How to Convert Old Mahindra & Mahindra Share Certificates to Demat and Recover Them from IEPF

To convert an old Mahindra & Mahindra share certificate to demat, open a demat account in exactly the name printed on it, update your KYC with M&M’s registrar, KFin Technologies (formerly Karvy), and hand the certificate in through your broker or bank with a Demat Request Form. Certificates from before 2010 show a face value of ₹10 and need the registrar to match them to today’s ₹5 shares first. If the shares have already moved to the IEPF, you claim them back with Form IEPF-5.

An old M&M certificate is also usually worth far more than the number printed on it. Mahindra & Mahindra has given free bonus shares five times, in 1980, 1984, 1995, 2005 and 2017, and split each share into two in 2010. So 100 shares bought in the late 1970s are about 4,440 shares today, worth about ₹1.35 crore at the 25 September 2026 price of ₹3,035. The bonus shares came on separate certificates, so the paper in your hand may show only a small part of the holding.

M&M pays a dividend every year: ₹33 a share for 2025–26. When a folio does not cash any dividend for seven years in a row, its shares are moved to the IEPF. The deadline for the batch linked to the 2018–19 dividend was 5 September 2026, so those shares are moving now. This guide covers every case: what your certificate is worth, the old ₹10 certificates, Punjab Tractors and other merged companies, how to demat, how to check and claim from the IEPF, lost certificates, 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.

How many M&M shares does an old certificate represent today?

It depends on when the shares were first registered in your family’s name. A share registered before 1980 is about 44 shares today; between 1980 and 1984, about 22; between 1984 and 1995, about 13; and after 2017, just 1. Each bonus and the split was added on top of the last, so the oldest certificates have grown the most.

The figures are per 100 shares because the 1984 and 1995 bonuses were 2 for every 3. They did not divide evenly, so each folio received whole shares and was paid cash for the fraction. Your folio’s exact count can differ from the table by a share or two.

One point people often get wrong: the bonus shares were never hidden inside the old certificate. Each bonus arrived as a new certificate of its own, posted to the holder at the time. So there are two ways a family ends up holding its M&M shares:

• You have all the certificates: the original and every bonus certificate. Add up the numbers printed on them, then double the total if they are all ₹10 certificates from before 2010. Do not use the table as well, or you count the bonuses twice.
• You have only the original certificate: use the table. The difference between that figure and what you hold on paper is the bonus certificates that are missing. They may be in another cupboard, still with the company, or already in the IEPF. They are still yours.

What matters is the date the shares were registered in your family’s name, not only the date printed on the certificate. If the purchase was close to a bonus date, the company’s register decides which side of the bonus the shares fall on.

Certificates from before 1977 need the folio checked. M&M was listed in 1956, and its share capital grew several times in the 1950s and 1960s. For these certificates a share is at least 44 shares today, but only the register gives the exact figure. The registrar can work it out from the folio, or we can.

What is Mahindra & Mahindra’s bonus, split and merger history?

Five bonus issues, one split, and several companies merged in. Here is every event that changed what an old M&M shareholder holds, from the company’s own records and exchange records:

The debentures of 1990 are where families most often go wrong. They were not free. The holder had to apply and pay, so shares from them exist only if someone in the family paid. If they did, the new shares came on their own certificates, dated 1991 or 1992, and those certificates grew with the 1995, 2005 and 2017 bonuses and the 2010 split like any other.

M&M has merged many of its own subsidiaries since 2001, including Mahindra Two Wheelers, Mahindra Vehicle Manufacturers and Mahindra Electric Mobility. Those companies were not listed, so they did not change what an ordinary M&M shareholder holds.

What are 100 old M&M shares worth today?

Between about ₹3.04 lakh and about ₹1.35 crore, depending on when they were registered. These figures use the 25 September 2026 price of ₹3,035 a share and the ₹33 dividend for 2025–26. Share prices move every day, so treat the rupee values as a guide.

A family example

Say a grandfather bought 100 M&M shares in 1978. The 1980 bonus added a certificate for 100, the 1984 bonus one for 133, and the 1995 bonus one for 222. The 2005 bonus added 555 more. That is 1,110 shares of ₹10 on five certificates.

In 2010 each of those became two ₹5 shares, so 2,220, and the 2017 bonus doubled them again. The folio today holds 4,440 shares, about ₹1.35 crore, earning about ₹146,520 a year in dividends. Most families find only the 1978 certificate for 100. The company’s register still shows everything.

