Bajaj Finance and Bajaj Finserv are among India's most valuable financial sector stocks. Investors who held Bajaj group shares from the early days — including those who received Bajaj Finserv shares when Bajaj Auto demerged its financial services business — may have unclaimed dividends or shares sitting with IEPF that they do not know about.
By RK Gupta, Company Secretary · Updated June 2026 · 14 min read
Before getting into the claim process, it helps to understand which company you actually hold shares in. The Bajaj group has three major listed entities relevant to this discussion, and investors — particularly those who have held shares since the 1990s or early 2000s — may hold any combination of them.
Bajaj Holdings & Investment Limited is the original parent entity, historically known as Bajaj Auto Limited (the original, not the current Bajaj Auto). In 2008, this entity undertook a three-way demerger that restructured the entire group. The result: the automotive manufacturing business became the current Bajaj Auto Limited, the financial services business became Bajaj Finserv Limited, and the investment holding activities stayed in what is now Bajaj Holdings.
Bajaj Finserv Limited (CIN: L65923PN2007PLC130075) is the financial services holding company. It holds stakes in Bajaj Finance, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, and other businesses. It trades on NSE and BSE as BAJAJFINSV.
Bajaj Finance Limited (CIN: L65910MH1987PLC042961) is the subsidiary NBFC — India's largest non-banking financial company by assets under management. It is separately listed on NSE and BSE as BAJFINANCE and has its own distinct dividend history going back to the late 1990s.
The demerger of Bajaj Auto (the original holding company) in May 2008 is the single biggest reason why so many retail investors have unclaimed Bajaj Finserv dividends today. Here is what happened in practice.
If you held shares in the original Bajaj Auto Limited before May 2008, you received Bajaj Finserv shares in your demat account or as a physical allotment on the record date. The ratio was one Bajaj Finserv share for every one share held in Bajaj Auto at the time of demerger.
The problem is that millions of retail investors — especially those who held physical Bajaj Auto share certificates — never updated their bank account details, address, or email with Bajaj Finserv after receiving the new shares. Bajaj Finserv was a brand-new listed entity. Dividend warrants and ECS credits were going out to the addresses and bank accounts on record from the old Bajaj Auto folio. Those details were often outdated or belonged to accounts that had been closed.
The result: Bajaj Finserv has been transferring unclaimed dividends — and the corresponding shares — to IEPF every year since 2016. Shareholders who collected dividends from Bajaj Auto for decades simply never noticed that their Bajaj Finserv dividends were bouncing.
Bajaj Finance Limited was already in existence before the 2008 demerger — it was incorporated in 1987 as Bajaj Auto Finance Limited and was renamed Bajaj Finance Limited in 2010. Bajaj Finserv holds a majority stake in Bajaj Finance, but they are two separate listed companies with separate folio numbers, separate RTAs, and separate dividend histories.
Some investors received Bajaj Finance shares through various preferential allotments or rights issues over the years. Others bought shares in the open market. Either way, your Bajaj Finance folio is tracked separately from your Bajaj Finserv folio — even though both fall under the same KFintech RTA umbrella. When you search for unclaimed dividends, you need to check both separately.
All three major Bajaj entities — Bajaj Finance Limited, Bajaj Finserv Limited, and Bajaj Auto Limited — use KFin Technologies Limited (formerly Karvy Fintech, commonly called KFintech) as their Registrar and Transfer Agent.
This is actually convenient because it means you deal with one RTA for all your Bajaj group queries. However, you still need to search each company separately because the folio numbers, ISIN codes, and dividend records are maintained as distinct databases within KFintech's systems.
| Detail | Bajaj Finance Ltd | Bajaj Finserv Ltd | Bajaj Auto Ltd |
|---|---|---|---|
| CIN | L65910MH1987PLC042961 | L65923PN2007PLC130075 | L65993PN2007PLC130076 |
| NSE / BSE Ticker | BAJFINANCE | BAJAJFINSV | BAJAJ-AUTO |
| RTA | KFin Technologies | KFin Technologies | KFin Technologies |
| Investor Portal | investors.bajajfinance.in | investors.bajajfinserv.in | investors.bajajauto.com |
KFintech's contact details apply to all three:
There are three places to check. I recommend doing all three in sequence because the IEPF portal only shows dividends already transferred to IEPF, while KFintech's system shows dividends that are still with the company and not yet transferred.
