Dhirubhai Ambani’s signature will go to waste! Chandigarh man who found Rs 12 lakh worth Reliance shares plans to walk away

A Chandigarh resident who unearthed decades-old Reliance Industries Ltd (RIL) share certificates worth Rs 12 lakh has decided not to proceed with their digitization, citing India’s cumbersome bureaucratic process. However, social media users are urging him to reconsider, offering alternative solutions to navigate the red tape.

Rattan Dhillon, who stumbled upon 37-year-old physical share certificates during a spring-cleaning session, initially sought advice on digitizing them. The shares, originally purchased at Rs 10 each in 1988, had multiplied to 960 through stock splits and bonuses.

But after learning about the extensive paperwork—requiring a legal heir certificate, a succession certificate, and Investor Education and Protection Fund Authority (IEPFA) clearance—Dhillon announced he was abandoning the effort.



"It seems Dhirubhai Ambani’s signatures will go to waste, as I’ve decided not to proceed with digitizing the shares," he wrote on social media. "The process is just too lengthy—obtaining the legal heir certificate alone takes 6-8 months, and the IEPFA process reportedly takes 2-3 years. I don’t see the value in investing so much time. India really needs to streamline its paperwork."

"For now, I’ll simply keep the physical share certificates," Dhillon said.

His decision sparked a wave of responses on microblogging site X, formerly known as Twitter. One user challenged his timeline, saying, "IEPFA process takes a few months, not 2-3 years… For that amount, little running around should be fine, I guess." Another user suggested outsourcing the work, saying, "Outsource the process to someone and split the money 50-50."

Some users encouraged Dhillon to verify the exact number of shares he holds. "Legal heir certificate will take 1 week, IEPF will take 6 months. Plus, these are not the only shares—Reliance had issued bonuses, so shares would have been added. You can verify with KFintech and find out exactly how many shares are in this portfolio. Please don’t let it go to waste," one user wrote.

Others sympathized with Dhillon’s hesitation. "It took me six months to digitize 200 shares of a company in my name that were held physically (with some tedious paperwork), so I can understand your hesitation," one commenter shared.

Another countered that Dhillon was misinformed about the process, stating, "Whoever has told you the timelines is totally wrong. Get a company secretary to do all this. A lawyer to obtain the heirship certificate. You don’t have to move an inch from the comfort of your home. Trust me, this is easy."

Also read | Chandigarh man unearths 37-year-old Reliance shares worth Rs 12 lakh, ignites social media frenzy

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)