My mother holds some shares in paper form for which she had sent a change of address letter to Karvy, who are the registrars for Reliance ADAG. The legibly printed letter clearly mentioned the company names, folio numbers and her signature along with the proof of address.
She got a reply with the objection that the address proof was not sent and therefore the new address cannot be updated and she will not receive any subsequently declared dividends etc. She emailed Karvy that the address proof was stapled to the letter but they insisted that she should send it again.
So again, she sent a clearly, legibly signed letter in clear, printed font in the required format with the following documents:
A change of address letter stating the company names, corresponding folio numbers, number of shares, distinctive numbers, share certificate numbers in clear tabular format.
Copies of all share certificates - both sides.
Address proof(a government stamped document that all their letters state as admissible).
Signature of the sole holder.
Yet again she received an objection letter, this time stating "All holders signatures are required".
She is the sole holder in these shares and has twice sent clearly signed letters with all required documents but **she keeps receiving objection letters in reply asking for signature or documents that she has already provided.*
Sounds fishy - did they mismanage shareholder records? Or worse? Why else are they drawing a senior citizen into a long running ping pong game?
If Karvy cannot handle simple, routine stuff like a change of address, they should shut shop and go home. Let professionals handle all this terribly complex work.
An afterthought: If they’re playing ping-pong with people who have paper proof of their shareholding, what happens to those who have demat accounts with Karvy? Do they play magic tricks on your demat holdings? Caveats apply, I guess.