If your name appears here, the dividend amount and the corresponding shares have already been transferred to IEPF. You will need to file Form IEPF-5 to recover them. If your name does not appear but you believe dividends are pending, check Method 2.
Amounts shown here have not yet been transferred to IEPF. You can recover these directly by writing to KFintech with updated bank details, without going through the IEPF-5 process.
Both companies maintain dedicated investor relations portals. Bajaj Finance's investor site is investors.bajajfinance.in and Bajaj Finserv's is investors.bajajfinserv.in. Both sites publish annual lists of shareholders with unclaimed dividends ahead of the IEPF transfer date. If you are near the 7-year mark on any dividend, checking these pages before the transfer date is important — acting early means you recover the dividend directly from the company rather than going through the more complex IEPF process.
The pattern here is familiar to anyone who works with retail investors regularly. The most common reasons include:
Under Section 124(6) of the Companies Act, 2013, dividends that remain unpaid or unclaimed for seven consecutive years must be transferred to the IEPF Authority. The underlying shares — corresponding to those unpaid dividends — must also be transferred to IEPF at the same time.
Both Bajaj Finance and Bajaj Finserv have been complying with this requirement since 2016. Every year, before the actual transfer, the company publishes a list of affected shareholders and sends individual notices. If your registered address is outdated, the notice never reaches you, and the transfer happens without your knowledge.
The claim process for Bajaj Finance or Bajaj Finserv dividends follows the standard IEPF-5 procedure. The key is making sure you identify the right company (Finance vs Finserv) and use the correct CIN.
Search iepf.gov.in under the correct company name and note your folio number, the dividend years for which amounts are unclaimed, and the total amount. You will need these details to fill Form IEPF-5 accurately. If you hold both Bajaj Finance and Bajaj Finserv shares, you need to file a separate Form IEPF-5 for each company — they cannot be combined into one claim.
After online submission, you must courier the physical document set — including the printed Form IEPF-5, original share certificate (if physical), and all supporting documents — to the Nodal Officer of the relevant company. Always check the current Nodal Officer's address and contact details on the company's investor relations page before dispatch, as these can change.
For Bajaj Finance Limited, the Nodal Officer can be contacted through investors.bajajfinance.in or through KFintech at 1800-309-4001. For Bajaj Finserv Limited, the equivalent is investors.bajajfinserv.in.
Send documents by registered post or a courier with tracking. Keep the proof of dispatch. The physical documents must reach the Nodal Officer within a specific period of your online submission — check the IEPF guidelines for the current deadline, as the SRN can lapse if you delay dispatch.
The Nodal Officer at Bajaj Finance or Bajaj Finserv will verify your documents and cross-check your claim against the company's shareholder records. This verification report is then submitted to the IEPF Authority. The company-side verification typically takes 30 to 45 days. If there are discrepancies in your documents — name spelling differences, missing stamp paper, or wrong CIN — you may receive a query requiring you to resubmit corrected documents.
Once the IEPF Authority reviews and approves the claim:
If you hold a physical share certificate that says "Bajaj Auto Limited" and was issued before May 2008, that certificate does not automatically entitle you to current Bajaj Auto (the motorcycle company) shares. You may actually hold Bajaj Holdings & Investment shares or have an entitlement to all three post-demerger entities depending on the exact record date of your holding.
This situation requires careful tracing through KFintech. Contact KFintech with the original physical certificate and ask them to verify which post-demerger entity your folio maps to, and whether any unclaimed dividends exist. Do not assume the certificate is worthless — these can have significant value if the original Bajaj Auto holding predates the demerger.
SEBI has effectively ended physical share transfers, but if you are holding old physical certificates in Bajaj Finance or Bajaj Finserv's name, you need to convert them to demat form before you can sell them or receive future dividends in your bank account. To do this, open a demat account, fill in a Dematerialisation Request Form (DRF), and submit it along with the original certificates to KFintech through your DP. If certificates are lost, a duplicate certificate process must happen first — see our lost share certificate service.
If the registered shareholder has passed away and shares were never transmitted to the legal heir's name, the claim process involves two stages. First, the transmission of shares must be completed — the legal heir needs to approach KFintech with a death certificate, legal heir certificate or succession certificate (for holdings above Rs 5 lakh), an indemnity bond, and the original share certificate if physical. Once transmission is complete and the shares are in the legal heir's name, a separate IEPF-5 claim can be filed for any unclaimed dividends.
