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