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JanlokPratishthan
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JanlokPratishthanMeetingWithSEBI/LodhaCommittee.
Date:March6,2019Subject:PACLInvestorOnlineClaim
RegistrationIssue.
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Introduction.
1. JanlokPratishthanhasbeenreceivingcomplainsandissuesfacedbyPACLinvestorsfromalloverIndiaviaphonecalls,textmessages,emails,sincetheHon’bleLodhaCommitteecommencedtheonlineclaimregistrationprocessonSEBI’sofficialwebsite.
2. Theissuesmentionedinthereportandtoday’smeetingarenotanecdotaloroneoffoccurrences.HundredsofthousandsofPACLinvestorsarefacingtheseissuesintherefundclaimregistrationprocess.
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Problem1.
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Problem1.
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Problem1.
• SEBI’sPACLclaimregistrationportaldoesnotwork90%ofthetime.
• Takes3-4hourstoregisterasingleclaim.• Manyinvestorstriedusingtheportallatenightbuttheportaldoesnotfunctionatallorisextremelyslowevenatthosehours.
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Problem2.
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Problem2.
•AfteraninvestorinsertstheoriginalPACLcertificatenumber,theportaldisplaysthefollowingmessage:
“PleaseregisterthisPACLnumber”
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Problem3.
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Problem3.
•AfteraninvestorenterstheoriginalPACLcertificatenumberforthefirsttime,youronlineportaldisplaysthefollowingmessage:
“Pleasecontactsystemadmin.”
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Problem4.
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Problem4.
•WhenaninvestorinsertstheoriginalPACLcertificatenumber,yourportaldisplaysthefollowingmessage:
“ThisPACLnumberdoesnotexistasperourrecords”
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Problem5.
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Problem5.
• IncaseofaFDcertificate,wheninvestorsenterthedepositamount(principalamount)astheclaimamount,yourportaldisplaysthefollowingmessage:“Totalamountofuploadedreceiptsshouldnotbe
greaterthantotalclaimamount”.• Thisisnotapossibilityastheclaimamountandthedepositedamount(principalamount)isthesame.
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Problem6.(PanCard)
(i) AsubstantialmajorityofPACLinvestorsarenotwelleducatedanddonothaveapancard.Anditisnotpossibletogetapancard withinsuchashorttime
(ii) Investorsabove60yearsofagecannotgetorregisterforapancard.
(iii)Theinvestmentisinthenameofaminoranddoeshavenotapancard.
(iv)Pancard shouldhaveotherformsofsubstituteIDssuchasdrivinglicense,votingcard,adhar,etc.
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Problem7.(Mostprominentlyraisedissue)
AhugemajorityofPACLinvestorsliveintheruralareasandtheydonothaveaccesstotheinternet,computerorasmartphone.
Henceitiscrucialthatsuchpeoplehaveandoptionofregisteringtheirclaimsofflineoronewhichdoesnotrequire a computer,smartphoneortheInternet.
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Problem8.(PostalAccounts/IFSC)
•Alargemajorityofruralinvestorsdonothavebankaccounts.• Suchruralinvestorshavean accountsintheirregionalpostofficeswhichdoes notprovideIFSC.• Theruralcommunityofmanystateshavehighlyaskedtoaddtheirpostalaccountssoreceivetheirrefunds.
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Problem9.(FDClaimRegistration)
• IncaseofFDclaimregistrationpleaseclarify,whichamounts/figures shouldtheinvestorsenterinthefollowingstagesoftheprocess:
Step1- TOTALCLAIMAMOUNT?Step4- RECEIPT AMOUNT?
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Problem10.(Diseased/मतृ ClaimantandNominee)
•Howcanthefamilymembersoftheinvestorsregistertheirclaimsincaseswhere,theinvestor/claimantandthenomineearebothdead?
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Problem11.(Diseased/मतृ Claimant,Nomineeunknown)
Howcanfamilymembersregistertheirclaims,IncaseswherethecertificatesaresubmittedinCSC,thecustomerhaspassedawayandthefamilymembershavenoideasofthenameofthenominee?
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Problem12.(NameChangepostMarriage)
•ManyfemaleinvestorshaveIDswithnewLastNameandMiddleNamepostmarriage.
• Therehastobeprovisionforthesecasestoo.
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Problem13.(TypographicalError)
• TherearetypographicalerrorsinthenameofinvestorsonthePACLcertificates,thusthenameontheinvestor’sIDsdonotmatchwiththenameontheirPACLcertificates/Receipts.
•Howcansuchinvestorsprocesstheirclaims?
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Problem14.(ReinvestmentCases)
•Whataboutthelargemajorityof reinvestmentcasesthatarestuckinCSC?
• ReinvestingthematurityamountwasaverycommonpracticeamongPACLinvestorsandalargenumberofpeoplehavereinvestmentrelatedclaims,whichcannotbeignored.
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15.(VerificationSystemandDatabase)
•WhichsystemanddatabaseisSEBIusingtoverifythedocumentsandcertificatenumberssubmittedbyPACLinvestors?
• IfSEBIhasadatabasewhichitisusingtoverifytheclaims,thenwhydoesSEBIrequirethePACLinvestmentreceiptsandcertificatesfromthecustomers?
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Received.
SubmittedbyJanlokPratishthanReceivedbySEBIandHon’bleLodhaCommitteeforPACL.
Signature/Stamp