is what the company’s June 2026 letter to paper shareholders was about.

Navin Fluorine pays much larger dividends: ₹15.10 a share for 2025–26. On a pre-2003 folio, the unclaimed Navin Fluorine dividends are usually worth far more than the Mafatlal ones. Claiming Navin Fluorine dividends.

How do you convert old Mafatlal Industries 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 the certificates in with a Demat Request Form through your broker or bank. For ₹100 and ₹10 certificates, ask KFin to confirm the ₹2 share count 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 Mafatlal certificate from the same folio on one form. Polyolefins or Navin Fluorine certificates go on a separate form, because Navin Fluorine is a separate company.
5. The registrar checks the signature, the folio and the distinctive numbers against Mafatlal’s 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 the longer they stay on paper, the more likely it is that dividends go unclaimed. The rules on physical shares in 2026.

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

If no Mafatlal dividend on the folio was cashed between 2013 and 2017, the shares very likely moved to the IEPF in one of the 2020–2024 batches. Mafatlal published a notice before each batch; the last two had claim-by dates of 6 September 2023 and 28 August 2024.

• Mafatlal Industries’ investor website carries the company’s notices and shareholder communications. Mafatlal Industries investor page.
• The IEPF Authority’s search at iepfa.gov.in covers shares that have already moved. Search for “Mafatlal Industries Limited” and the holder’s name. How to search the IEPF.
• Search every old spelling of the holder’s name, and the joint holders’ names too.
• Repeat the search for “Navin Fluorine International Limited” if the family held Mafatlal shares in January 2003. Each company moves its own shares on its own clock.

Because Mafatlal paid no dividends between 2017 and 2024, the next batch is some years away. But shares already moved stay in the IEPF until someone claims them. If you find nothing anywhere, the shares are probably still on the register in the holder’s name, waiting to be dematted.

How do you recover Mafatlal Industries 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 Mafatlal Industries or its registrar for verification. The company 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 KFin Technologies 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 Mafatlal Industries’ registered office in Ahmedabad or to KFin Technologies (marked “Unit: Mafatlal Industries Limited”): 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. Mafatlal 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 holding, not the number on the paper. A ₹100 certificate for 100 shares is 500 Mafatlal shares today, and the entitlement letter gives the full count. If the Navin Fluorine shares from the same family are also in the IEPF, they need their own IEPF-5 claim, filed with Navin Fluorine.

What if the Mafatlal Industries share certificates are lost?

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

• Shares still with Mafatlal: the registrar cancels the lost certificate and issues duplicate shares, credited straight to your demat account. This is the process in the next section.
• Shares already in the IEPF: when paper shares move to the IEPF, the company issues new certificates in the IEPF’s name and the old ones are cancelled. There is nothing left to duplicate. You claim with IEPF-5 and the entitlement letter.
• Only a Mafatlal Fine or New Shorrock certificate survives: it is still evidence of the holding. The registrar can trace the Mafatlal Industries folio from the holder’s name and address.

Don’t know the folio number? Old dividend warrants, bank passbooks showing Mafatlal dividend credits, letters from Sharepro Services or Karvy (Mafatlal’s earlier registrars), the 2003 Polyolefins allotment letter or any company correspondence can give it. Our lost shares recovery service starts from exactly this point.

How do you get a duplicate Mafatlal Industries share certificate?

Apply to KFin Technologies 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, and duplicate shares are now issued in demat only.

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

Most Mafatlal holdings fall in the middle band. ₹10,000 is about 85 Mafatlal shares and ₹10 lakh about 8,552, so a lost ₹100 certificate for 100 shares (500 shares today) needs only the affidavit-cum-indemnity bond. The Navin Fluorine shares are a different story. ₹10 lakh is only about 116 Navin Fluorine shares, so the same family’s lost Polyolefins certificate probably needs the police report and newspaper notice too. The limits apply per company.