Is an old ₹10 M&M share certificate still valid after the 2010 split?

Yes, the shares behind it are still yours, but the certificate is matched to the folio by the registrar before it can be dematted. In March 2010 M&M split every ₹10 share into two ₹5 shares. Shareholders on paper were to receive new ₹5 certificates, and the old ₹10 certificates were replaced.

So a family usually finds one of two situations:

• You have the ₹5 certificates from 2010 or later. These can be dematted in the normal way.
• You have only ₹10 certificates. The ₹5 certificates may have been posted and lost, returned undelivered, or never collected. Write to KFin Technologies with the folio number and copies of the ₹10 certificates. They will confirm how many ₹5 shares the folio holds and tell you how to have them credited to your demat account. If the ₹5 certificates are lost, it becomes a duplicate case (see below).

Either way, the number of shares does not shrink. The split doubled the count, so a ₹10 certificate for 50 shares is at least 100 shares today, and more if it was registered before the 2005 bonus.

What happened to Punjab Tractors, Mahindra Spicer and other merged companies’ shares?

Their shareholders received M&M shares, so an old certificate of these companies is now an M&M holding, claimed through M&M’s registrar. The swap ratios:

Example: a family with 300 Punjab Tractors shares received 100 M&M shares in 2009. The 2010 split made them 200, and the 2017 bonus 400. That is about ₹12.14 lakh today, from a certificate of a company that no longer exists.

After the merger the Punjab Tractors certificates were cancelled, and M&M issued its own shares to the holders. If you have only the PTL certificate, KFin Technologies can trace the M&M folio created for you in 2009. If those M&M shares have gone unclaimed, check the IEPF under Mahindra & Mahindra, not under Punjab Tractors.

Punjab Tractors was not the only tractor company to merge into a bigger one. Escorts Tractors Ltd, the old Ford tractor maker, merged into Escorts in 1995–96 at 3 Escorts shares for every 2, and those are Escorts Kubota shares today. What an old Escorts certificate is worth now.

Swaraj Mazda is not Punjab Tractors. Swaraj Mazda, later SML Isuzu and now SML Mahindra, is a separate listed company with its own shares. Its certificates did not become M&M shares.

What did M&M shareholders not get?

Exchange records since 2001 show no demerger that gave M&M shareholders shares in another company. Because the Mahindra name is on many listed companies, families often assume an M&M certificate includes them. It does not:

• Tech Mahindra. A separate listed company. M&M shareholders received no Tech Mahindra shares.
• Mahindra & Mahindra Financial Services (Mahindra Finance), Mahindra Lifespace, Mahindra Holidays, Mahindra Logistics and Mahindra CIE. All separate listed companies with their own registrars.
• Kotak Mahindra Bank. Not a Mahindra group company at all. An old Kotak Mahindra Finance certificate is a Kotak Mahindra Bank share, not an M&M share.
• SML Mahindra (formerly Swaraj Mazda and SML Isuzu) and Mahindra Ugine Steel. Separate companies with their own shares.

If you hold certificates of any of these, they are separate holdings with their own registrars and their own IEPF records, not part of your M&M folio.

How do you check and claim an unclaimed M&M dividend?

Check the unclaimed dividend lists on M&M’s investor website, then claim from KFin Technologies if the dividend is less than seven years old. M&M pays a dividend every year. Any dividend that is not cashed goes into an unpaid dividend account and waits there for seven years. After that it moves to the IEPF.

Step 1: find out what is unclaimed

• M&M’s investor website publishes the names, folio numbers and shares due to move to the IEPF, and the unclaimed dividend details. M&M investor relations.
• The IEPF Authority’s search at iepfa.gov.in shows dividends and shares that have already moved. How to search the IEPF step by step.
• Search under every spelling of the holder’s name, and under Punjab Tractors too if the family held those.

Step 2: claim a dividend that is less than seven years old

Write to KFin Technologies (Unit: Mahindra & Mahindra Limited) with the folio number, the dividends you did not receive, a cancelled cheque and a self-attested copy of your PAN card. For shares already in demat, send your client master list instead of the folio details.

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. Without it the dividend is simply held back, and seven years of held-back dividends sends the shares to the IEPF.

