Yes Bank went through India's most dramatic bank restructuring in March 2020. If you hold shares — physical or demat — and you are confused about what happened, whether your shares still have value, or how to deal with unclaimed dividends and transmission, this guide covers all of it.
By RK Gupta, Company Secretary · Updated June 2026 · 10 min read
Yes Bank was India's fourth-largest private sector bank by assets until 2019. By late 2019, rising non-performing assets (NPAs), governance issues, and failed capital-raising attempts pushed it to the edge. In March 2020, the Reserve Bank of India placed Yes Bank under a moratorium and superseded its board. What followed was a reconstruction scheme under Section 45 of the Banking Regulation Act, 1949.
The rescue package involved State Bank of India (SBI) picking up a 45 percent stake in the bank, with seven other financial institutions — ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank, and IDFC First Bank — also investing. The total infusion was approximately ₹10,000 crore.
This was NOT a bank closure. Yes Bank continued to operate. Depositors' money was protected. Shareholders' equity was not cancelled — but it was severely diluted. New shares were issued to the rescuing consortium at ₹10 per share, which massively increased the total share count while the bank's value had crumbled. Before the crisis, Yes Bank's share price had touched ₹400. After restructuring, it dropped to the ₹5–16 range and has largely traded in the ₹15–25 band in the 2023–2025 period as the bank stabilised.
The key distinction for shareholders: your shares were NOT cancelled. They were diluted. You own a smaller percentage of a restructured bank. This matters because your old share certificates and demat holdings are still valid instruments.
One of the most controversial decisions in the restructuring was the complete write-down of Yes Bank's Additional Tier 1 (AT1) bonds — to zero. AT1 bonds are a hybrid instrument, technically ranking above equity but below senior debt. In global banking crises (like Credit Suisse in 2023), AT1 bond write-downs have become common.
The controversy at Yes Bank was that many retail investors held these bonds without fully understanding the risk. Yes Bank relationship managers allegedly sold AT1 bonds to ordinary customers as "super FDs" offering 9–9.5 percent annual returns. When the bonds were written to zero, these investors lost their entire principal.
This is legally and structurally separate from the equity share situation. AT1 bond holders have filed petitions in various High Courts and the Supreme Court. These cases are ongoing. If you held Yes Bank AT1 bonds, your recourse is through the courts, not through an RTA. An RTA like MUFG Intime handles equity shareholders only — they have no role in AT1 bond claims.
Do not confuse the two. If you are an equity shareholder, your position is handled through normal RTA channels. If you held AT1 bonds, get a lawyer who specialises in banking regulatory matters.
Yes. Equity shares in Yes Bank are still valid and active. The ISIN for Yes Bank Limited equity shares is INE528G01035. If you hold shares in a demat account, you can verify the current holding in your DP statement. If you hold physical share certificates issued before the restructuring, they continue to represent shares in the restructured Yes Bank — but you should demat them (see below).
The shares are traded on both NSE (symbol: YESBANK) and BSE (scrip code: 532648). The restructuring did not suspend trading permanently. SEBI-regulated market activity continues normally.
The Registrar and Transfer Agent (RTA) for Yes Bank is MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited. This is the company that handles all equity shareholder services — folio maintenance, dividend processing, name corrections, transmission requests, and KYC updates.
MUFG Intime's investor services contact:
For all share-related service requests — folio enquiry, name correction, address update, bank account change, transmission — MUFG Intime is your first contact. Yes Bank's investor relations team at their Mumbai registered office (Yes Bank House, Off Western Express Highway, Santacruz East, Mumbai – 400 055) can be contacted for escalation or IEPF-related matters.
If you hold paper share certificates from Yes Bank — including certificates issued before the 2020 restructuring — they are technically still valid but dematerialisation is strongly recommended. Physical certificates cannot be traded directly on the stock exchange. You must convert them to demat form first.
The process:
Important: the name on your share certificate must match your demat account name exactly. If there is a mismatch, you need to get it corrected first using ISR-1 form at MUFG Intime before initiating the DRF.
Yes Bank has not declared any dividend since FY2019. The bank was under severe financial stress from FY2019 onwards and has not resumed dividend payments post-restructuring as of early 2026. This means there are no recent Yes Bank dividends in IEPF.
However, for older dividend years (FY2016, FY2017, FY2018, FY2019) — if you never received your dividend warrant from those years or the NECS credit never hit your bank account — those amounts may still be recoverable.
Check the dividend payment status for your folio by:
If older dividends are showing as unpaid, contact MUFG Intime with your folio number, requesting reissuance of the dividend warrant or NECS credit to your updated bank account. If the bank account on record is outdated, submit Form ISR-2 to update it first.
Under the Investor Education and Protection Fund (IEPF) rules, any dividend unclaimed for 7 consecutive years — along with the underlying shares — must be transferred to the IEPF Authority.
For Yes Bank:
To check whether your Yes Bank shares have been transferred to IEPF:
If your shares are in IEPF, you need to file Form IEPF-5 on the MCA portal (iepf.gov.in) and submit physical documents to Yes Bank's IEPF Nodal Officer. Yes Bank's Nodal Officer contact is at their registered office: Yes Bank House, Off Western Express Highway, Santacruz East, Mumbai – 400 055. The Company Secretary's office handles IEPF correspondence.
