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SEBI

Karvy sends a 80+ investor an email from hell

I had posted yesterday about the problems faced by senior citizens due to paper shares.

An 80+ investor wrote to Karvy registrar for the issuance of duplicate share certificates for splitted shares.

Here is what Karvy wrote to him:

From: “anitha.puttigari@karvy.com” <anitha.puttigari@karvy.com>
To: gopaldas_bkn@yahoo.com
Cc: bhanutej.patil@in.abb.com; b.gururaj@in.abb.com; karthikeyan.ea@in.abb.com
Sent: Tuesday, October 9, 2012 12:46 PM
Subject: Splitte Shares

Sir,
With reference to your email,  kindly send us the following documents  for issuance of duplicate share certificate of Rs.10/-.
                         ** Certificate Details **
========================================
Sno    Cert_No             Shares       Dist_From –   Dist_To
—————————————————————-
1      26038-26039       20       7723695   –     7723714
2      17555-17556       13       12457420 –  12457432
3      31613-31614       11       24505636 –  24505646
4     251323-251327   14       37293605 –  37293618
—————————————————————–
1.       Lodge a complaint with Police Station and submit a copy of FIR (mentioning share certificate no(s) , unit name, folio no. distinctive no(s) and no. of lost of shares) in original or attested having clear impression of rubber stamp of the concerned Police Station, ( in case of copy thereof please note that it should be duly attested by first class magistrate or Notary) or acknowledged Police complaint. In case of complaint /FIR is in regional language, then a copy of the true translation of the same in English duly notarized by a Notary Public should be submitted along with the FIR.
2.       Execute Indemnity & Affidavit on a non –judicial stamp paper of the  value of Rs.200/- & Rs.100/- duly attested by Notary Public/Special Executive Magistrate respectively as per the proforma enclosed. Affidavit should be attested   by notary with appropriate notarial stamps affixed together with the seal the registration no of the notary.
3.       Stamp paper must be purchased only in the name of the executor i.e. , registered shareholder.
4.       Questionnaire Form to be filled in by applicant(s) for issue of Duplicate Certificate(s) in respect of security/ies for which original certificate(s) are lost.
5.       Proof of identity like Pan card/Passport/Driving License of surety duly attested by Notary required.
6.       Supporting documents of surety like salary certificate/pay slip or copy of  latest Assessment Order passed by Income Tax authorities or Proposed valuation Report issued by Revenue Authorities/Municipal Authorities/Secretary of Gram Panchayat duly attested by a Notary/Gazetted officer. Please note that Income of surety should be more than present market value of shares.
7.       Full name, address and signatures of the witnesses and sureties should appear in the indemnity bond. Surety form to be filled by same person who has signed as surety on the Indemnity.
8.       Any correction/modification on these documents needs initials of the executors.
9.       All the particular of the shares like folio no., certificate no. and distinctive numbers to be mentioned in the Indemnity and Affidavit.
10.   Photo copy of shareholder’s Pan Card duly attested by not
11.  Share holder’s Proof of residence like Electricity Bill/Telephone Bill/Water Bill/Pass Port/Driving License duly attested by notary/gazetted officer
12.  Share holders latest Bank statement in original / copy of pass book
13.   Share holders specimen signatures duly attested by their Bank Manager on Banks letter head mentioning the bank manager’s name, address and telephone numbers. This certificate should also show your account number with the attesting authority as proforma enclosed.
14.   Demand Draft amounting Rs.1000.00 in favour of ABB LIMITED payable at BANGALORE towards advertisement charges.
15.   Request letter duly signed by you for issue of duplicate share certificate(s).
On receipt of the same we shall do the needful
Regards
Anitha
Now, if this is not an email from hell, then what is?Does any body expect senior citizens to run pillar to post fulfilling all these formalities?
To be fair,Karvy is probably following the law of the land in its response.But shouldn’t SEBI step in to ease the pain of elderly investors.A simple indemnity from the investors should suffice to issue duplicate certificates.
JAGO SEBI JAGO !!
Categories
Observations Parody Lyrics

Remember the time Karvy recommended Tricom

There is an old quip “The problem of being experienced is that you keep forgetting what the experience was !!”

Today as I was perusing the stock exchange data, Tricom caught my eye.Tricom crashed by 18.46% today to close at 2.65 Rs.

I remember in the hoary past (in 2006) to be precise, Karvy was going around town recommending Tricom.It had put a buy target of Rs.220 then !!

Am screwing up Michael Jackson’s lyrics of his song “Remember the time”

 

Do You Remember
When Karvy Fell In Love with Tricom
We Were Young
And Innocent Then
Do You Remember
How It All Began
It Just Seemed Like a Multi Bagger
So Why Did It End?

Remember The Times
Do You. Do You, Do You,
Do You, Do You
Remember The Times
On the TV, On The Internet
Remember The Times
Karvy & Tricomn
Remember The Times
What About, What About…

Remember The Times
Ooh… In NSE
Remember The Times
After Market Hours…, Do You, Do You, Do You
Remember The Times
Do You, Do You, Do You, Do You
Remember The Times
Yeah Yeah

And the MJ video follows below: