Signature mismatch

Hereby presenting difficulties which a person faces when any instrument gets returned citing signature mismatch.

Every authority prescribes their own solution to this problem. There are authorities who ask for stamped notarized affidavit as well as indemnity besides signature attested by Bank in prescribed format. Due to all this, a common man has to bear expenses and it also requires devoting a lot of time, energy and labour.

Due to digitalisation, regular signature is not in practice hence when one is required to put signature on cheques, DD requisition slip, DRF, DIS Slip or Affidavit/ Indemnity etc., style, strokes and pattern should be considered before declaring signature mismatch.

When signature differs due to vernacular/ short/ full signature then mismatch is valid otherwise style, pattern or strokes are vital point as 100% signature cannot match if any one puts ten signatures at a time. Moreover there are other reasons too where signature may differ slightly such as poor health, age factor etc. but style will always remain same. Hence to minimise this problem signature style must be considered before declaring mismatch particularly in senior aged person's case.

Due to above, all financial market related authorities, after consideration of all points stated above, should come out with a common guideline to protect unnecessary harassment being faced by common man particularly senior aged persons.

It is really appreciable that due to RBI guidelines, regular updation of KYC is being carried out by all banks where we find very less instances of instruments getting returned due to signature mismatch whereas in all other sectors, signature gets registered once at the opening of the relationship which creates problem later on when we submit written request for any sort of action on that related investment, after years of opening the relationship. Further there are non-expiring investments like investments in Shares of the companies which requires signatures as and when the investor wants to transfer or sell his/ her shares.

If a person presents himself in person and put his recorded signature before the representative of the authority then the same should be accepted without any question i.e. mismatch question should not be raised which in turn provide relief to genuine investors, customers, applicants particularly senior aged persons in long term. Hence practical approach to this problem is required to be followed as suggested above - which can only be possible if present regime directs suitable guidelines to all sections after due consideration to this problem.

It is opined that this problem requires immediate attention.

In view of the aforementioned points, please forward with your recommendations to SEBI, ROC, MCA besides BSE, NSE, NSDL and CDSL etc. for making the above suggestions mandatory for all RTA, DP for implementation of proper solution to this issue. I trust you all will agree with these view points and initiate whatever possible at your end so that it gets implemented at the earliest.

Thanks & Regards,

G D Binani
gd_binani@yahoo.com
9829129011 more  

View all 45 comments Below 45 comments
Point raised by Shri G. D. Binani is a valid point and solution suggested by Shri Annaji Acharya is a perfect solution for the situation. more  
The signature, if differs should be changed immediately. This is a protection for the account holder. more  
It is a pertinent issue raised by Mr. Binani and it will be wise if the Anonymous Circle makes a petition to the authorities named or to the revenue authorities for a common guideline. Signature mismatch is particularly a problem for the elderly and the sick. more  
Mr. GD Binani has raised a very valid and important question, and the problem requires the attention of the authorities, and early solution specially where very senior citizens are concerned. Old instruments signed forty years back have problems. The institutions stand by the saying "Lakir ke fakir" The seniors stay with their children or grandchildren and the old addrsses is the place where the insrirutions send the letters. The supersenior citizens are too old to follow them up. Cannot some responsible person visit them, and obtain their signatures, take photos, since they are physically not capable of correspondence and set right things. more  
The signature mismatch also occurs with time. Ones signature goes through changes over time. If the specimen signature with the authorities is very old, ten years or more, perceptible changes are quite likely. Biometrics is authenticated technological solution. It has added advantage of preventing frauds. The earliest our banks and other institution adopt it the better it will be. Aadhar Card has biometric information. This may be a basis itself. more  
Post a Comment

Related Posts

    • GST of 35%

      The proposed increase of the Goods and Services Tax (GST) on 150 items, including quality footwear, shoes, clothing, and more, to 35% requires a reevaluation of consumption patterns. If this policy...

      By Mohit Jain
      /
    • It's me Sutirtha from West Bengal. I want to share my frustrating experience with Reliance Life Insurance, where I was repeatedly misled by their representatives: 1. In August 2024, I bought P...

      By Sutirtha Ghosal
      /
    • Beware of Star Health and Care insurance

      Star and Care stand out in people having horrible claims experience and claim rejection I have seen both these insurers reject claims for illogical reasons. They seem to delay claim...

      By Naina Mittal
      /
    • Inland letter from LIC without any information

      A couple of days back, I received 2 letters from LIC. It started this "Dear Policyholder...". It was an intimation of maturity or survival benefit for the policy. Nowhere was the policy number me...

      By Padmanabhan G
      /
    • Airtel ups their post paid

      Pathetic customer service. My postpaid mobile bill jumped from ₹352 to ₹411. Changed to a new plan of ₹449 without any communication to me or my authorization..called their customer service number....

      By Padmanabhan G
      /
    • High cost of living

      The way cost of living, inflation, rents, layoffs, fear of pink slips, insufficient retirement corpus, over exceeding medical & education costs are increasing, very soon we are going to witness...

      By RN Chopra
      /
    • महंगाई - गेहूं यानी wheat

      गेहूं की महंगाई रहस्यमय हो चली है. मांग और आपूर्त‍ि की गुत्‍थी का सिरा ही गुम है. - नई फसल आने के बाद भी कीमतें न घटीं. अगस्‍त में गेहूं की क़ीमत करीब 100 रुपये/ क्‍व...

      By RN Chopra
      /
    • Media news channels

      Roll of news channels in TRP era. Same participants, Same hot discussion. No conclusion.Smile on anchors face when participants argue and use rough hot words. What should be standard of T...

      By Satyapal Singh
      /
    • Too much tax for buying home

      To buy a house of 1 cr you need to pay 5% GST,Which is 5L lakhs & stamp duty for registration is around 3 Lakhs. To earn 1cr 8 lakhs you have to pay tax of 38.75 Lakhs (30% + 15% sur...

      By Mukul Puri
      /
    • By Sanjit Jha
      /
    • Indexation removal by Govt is bad for property ownership

      Many have no option but to borrow and buy real estate. A loan serviced for say 20 years, significantly increase the amount paid towards the property. Now, they no longer have recourse to adjust for...

      By Reeta Kumar
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)