If a Yes Bank shareholder has passed away and the shares need to be transferred to a legal heir or nominee, the transmission process with MUFG Intime follows the standard SEBI-mandated procedure.
Documents required:
The fact that Yes Bank went through restructuring does not affect the transmission process. Transmission is a straightforward RTA function — the restructuring history is irrelevant to MUFG Intime's document requirements.
If the name on your Yes Bank physical share certificate does not match your PAN or Aadhaar — a common issue with old certificates — you need to submit Form ISR-1 to MUFG Intime. Attach:
ISR-1 through ISR-4 (the SEBI-mandated KYC forms) are available for download on the MUFG Intime website. Send completed forms with attachments by speed post to their Mumbai office.
Once your Yes Bank shares are in demat form, selling them is a standard stock market transaction through any registered stockbroker. Log in to your brokerage account, place a sell order for YESBANK shares on NSE or BSE, and the proceeds will be credited to your linked bank account on T+1 settlement.
If you still hold physical share certificates, you cannot sell them directly on the exchange. Demat them first through the DRF process described above. Only after successful demat can you place a sell order.
Be aware: the price of Yes Bank shares as of 2025–2026 is significantly lower than pre-2020 levels. Selling at current prices will likely mean a substantial loss compared to what the original investor paid in 2015–2019. This is a market reality — the restructuring permanently diluted the value of pre-2020 holdings.
Many people contact us confused about which category their problem falls into. Here is how to quickly classify:
Applies if you held Yes Bank shares (physical or demat). Issues: transmission, name correction, unclaimed dividend, demat conversion, folio enquiry, IEPF claim.
Contact: MUFG Intime India Private Limited (RTA). Escalate via SEBI SCORES if needed.
Applies if you held "Yes Bank AT1 Bonds" or "Basel III Bonds" — often marketed as high-yield deposits. Your principal was written down to zero in 2020. This is a legal matter pending before courts.
Contact: A lawyer experienced in banking and securities litigation. Not an RTA.
Applies if you had an FD with Yes Bank. Deposits were fully protected under the reconstruction scheme — Yes Bank continues to operate and your FD is valid. For any FD-related complaint, contact the RBI Banking Ombudsman at cms.rbi.org.in.
Contact: RBI Banking Ombudsman. Not relevant to equity shares at all.
Sorting this out first saves significant time and ensures you approach the right authority with the right paperwork.
If MUFG Intime does not respond or rejects your request without adequate reason, here is the escalation path:
Questions Yes Bank investors ask about their shares after the 2020 restructuring
No, they are not worthless. Yes Bank shares were diluted — not cancelled — in the 2020 restructuring. Existing shareholders saw massive erosion in value as the share price fell from ₹400+ to the ₹5–16 range after March 2020. But the shares continued to trade on NSE and BSE. By 2024–2025, Yes Bank had stabilised and shares traded in the ₹15–25 range. If you hold shares in a demat account, they are visible and tradeable. If you hold physical certificates, they need to be dematerialised but are still valid instruments.
Yes, physical Yes Bank share certificates can still be dematerialised. The ISIN is INE528G01035 (verify with your DP). Submit a Dematerialisation Request Form (DRF) through your Depository Participant — they will forward it to MUFG Intime (the RTA) for verification. The name on your share certificate must match your demat account holder name exactly. Any mismatch requires a prior name correction through MUFG Intime using Form ISR-1. Processing typically takes 15–30 days after DRF submission.
Yes Bank has not declared any dividend since FY2019. The bank suspended dividends due to the financial crisis and has not resumed them post-restructuring as of early 2026. So there are no recent unpaid Yes Bank dividends to recover. For older dividends from FY2016 to FY2019 that were never received, check your folio status on the MUFG Intime investor portal. Pre-2016 dividends that were unclaimed for 7+ years may have been transferred to IEPF — check iepf.gov.in.
No, AT1 bonds are completely different from equity shares. Additional Tier 1 (AT1) bonds are a debt instrument that were written down to zero during the 2020 restructuring. This was legally contested and multiple court cases are ongoing. If you held AT1 bonds — often sold by Yes Bank as "super FDs" — your matter needs to be handled by a lawyer specialising in banking regulations, not an RTA. MUFG Intime, SEBI SCORES, and the IEPF process are irrelevant to AT1 bond claims. Equity shareholders (people who held Yes Bank shares) have a separate situation and can proceed through normal MUFG Intime channels.
Yes Bank's RTA is MUFG Intime India Private Limited (formerly Link Intime). Reach them at: Toll-free 1800-1020-878, Email: rnt.helpdesk@mufgintime.com, and through the investor portal at mufgintime.com. Their registered office is at C-101, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400 083. For folio-specific queries, you will need your folio number (printed on old dividend warrants or physical share certificates) and your PAN.
We review every case personally. Reply within one business day — no fees, no obligation.
Confidential · Free · No obligation · Rajendra Kumar Gupta, ICSI Fellow Member
