I have never been a huge fan of compliance, especially when I am at its receiving end. I fell for the emails threatening to stop my MF investments if I don’t comply. By compliance, they mean filling up a form, and submitting supporting documents as proofs that I am an indian citizen who exists.
To meet this little obligation, my broker Kotak securities didn’t offer any help. I was asked to take the CVL route, whereby the docs can be submitted in one of the many offices in the city. I found an excel file with a number of MF broking sales offices. I was made to believe that I would get an acknowledgement ‘on a best effort basis’. Okay, I chose the office of Bajaj Securities at Salt Lake sector V. reality dawned on me when I found that the contact number provided didn’t exist, because the landline bill wasn’t paid. Airtel was kind enough to inform me that there are a number of ways of doing so, but I was in no mood to listen. The contact numbers of other offices simply didn’t exist. And so I was back to square one.
I asked my wife to submit the bunch of papers at the address mentioned (thankfully, that did exist). She did, but didn’t get an acknowledgement. Days turned into weeks, and CVL’s website says ‘Invalid data’ when I enter the PAN. I got the number of Bajaj Securities from their website. The voice on the other end recognized our names, and assured me that it would be done, but couldn’t commit a date. To add to the woes, my wife’s address proof was rejected by CVL because the form was in ‘Bangla’. That’s the irony of our politically motivated decisions that result in such stupid issues.
As it stands, we are far from compliant. My paper is stuck in traffic, while my wife’s has been blocked for the interesting reason. I hear such stories from people, but I wonder why this has not been brought as a news item in the economic times.
I love India!
Check CVL’s promise on www.cvlindia.com