Step 3: a dividend more than seven years old

It has already gone to the IEPF, and the only way to get it back is Form IEPF-5. How to recover a dividend from the IEPF.

The bigger point: an unclaimed dividend is a warning about the shares. At ₹33 a share, a folio of 4,440 shares misses about ₹146,520 a year. If it misses them for seven years in a row, the shares themselves, worth about ₹1.35 crore, move to the IEPF too.

How do you convert old M&M 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 ₹10 certificates from before 2010, ask KFin to confirm the ₹5 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 certificate from the same folio on one form, including the bonus certificates.
5. The registrar checks the signature, the folio and the distinctive numbers against M&M’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 and the shares move to the IEPF. The rules on physical shares in 2026.

How do you check if your M&M shares have gone 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. M&M moves a new batch every year as each year’s dividend passes seven years unclaimed. The batch for folios with nothing cashed since the 2018–19 dividend had a claim deadline of 5 September 2026.

• M&M’s investor website lists the holders and shares due to move to the IEPF. M&M investor relations.
• The IEPF Authority’s search at iepfa.gov.in covers shares that have already moved. Search for “Mahindra and Mahindra 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.
• Expect more than one entry if the family had more than one folio, for example shares bought at different times, held jointly with different people, or received from Punjab Tractors. Each folio moves on its own seven-year clock.

A certificate that the post office returned to the company undelivered may instead be in M&M’s unclaimed securities suspense account, which the registrar can check. 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 M&M 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 M&M 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 M&M’s registered office in Mumbai or to KFin Technologies (marked “Unit: Mahindra & Mahindra 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. M&M 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 100 printed on a 1978 certificate and you leave 4,340 shares in the queue. The entitlement letter is based on M&M’s register, so it gives the full count, including bonus shares you may never have seen.

What if the M&M share certificates are lost?

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

• Shares still with M&M: the registrar must first cancel the lost certificate and issue 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, which is based on the company’s register, not on the paper in your hand.
• Only the bonus or ₹5 certificates are missing: this is very common, and those shares are still on the folio. If the folio’s dividends have been cashed, the shares are still with M&M and you apply for duplicates. If they have not, check the IEPF first.

Don’t know the folio number? Old dividend warrants, bank passbooks showing M&M dividend credits, bonus or split letters, Punjab Tractors merger letters or any company correspondence can 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 M&M 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.

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 M&M, ₹10,000 covers only about 3 shares, and ₹10 lakh is about 329 shares at today’s price. A lost 1993 certificate for just 30 shares is 400 shares today, about ₹12.14 lakh, so it already needs the police report and the newspaper notice. Work out today’s count before you choose the documents.

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 demat. There is no longer a “Letter of Confirmation” to carry to your broker, 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. 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 KFin Technologies with the affidavit-cum-indemnity bond, the police report and notice if needed, and your demat details.
5. 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. One mismatch and the papers come back.

This is very common with M&M folios that go back to the 1970s and 1980s. Typical cases:

• Initials on the certificate, full name on the PAN card: “R. K. Sharma” against “Rajesh Kumar Sharma”.
• A woman’s maiden name on the certificate and her married name on everything else.
• Spelling changes over time: “Singh” and “Sing”, “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 to KFin Technologies with Form ISR-1. Correct every certificate on the folio at the same time, including the bonus certificates, so they can be dematted together.

How do joint holders convert or claim M&M 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. The bonus certificates normally carry the same names in the same order as the original.

• Everyone alive and available: open a joint demat account matching the certificates, complete KYC for every holder, and all 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 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. If one holder has died, delete their name through the registrar before you file.

What if the M&M 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.

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 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 M&M that is only about 3 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.

With an old M&M folio, the ₹10 lakh limit is reached quickly. It is about 329 shares today, so even 30 shares from 1993 are over it. 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, transmission without a succession certificate and succession certificates in Mumbai.

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 M&M the certificate in your hand is rarely the whole holding.

Take the family with one 1978 certificate for 100 shares. A generalist sees “100 shares”, values it at about ₹3.04 lakh, and files on that. Under ₹10 lakh, they choose the simple documents. But the folio holds 4,440 shares, about ₹1.35 crore. 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 application comes back and months are lost. And if the folio’s dividends went unclaimed, all 4,440 shares may already be in the IEPF, waiting for an IEPF-5 claim that nobody has started.