1. Open a demat account first. Since 2 April 2026 the registrar credits duplicate shares directly into demat, so the account must exist before you apply.
2. Update KYC on the folio with Form ISR-1, and ISR-2 if your signature has changed.
3. Submit Form ISR-4 to KFin Technologies with the affidavit-cum-indemnity bond, the police report and notice if needed, and your demat details.
4. The shares are credited to your demat account once the registrar completes its checks. SEBI expects about 30 days for a complete, correct application.

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.

• Initials on the certificate, full name on the PAN card: “K. D. Patel” against “Kiran Dahyabhai Patel”.
• A woman’s maiden name on the certificate and her married name on everything else.
• Spelling changes over time: “Mehta” and “Maheta”, “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. Correct the Mafatlal folio and the Navin Fluorine folio at the same time, since the 2003 Navin Fluorine folio was copied from Mafatlal’s register and usually carries the same spelling.

How do joint holders convert or claim Mafatlal Industries 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.

• One joint holder has died: the surviving holders get the shares by having the deceased holder’s name deleted, with a copy of the death certificate and the survivors’ KYC. No succession certificate, will or probate is needed for this.
• 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.
• Every holder has died: this becomes a transmission to the legal heirs of the last surviving holder (next section).

What if the Mafatlal Industries 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.

SEBI’s new transmission rules have applied since 22 August 2026: simplified documents for physical shares worth up to ₹10 lakh per listed company, quick processing up to ₹10,000 for a parent, spouse, child or parent-in-law, no blanket requirement for probate, and 21 days for the registrar once all documents are in.

Because the limit is per company, a pre-2003 Mafatlal family usually sits on both sides of it. The Mafatlal shares alone are rarely above ₹10 lakh. The Navin Fluorine shares from the same folio often are, and above the limit 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 Mafatlal shares on paper but never got them transferred?

You can use SEBI’s special window, open until 4 February 2027, if the transfer deed was signed before 1 April 2019 and you still have the original certificate. Mafatlal Industries has advertised the window several times since December 2025. Mafatlal Industries investor page.

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

If the deed was for Mafatlal shares bought before 31 January 2003, check the Navin Fluorine folio as well. The Navin Fluorine shares went to whoever was on the register that day, which may still be the seller.

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

Because with Mafatlal, the certificate in your hand is usually the smaller part of the holding.

Take the family with 250 Mafatlal Fine Spinning shares. A generalist sees a company that no longer exists and either gives up, or traces it to 500 Mafatlal Industries shares worth about ₹58,460 and files a small, simple claim. Nobody asks what happened on 31 January 2003. But the same family owns 500 Navin Fluorine shares, about ₹42.92 lakh, on a separate folio, possibly in the IEPF. 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. File on the Mafatlal shares alone and about 99% of the value is left behind.

We work the other way round. We trace the complete holding first: the 1996 merger, the 2003 Navin Fluorine allotment, the 2003 and 2022 changes in face value, 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.

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.

Mafatlal Industries’ registered office is in Ahmedabad, where our local partner can handle the paperwork. Share recovery in Ahmedabad. 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. For an IEPF claim, what matters is who is closest to the office that holds your file.

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

31 January 2003 is the date that decides whether a Mafatlal folio carries Navin Fluorine shares. It is also the day the face value was cut from ₹100 to ₹10, with no change in the number of shares.

25 November 2022 is the record date for the split. Every ₹10 share became five ₹2 shares.

24 January 1974, 1996 and 28 April 2013 are the merger dates for Mafatlal Gagalbhai & Co., Mafatlal Fine Spinning (cleared by the Supreme Court in September 1996) and Mafatlal Denim.

4 February 2027 is when SEBI’s special window for old physical transfers closes. Shares already moved to the IEPF are not covered.

Holding other old certificates from the same era? See Navin Fluorine and Polyolefins shares, Reliance Industries shares, Asian Paints shares and Apar Industries shares.

