Let's Start Recovering Your Lost & forgotten Wealth
There were shares in my uncle's name—my father's elder brother. He has been an NRI for 50 years and bought some shares in the early 80s. Back then, people invested both as resident individuals and as NRIs. Share allocations were based on applications, and there was no concept of PAN or Aadhar. At that time, the allotment process took 3 to 6 months, and everything was in physical form.
There was a time when my uncle shifted from one country to another. By the time the company couriered the shares, my uncle had already relocated.
Over time, he forgot about it. He assumed he only had one application as a resident individual because that address remained unchanged. He never received the other one, even though the holding existed.
We sold the 1,000 shares registered under the residential name and believed we had completed the transaction.
However, while going through the paperwork, we discovered a strip of 1/6th of A4-sized paper, a separate file for similar shares in the same company. When we approached the company, they said yes and acknowledged that you have these shares. We started doing the work. It took as long as one year. We retrieved close to 53 lacs.
That was our stepping stone. We retrieved a significant amount for him then, as he also had shares in other companies.
Next, we helped other relatives, then family and friends. We realized many of my relatives also had a similar problem. Realizing the widespread need, we decided this could be a viable business idea, addressing a common problem for many people.
My experiences with my own family members prompted me to delve deeper and investigate the underlying patterns. What I discovered was truly fascinating.
Let me start with a question: Did you have a family member who was active in the stock market during the 1980s or 90s? Surprisingly, 20% of such individuals have unclaimed assets they are completely unaware of.
Many are shockingly unaware of their unclaimed assets.
But what's the underlying cause of this mystery...?
The problem of unclaimed shares and dividends dates back to the stock market boom of 1984-92. During the subsequent bear phase, many investors lost interest as companies shut down and vanished, rendering many investments worthless. Even shares in reputable companies were often forgotten, with shareholders either moving on or passing away without informing their successors, leading to a significant amount of unclaimed assets.
In some cases, even though the investor was alert, they lacked the necessary documents due to address changes and the absence of digital records. This led to a pervasive feeling of helplessness, as they believed they could never recover their money without such details. Over time, their eagerness to retrieve the funds faded. Additionally, these families had become more prosperous through their hard work and were not in urgent need of money.
It's been five years since we began this Journey. We have recovered approximately 1000 million from IEPF, with an additional INR 400 million currently in the pipeline.
Vinny Aggarwal boasts a dynamic career in wealth management and financial advisory. Before co-founding Asset Retrieval Advisors in January 2019, he served as Director of Centrum Wealth Management Limited from March 2017 to December 2018. Prior to that, he held key roles at Standard Chartered Bank (Apr 2016 - Feb 2017) as Director and Senior Associate Director. His tenure as Vice President at Morgan Stanley (Sep 2008 - Aug 2013) enriched his expertise in private banking for high-net-worth individuals. Earlier, he was a Consultant at Pioneer Client Associates (Dec 2003 - Sep 2008) and a Partner at Aars & Vees Associates (Jun 1997 - Nov 2003).
Mr. Aggarwal has over 40 years of diverse business experience. He began in the automotive components industry, revolutionizing traditional designs in the early 70s. In 2015, he faced numerous challenges while recovering his elder brother's lost investments. His research and curiosity led him to develop a process for retrieving these investments, marking the start of a new journey. Realizing the pain Indian investors endure due to the current system, he founded "Asset Retrieval Advisors" to help others reclaim their rightful funds.
Nidhi is a result-oriented professional with a go-getter attitude. She is a Civil Engineer by qualification and a serial businesswoman. After completing her engineering studies, she started an export business with her sister and brother-in-law in 1999. Within five years, this venture flourished into a well-renowned star export house. Known for her strong operational skills, Nidhi ensures smooth and efficient processes. In 2019, she co- founded Asset Retrieval Advisors with Mr. Aggarwal, specializing in retrieving lost financial assets for investors. Her determination and operational excellence have been crucial to our success.
Prince is a qualified lawyer and has completed his first module of the professional program for Company Secretary. He holds a Master's degree in Commerce from C.C.S. University, Meerut. Currently a Senior Executive at Asset Retrieval Advisors, he worked at Jamna Auto Industries Limited for over two years in their Company Secretarial and investor relations department. He handled compliance for duplicate share certificates, share transfers, and KYC updates and liaised with the IEPF authority. He also managed corporate compliance with M.C.A., SEBI, and Insider Trading regulations.
Richa Agarwal, an Economics graduate from Shri Ram College of Commerce, Delhi University, and a Fellow member of the Institute of Company Secretaries of India, has around 20 years of corporate sector experience. She specializes in comprehensive secretarial and management advisory in corporate law. Committed to providing excellent professional services with innovation and high client satisfaction, she has managed company registrations, formations, annual filings, compliance certificates, and more. Richa has also handled private-to-public company conversions, LLP formations, and corporate law compliance.