We work the other way round. We trace the complete holding first: the original, every bonus certificate, the 2010 split, any debenture or merger 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.

M&M’s registered office is in Mumbai, where our local partner can handle the paperwork. 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. 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

5 September 2026 was the claim deadline for the current IEPF batch. It covers folios with nothing cashed since the 2018–19 dividend. A new batch follows every year.

1980, 1984, 1995, 2005 and 2017 are the bonus years, and March 2010 is the split. These decide how to read an old M&M certificate: before 1980, about 44 shares today for every one; between 1984 and 1995, about 13.

4 March 2009 is the record date for the Punjab Tractors merger. PTL holders on that date received 1 M&M share for every 3 PTL shares.

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, for example M&M shares bought on paper and never registered in the buyer’s name. M&M has published notices about it. Shares already moved to the IEPF are not covered. The full rules of the window.

Holding other old automobile certificates too? See what happened to old Force Motors and Bajaj Tempo shares, Eicher shares, Bosch (MICO) shares and MRF shares.

Not sure how many M&M shares your family really holds, or whether the bonus shares have gone to the IEPF? Start with Find Your Shares →

Frequently Asked Questions

Has Mahindra & Mahindra ever issued bonus shares?
Yes, five times: 1 for 1 in 1980, 2 for 3 in 1984, 2 for 3 in 1995, 1 for 1 in 2005 and 1 for 1 in 2017. M&M also split each ₹10 share into two ₹5 shares in 2010. So 100 shares registered before 1980 are about 4,440 shares today.

How many M&M shares do 100 old shares become today?
It depends on when they were registered. 100 shares from before 1980 are about 4,440 shares today, about ₹1.35 crore at the 25 September 2026 price of ₹3,035. From 1980 to 1984 they are about 2,208, from 1984 to 1995 about 1,328, from 1995 to 2005 800, from 2005 to 2010 400, and from 2010 to 2017 200.

Is an old ₹10 Mahindra & Mahindra share certificate still valid?
The shares behind it are still yours. In 2010 every ₹10 share was split into two ₹5 shares, and paper holders were to receive new ₹5 certificates. If you hold only the ₹10 certificates, write to KFin Technologies with the folio number; they will confirm the ₹5 share count and how to get it into your demat account.

I have Punjab Tractors share certificates. What are they worth now?
Punjab Tractors merged into Mahindra & Mahindra in 2009. Holders on the record date, 4 March 2009, received 1 M&M share for every 3 PTL shares. Those M&M shares were then doubled by the 2010 split and again by the 2017 bonus, so 300 PTL shares are 400 M&M shares today. You claim them through M&M’s registrar, KFin Technologies.

Did M&M shareholders get Tech Mahindra or Mahindra Finance shares?
No. Tech Mahindra, Mahindra & Mahindra Financial Services, Mahindra Lifespace, Mahindra Holidays and Mahindra Logistics are separate listed companies, and an M&M certificate gives no shares in them. Kotak Mahindra Bank is not a Mahindra group company at all.

Who is the registrar (RTA) for Mahindra & Mahindra?
KFin Technologies Limited, which took over as M&M’s registrar in 2016 under its earlier name, Karvy. It handles demat requests, KYC updates, unclaimed dividends, duplicate certificates, transmission and IEPF entitlement letters for M&M shareholders.

How do I check Mahindra & Mahindra unclaimed shares and dividends?
M&M’s investor website publishes the names, folio numbers and shares due to move to the IEPF. Shares and dividends that have already moved can be searched on the IEPF Authority’s website, iepfa.gov.in. Search under every spelling of the holder’s name.

When does M&M transfer shares to the IEPF?
Every year, for folios with no dividend cashed for seven years in a row. The current batch covers folios with nothing cashed since the 2018-19 dividend; the last date to claim was 5 September 2026. A new batch follows each year.

How do I claim Mahindra & Mahindra 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 M&M’s registered office in Mumbai or to KFin Technologies. The company verifies the claim and reports to the IEPF Authority, which credits the shares to your demat account.

I have lost my M&M share certificate. What do I do?
If the shares are still with M&M, open a demat account, then apply to KFin Technologies for duplicate shares with Form ISR-4. Up to ₹10 lakh, about 329 M&M 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. If the shares have already moved to the IEPF, you do not need a duplicate: you claim with Form IEPF-5.

What if the M&M 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, which with M&M is only about 329 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.

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