See our Share Transmission for Legal Heirs service for end-to-end support on this process. Filing an IEPF claim without completing transmission first will result in rejection because the claimant's name will not match the IEPF records.
After handling many IEPF claims, these are the mistakes that most often cause delays or outright rejection:
Not all unclaimed dividends have transferred to IEPF. If the 7-year period has not yet elapsed, the dividend is still with Bajaj Finance or Bajaj Finserv. Recovery in this case is simpler — you do not need to file IEPF-5. Instead:
This is significantly faster than the full IEPF-5 process, so if any dividends are in this window, handle them first.
Bajaj group IEPF claims — particularly those involving the 2008 demerger, physical certificates, or deceased shareholders — require careful preparation. A wrong CIN, a missing document, or a name mismatch can set your claim back by months. Our office in Jaipur has handled IEPF claims for investors holding physical Bajaj certificates from the 1990s, demerger entitlement tracing cases, and transmission-plus-IEPF combined cases for legal heirs.
We handle the full process: verifying your claim on the IEPF portal, tracing your folio with KFintech, preparing and filing Form IEPF-5 with complete documentation, arranging stamp paper for the indemnity bond, coordinating with the Nodal Officer, and following up with the IEPF Authority until your dividend and shares are credited.
See our IEPF Claim Assistance service or our Unclaimed Dividend Recovery service for details. You can also reach us directly on WhatsApp for a free initial discussion about your case.
Questions Indian investors ask about Bajaj Finance unclaimed dividend and IEPF claims
Bajaj Finance Limited (CIN: L65910MH1987PLC042961) is the NBFC that does consumer and SME lending — it trades as BAJFINANCE on NSE and BSE. Bajaj Finserv Limited (CIN: L65923PN2007PLC130075) is the holding company for the financial services businesses — it trades as BAJAJFINSV. Check your demat account statement, physical share certificate, or log in to the KFintech investor portal at kfintech.com with your folio number or DP/Client ID to confirm which entity you hold shares in. Both are separately listed and have separate folio numbers even though they use the same RTA.
In May 2008, the original Bajaj Auto Limited split into three entities: the current Bajaj Auto (motorcycles), Bajaj Finserv (financial services holding company), and Bajaj Holdings & Investment. Shareholders of the original Bajaj Auto received one Bajaj Finserv share for every original share held on the record date. Many investors — particularly those with physical certificates and outdated contact details — never updated their information with the new Bajaj Finserv entity. As a result, Bajaj Finserv dividends have been bouncing and accumulating as unclaimed since 2008, and many of these amounts plus the underlying shares have since been transferred to IEPF.
KFin Technologies Limited (KFintech, formerly Karvy Fintech) is the Registrar and Transfer Agent for Bajaj Finance Limited, Bajaj Finserv Limited, and Bajaj Auto Limited. You can reach them at kfintech.com, call their toll-free number 1800-309-4001, or email einward.ris@kfintech.com. Their registered address is Selenium Building, Tower B, Plot 31-32, Gachibowli, Financial District, Hyderabad 500032. When you call, specify which Bajaj entity your query relates to and have your folio number ready.
Check the IEPF portal at iepf.gov.in and search separately under "Bajaj Finance Limited" and "Bajaj Finserv Limited" using your name, folio number, or PAN. This shows dividends already transferred to IEPF. For dividends still held by the company (not yet transferred to IEPF), log in to the KFintech investor portal at kfintech.com with your folio number or DP/Client ID. You can also call KFintech at 1800-309-4001 for an over-the-phone check. Check both Bajaj Finance and Bajaj Finserv separately — they are maintained as distinct records.
Yes, legal heirs can claim IEPF shares and unclaimed dividends of a deceased investor. The process has two stages. First, the share transmission must be completed: the legal heir submits a death certificate, legal heir certificate or succession certificate (required for holdings above Rs 5 lakh), an indemnity bond, and the original share certificate (if physical) to KFin Technologies. Once the shares are transmitted to the legal heir's name, Form IEPF-5 can be filed to recover any dividends and shares transferred to IEPF. Filing the IEPF claim without completing transmission first will result in rejection because the claimant name will not match the IEPF records.
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