Signature problem with company shares and Mutual Funds
We hold shares of several companies in small lots from a long time. We changed our residence about 2 years back. With that started our troubles in getting our address updated in the books of the companies.
The companies outsource the work to agencies, the likes of Karvy, and almost wash off their hands with regard to the interests of the share holders. The agencies do their job most casually, as a ritual and with no responsibility for the shabby job they do.
The issue of concern to us is this: Signature on the request letter for address change not tallying with that in their records.
We hold some of the shares for more than a quarter of a century now. We are now aged people.
Is it expected that the signature remains unaltered over such long periods?
Is not the ID proof, Address proof enough to ensure the authenticity of the holders?
We sent even the xerox copies of the original share certificates along with the request letters.
Karvy is asking us to send indemnity bond of Rs. 100/ for each change of address.
This looks unfair on the part of the companies to have entrusted the agencies and take no further interest in seeing how the agencies are discharging their obligation to the companies and their share holders.
Who will rectify this situation? Does SEBI come to our rescue?
Why can't such agencies who are bent upon harassing the share holders of the companies, under the guise of taking care of investors interests - to the detriment of the prestige of the companies - be black listed?
Any suggestions to overcome this problem of adopting the 'signature not tallying' phrase by the middle man agencies to harass the individual share holders? more
The companies outsource the work to agencies, the likes of Karvy, and almost wash off their hands with regard to the interests of the share holders. The agencies do their job most casually, as a ritual and with no responsibility for the shabby job they do.
The issue of concern to us is this: Signature on the request letter for address change not tallying with that in their records.
We hold some of the shares for more than a quarter of a century now. We are now aged people.
Is it expected that the signature remains unaltered over such long periods?
Is not the ID proof, Address proof enough to ensure the authenticity of the holders?
We sent even the xerox copies of the original share certificates along with the request letters.
Karvy is asking us to send indemnity bond of Rs. 100/ for each change of address.
This looks unfair on the part of the companies to have entrusted the agencies and take no further interest in seeing how the agencies are discharging their obligation to the companies and their share holders.
Who will rectify this situation? Does SEBI come to our rescue?
Why can't such agencies who are bent upon harassing the share holders of the companies, under the guise of taking care of investors interests - to the detriment of the prestige of the companies - be black listed?
Any suggestions to overcome this problem of adopting the 'signature not tallying' phrase by the middle man agencies to harass the individual share holders? more
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Oct 31
The authorities had been requesting shareholders to demat since almost 2 decades Now there is a general belief that what has not been demat needs hyper scrutiny. I am also going thru same problem with some shares not yet dematerialised. more
Aug 12
Hi, There is a provision wherein the holders can get their current signatures and address verified from their Bank Managers and submit for change of the same. warm regards,DR Singh On Monday, 10 August 2015 12:52 PM, Radhakrishnamurty P wrote: more
Aug 12
Even though companies have third party Registrar and Share Transfer Agents, shareholders grievances also receive highest of attention from company officials. Suggest you write letters to Registrars with copy to company marked to the attention of company secretary. If your signature has changed over period of time, please have your new signature attested by manager of bank branch where you are maintaining account. Send said attested new signature together with documents like transfer deed, share certificates, documents in support of ID and address etc to Registrars with copy to company and I hope they will receive faster and prompt attention to your satisfaction more
Aug 11
