No other country harasses small investors and bank account holders like INDIA .Every few years accounts get forzen transaction blocks are enforced and people are put through unnecessary harassment in the name of KYC and KYC update.
The harassment is so blatent and the whole circus is so illogical that even the ex RBI Governor Subba Rao could not open his bank account .. but the royal family he belonged to ie RBI , very quickly changed rules to accomodate him, \but what about the mango man or aam admi or common man ?
Reserve Bank of India (RBI) Governor Raghuram Rajan highlighted the need to minimise the regulatory burden for things such as the Know Your Customer (KYC) norms. This was brought to his notice, he said, when he discovered that his predecessor, D Subbarao could not open a bank account in Hyderabad.
https://www.business-standard.com/article/opinion/kyc-for-subbarao-114081700655_1.html
Now there is a fresh call by SEBI to update kyc if u have Aadhaar as proof while opening your mutual fund folio
Investor comments say it all about how lopsided the system is
Varun Vaid · 1 week ago `
As per best of our understanding, to do any kind of modification in KYC records, there is no digital process as on today. Investor or MFD has to do the needful via physical application only. Furthermore, KRAs have not provided any MFD or Investor any such provision where they can upload XML data for revalidation of Aadhaar as OVD for any such modification to take place. For NEW KYC such provisions are there & for existing physical updation is the only way. If there is such digital process kindly enlighten us.
Eswaran jayaprakash Kusuma · 5 days ago
It is true.unnecessary harassment by SEBI.introduction of kyc,Fatca,masking of aadhaar,now eaadhaar etc are cumbersome to follow. Investments are made by cheques and bank transfers.Banks have followed all KYC norms,linking of pan,aadhaar,phone numbers etc. Then why these formalities.duplication of work. They have to realise and Amfi should take steps..
Ravi · 1 week ago `
I request regulator to introduce mega KYC once and for all. Ask for Pan, Birth certificate, Aadhar, election card, driving license, Passport, Gas bill, electricity bill, mobile bill, bank passbook, school LC, ITR copy, mothers pan crd, fathers pan card, wife’s pan card, photo, finger print, retina scan and than for gods sake don’t ask to do KYC for coming 10 years Plz Plz..
Paresh Shah · 1 week ago `
Dear investor,
IF ALL YOUR PREVIOUS INVESTMENTS WANT TO REDEEM YOU HAVE TO PROVE YOURSELF AND If you want to reinvest in Capital Market please bring your Birth Certificate, Educational certificate, Marriage certificate, Pan card, Aadhar card, Driving Licence, Passport, Ration Card,Election certificate, All Bank account Details with current balance, all previous income tax return copy, with source of income Mobile Number with Bill ( Prepaid not allowed) valid Email proof all other utility bill in your names only if in the name of parents or grand parents provide notarized no objection certificate as all your documents is required by SEBI because they want 100 LAkh crore AUM
Shekhar Joshi · 6 days ago `
I think time has come to go for “Janhit Yachika” in Supreme Court to avoid Pain created by SEBI every few year’s. Rule’s should not be implemented for existing folios (folio’s generated before 1st Nov 2022).
Nilesh Dave · 6 days ago `
It’s really shocking for frequent changes every now and then. Investors are getting irritate and sometimes denay to invest on such issues. My experience says that NRIs are now reluctant to invest due to such different demand of papers very frequently.I don’t understand why AMCs are not coming forward to present the issue in front of authority otherwise it would be a challenging days for them in context of business provided they have no intention to abolish MFDs from the route
Tech and Trek 