This fiasco has started pushing corporate to change their Registrar and Transfer Agent
Let us see when retailer stuck are bailed out
Note : Its a change in name by Karvy post recent issue
Please note of this as well.
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I have done some reading on SPEED-e, it is an online share transfer service by NSDL. You can use it as an alternative to the PoA. Whenever you perform a sell trade, you can transfer the shares to the pool account of the broker (called Clearing Member Pool Accounts). Read - What is a clearing member account and how is it different from a beneficiary account?
Benefit
You can transfer shares to upto 3 pre-approved clearing member (broker) pool accounts. You need to define these during registration. So your shares cannot be transferred to any other broker account. No need to use DIS.
Registration
There are 2 ways you can use SPEED-e online:
- Via username and password
- Using a SMART card and pin (similar to debit card transactions)
The process for registering for SPEED-e is mentioned here. Iâll elaborate on the process to register to use SPEED-e via user/password:
- Fill the online registration form on NSDL and choose your username and password.
- Download the filled form. You will need it later.
- Get consent letters from up to 3 clearing members (your brokers). The consent letter should be printed on the letter head and format is mentioned here.
- Once you have the consent letter(s), submit them to your DP (DP of your primary demat account, where you will hold your shares), along with the form from step 1.
- Your DP may also ask you for your KYC details (PAN, Aadhaar etc)
- Once your DP authorizes your request you can use the username/password (generated in step 1) to operate your SPEED-e account.
Note: All brokers may not support SPEED-e
I sent a âconsent letterâ request to Zerodha and they mentioned that they do not support receiving shares in to their clearing member pool accounts. They only support the DIS (delivery instruction slip) method.
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I was an employee of Karvy in my DP days.
That picture was taken in KARVY house on Road No. 10 Banjara Hills, there used to be a useless boss called Rajiv Singh. He was always interested in generating brokerage by making clients trade. He never was ethical or knew much about his trade. He was into High frequency stuff and traded most of the times for HNIâs. This is common in most dealing rooms, but, I feel that, this was excessively done and C P, the big boss was also very ambitious about reaching clients.
Overall, greed got the better of them, when Jagan Mohan Reddy became CM and their projects in Reality didnât get paid and they once were caught with their pants down. Happens
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I am not surprised at this. This is how the IBC (insolvency & bankruptcy code) process is supposed to work.
After the completion of IBC process, older equity holdersâ shares are cancelled and the new owner is issued new shares. This is quite logical:
- Company unable to repay its debts. In such a case the equity holders would have the last right on the assets of the company. First one has to pay off all the creditors.
- If during the process, less than 100% of the companyâs dues were recovered by the creditors, then why should existing shareholders (owners) get anything?
- The new owner pays off debts. New shares are issued and the old equity holdersâ shares are cancelled.
This is how the IBC process works. Transfer of ownership from one party to another. Please note that ownership doesnât include just the promoters. It includes everyone, including the minority shareholders.
EDIT: I would say this is higly irresponsible journalism on the part of BusinessLine. Also minority shareholders need to understand that in the IBC process they are treated as owners of the company. If less than 100% of the dues are recovered, then the owners get nothing. ZERO i.e. they lose ownership.
EDIT 2: The shareholding of Ruias in Essar Steel will go down to 0% after the completion of the IBC process. Think about it. Owners losing control & ownership of the company was unheard of until the NDA govt. brought in the IBC process. You wonât see cases like Vijay Mallya (Kingfisher) any more. Either pay up or lose ownership.
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Shree Cement Limited has appointed Link Intime India Pvt. Ltd , as Registrar and share Transfer Agent of the Company in place of KFin Technologies Pvt. Ltd. (erstwhile Karvy Fintech Pvt. Ltd.) to handle share registry related activities and to provide related services.
I have applied for closure and transfer of my shares held in karvy demat and itâs been 2 weeks the same are not transferred to another account. Would it help directly writing to cdsl or there is no other way out? Thanks
their is sebi complaint online website
https://www.scores.gov.in/scores/Welcome.html
this best way as its written complaint and goes to sebi, bse and nse . so they cant deny the complaint made by any investor
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Hi
I am facing similar problem.
Easiest registration gets reject.
I have accounts with Zerodha and Motilal Oswal.
Zerodha is primary account through which CDSL Easi registration was done. I added Motilal Oswal successfully - can view holdings.
Subsequently when Motilal account was added for Easiest, it was rejected!!
Any clues how to do it successfully?
Request help from : @ghayalcoder, @Yogesh_s
[Reference thread: Multiple Demat accounts, need help with query on taxation, LTCG etc]
Please help
The message is clear that your DP hasnât approved your request. You may check with them if they are providing easiest services or not. I know few DPs whi donât provide this.
Surprising that CDSL doesnât make it compulsory for all DPs before starting this so called Easiest facility.
Have written to CDSL letâs see
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For registration you have to download form from cdsl and get signed by Broker Then u have to submit it To your dp . Then only itâs activated .
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Found this write up on Zerodha.
It says that Easiest facility will revoke POA hence it is not allowed.
In that case I really wonder why has CDSL introduced this feature!!
No I think their is nothing like such from cdsl. Itâs rules of zerodha. I have poa in one dp account With my one broker and easiest in my other dp account wich is in other firm
@alexander, @pankajdewan, especially after august when new rules comes it will be safe to trade with any broker.
We all face one or another problem with all broker. So best to keep one standby broker who trades online. Any discount broker . As all broker have their own rules other then by SEBI to safeguard his interest. Many brokers refuses to buy or sell in many scripts when they are shifted to trade to trade or Xt segments , or even gold bonds.
Also their is also other facility of transferring shares online by digital signature. Digi signature costs around 1200 for 2 or 3 yrs. and most of professional may already have it for income tax filing. One can register the same in cdsl and transfer the shares. For details please go thru their website. At least when we are having portfolio of bigger amount that amount any investor can spend for his safety.
@alexander,@pankajdewan,
we had same issue in cdsl account where the account was in joint name. problem with many broker is their staff dont have full procedure knowledge. if account is in joint name then in cdsl both have to give signed undertaking.
i will update u when its in operation as just today only we got draft undertaking.
i am trading with 5 paisa online broker since 2 years.till today i dont have any major issue. their brokerage is just 20 rs flat irrespective of trade amount.
you trade with any online broker , their brokerage are reasonable and flat amount.
each broker may have their set of rules with we have to live. but when u open with any online broker avoide any brokerage scheme, go for plain vanila schemes, see for few months and then calculate brokerage on your trading pattern,
also i dont take any advisory service from them ,better do research on your own from reading valupickers and other good website and invest
So, dear Sir
Is there any update on when existing clients can restart trading and going back to their accounts
Itâs been a long time now
Donât open account in eddelwise online broking till their mess is cleared. They donât give option of POA. So u can buy shares but you canât sell. Also they donât activate easiest and they donât have PIN based transfer started by CDSL.
5paise has its own problems. They donât have option of POA. presently but they have pin based transfer introduced by CDSL , so selling is no problem.
Here problem is they wonât allow u to buy many shares in BSE SEGMENT. even SGB are not allowed to buy in bse . So if u trade shares only listed in BSE , u wonât able to sell
Another thing to keep in mind is that Pin based transfer by CDSL is not feasible if your underlying Demat account is joint.