Not sure what your family’s Mafatlal, Mafatlal Fine or Polyolefins certificates hold today, or whether they have gone to the IEPF? Start with Find Your Shares →

Frequently Asked Questions

Has Mafatlal Industries ever issued bonus shares?
Once: 1 bonus share for every 5 held, in 1978. Mafatlal also split each ₹10 share into five ₹2 shares with a record date of 25 November 2022. The 2003 change from ₹100 to ₹10 was a cut in face value, not a split: the number of shares stayed the same.

How many Mafatlal Industries shares do 100 old shares become today?
100 ₹100 or ₹10 Mafatlal shares are 500 ₹2 shares today, about ₹58,460 at the 25 September 2026 price of ₹116.92. If the ₹100 shares were held on 31 January 2003, the folio also received 500 Navin Fluorine shares, worth about ₹42.92 lakh.

Did Mafatlal Industries shareholders get Navin Fluorine shares?
Yes. Everyone on Mafatlal Industries’ register on 31 January 2003 received 1 fully paid ₹10 share of Polyolefins Rubber Chemicals Limited, now Navin Fluorine International, for every Mafatlal share. After Navin Fluorine’s 2017 split, each Mafatlal share held that day is five Navin Fluorine shares today.

What happened to Mafatlal Fine Spinning & Manufacturing shares?
Mafatlal Fine Spinning & Manufacturing merged into Mafatlal Industries in the mid-1990s at 2 Mafatlal Industries ₹100 shares for every 5 Mafatlal Fine ₹100 shares; the Supreme Court upheld the merger in September 1996. 100 Mafatlal Fine shares are 200 Mafatlal Industries shares and 200 Navin Fluorine shares today.

What was Mafatlal Industries’ old name?
Mafatlal Industries was incorporated on 20 January 1913 as The New Shorrock Spinning & Manufacturing Co. Limited. It took the name Mafatlal Industries Limited on 24 January 1974, when Mafatlal Gagalbhai & Co. merged into it.

What is the dividend history of Mafatlal Industries?
Mafatlal paid ₹5 a share for 2012-13 (including a ₹2 centenary dividend), ₹3 for each of 2013-14, 2014-15 and 2015-16, and ₹2 for 2016-17, all on ₹10 shares. It paid no dividend from 2017-18 to 2023-24. On ₹2 shares it paid ₹2 for 2024-25 and ₹2.50 for 2025-26.

Who is the registrar (RTA) for Mafatlal Industries?
KFin Technologies Limited. Karvy Computershare took over from Sharepro Services in 2016; its registry business passed to Karvy Fintech in 2018, which was renamed KFin Technologies in 2019. It handles demat requests, KYC, dividends, duplicate certificates, transmission and IEPF entitlement letters for Mafatlal Industries.

Have Mafatlal Industries shares been transferred to the IEPF?
Yes, for folios that did not cash the dividends paid between 2013 and 2017. Mafatlal moved them in yearly batches from 2020 to 2024; the last two notices had claim-by dates of 6 September 2023 and 28 August 2024. They can be claimed back with Form IEPF-5. Search the IEPF Authority’s website, iepfa.gov.in, for Mafatlal Industries Limited.

How do I claim Mafatlal Industries 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, the client master list and the entitlement letter to Mafatlal Industries’ registered office in Ahmedabad or to KFin Technologies.

I have lost my Mafatlal Industries share certificate. What do I do?
If the shares are still with Mafatlal, open a demat account and apply to KFin Technologies for duplicate shares with Form ISR-4. Up to ₹10 lakh, about 8,552 Mafatlal shares at today’s price, one affidavit-cum-indemnity bond is enough. If the shares have already moved to the IEPF, you do not need a duplicate: you claim with Form IEPF-5.

What if the Mafatlal Industries 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 up to ₹10 lakh per company. The Mafatlal shares alone are rarely above that, but the Navin Fluorine shares from a pre-2003 folio often are, and are counted separately.

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