I opened a Zerodha 3-in-1 account in April 2018 through IDFC First Bank wherein CDSL is the depository. I started trading and when I got my first CAS Statement, I was not able to open it. It appeared that the PAN number [which is the password required to open the statement] linked to the statement was incorrect [I could see some of the wrong PAN number mentioned in the Statement]. I approached, IDFC First Bank, I approached Zerodha for correcting the mistake. However, after a lot of effort, I was told that I shall have to take up the matter with CDSL. Hence I approached CDSL and wrote them mail highlighting the problem being faced by me. However, unlike Zerodha / IDFC First Bank, there was no response from CDSL. I wrote them mail after mail, but still no response. Once I received a mail asking me to send them some screenshots, which I did, but then again, Silence! I received a couple of CAS statements, which I could not open because of the above-mentioned issues. After September 2019, I received no CAS Statement at all.
Finally, I lodged a complaint through SEBI in September 2020. SEBI must have forwarded my complaint to CDSL, as I got an acknowledgment from CDSL referring to my complaint with SEBI. I got a mail from CDSL in November 2020 mentioning that the email linked to my account was incorrect and now they have corrected the mistake. I waited for a month but still did not receive any CAS Statement. To my surprise, CDSL wrote to me that I will get CAS Statement only if there is any transaction in my account. The irony is that I have received only a mail from CDSL mentioning that my problem is resolved, but unless I actually received the CAS Statement, I have no way of confirming if my problem is indeed resolved. I again wrote to them informing them that I have carried out regular transactions in my account and hence should have received the CAS Statement. Meanwhile, I received a mail from SEBI mentioning that CDSL has informed SEBI that my problem has been resolved. Now, this has become a joke, the only catch being that the joke is on me. I wrote several emails to CDSL highlighting the problem but received only a stock answer that I will receive CAS Statement, only if I am eligible for it.
It’s been almost 2 years, but the problem is still unresolved. I have again filed a complaint with SEBI against CDSL. But CDSL comes out as a totally irresponsive organization in this whole episode. No importance is shown to a hapless investor who may be suffering because of their negligence. Also, why should SEBI take CDSL’s word regarding the resolution of the problem? SEBI should confirm from the person who filed the complaint. But our bureaucratic organizations have a long way to go. They may have systems in a letter but certainly not in spirit. I have seen several instances of linkage of wrong emails related to various accounts. I keep getting emails from broking firms, sending me statements of accounts, which do not belong to me [clearly a case of linking wrong emails to the accounts – the poor guy, who should have received the statement must be suffering like me]. We need a prompt response mechanism to address such issues, which may seem petty to CDSL etc. but cause a lot of inconvenience to the investors.