Sebi should impose heavy penalties/should take appropriate measures with the help of RBI to punish for such scrupulous acts which deprived small investors.
Here is a bank which has the pretensions of a model private bank, but their role in IPO scam has proved otherwise. When it comes to innocent investors they are out to hound them and make their lives miserable. The ongoing PAN verification program is a pointer to that. While NSDL has only asked investors to produce the original with a copy for verification, the oversmart officials of HDFC bank has prescribed a format to be filled in and signed by the investor himself. On the face of it the procedure looks harmless, but the brunt of it is faced by those who are abroad on business or various assignments.
I was not aware of the DMAT account opened for me till RS 500 was deducted from my account as yearly service charges. When I apporached the bank there was no proper response.
The bank manager worked out a cheap startegy to wit me out regarding this case.
On the lighter side:
Even our office boy who, earns hardly RS 2500 per month has a DEMAT account(FUNNY). For marketing or other sake he has been cheated by the bank third party marketing executives.
Private bank should the caption as "CHEATING IS OUR MOTTO"
Sir, It appears that there is no clean and foolproof system in any of the establishment in India. This can be judge by the various scams that are appearing more often.Though computerisation has taken place which seems to be foolproof system but the human Brain is more powerfull and devious in nature.The computer does not see a person or read the mind but it behaves as per the data the individual feeds in it.This is well known to the scamsters and they take due advantage of the same.But here is the catch-the system operated (by suppose to be protectors) which is suppose to save and protect the interest of the individuals,the organisation and the country as a whole falls into their(the scamsters) trap for their personal gains.Thus the share of the resources (which are limited) is grabbed by them and other individuals(who should be the real beneficiaries) suffer. This is rampant only in our country. SEBI has done the right thing in punishing these offenders and has raised its image in the public eyes.But what about the shares that have been gobbled by these individuals in benami names? will SEBI banned these shares or allot to the public-that is a million dollar question?
It is a well known fact that while our netas preach socialism and quotas, our establishments pursue a die-hard profit maximisation principle resulting in their willing to do anything to earn the fast buck. So HDFC, Karvy thought and did what they felt is right - maximise returns (sales) through the dirty route.
Problem with India is not only the dichotomy of principles being followed but also the lack of implementation of laws and rules. If banks etc have been following the rules and codes, how come we are once again noticing the rebirth of another scam ??
Wondering what kind of education you have had to be unaware of a simple fact that YOU MUST NOT SIGN unless and until you know what your signatures are asked for. You need to sign a good 8 times on the demat account opening form from HDFC Bank. And how come you have just signed up blindly these many times !!!!!
And now I wonder how far its correct to crib in such a cheap for a meagre amount of Rs.500/-. And also if you were really disappointed by the way you were treated by the branch manager of the branch you have visited, let me tell you that there is a much easier way of dealing with such greivances by just writing into the support of the bank. But like i said that i have my doubts about your educational background I am not surprise to make out that you would not know of such a way. Its very easy to pass a comment. So next time do try and find out where you have faultered and then "Crib"
