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CVL INDIA - KYC APPLICATION - Delay in confirming the status

 
14 Reviews
User
  clouda on Feb 17, 2011
Dear Sir,

I have submitted for KYC compliance on 8.1.2011 to PoS at Thane. I have received an acknowledgement copy as well. However, the KYC Status on CVL Website still shows "PRESENT IN PROCESS". They say that this acknowledgement is enough for MFs. However, when submitted to UTI MF, I have receievd a letter saying I have to contact CVL to get the status cleared as approved. Hence, I am not able to withdraw funds / invest in new Mutual Funds.

As per the information provided by the PoS, I am told that the status should change in three weeks. But there is heavy workload at CVL. How much time people should wait to get the status cleared and what about the lost opportunity to invest / withdraw? MY email id is ajay_pendse@yahoo.co.in
Complaint comments 13 Comments     Updated:
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Comments

A Feb 22, 2011 by
User
amitavab54  
 
Same is the case for many people,
A Feb 25, 2011 by
User
medusa  
 
I had submiitted the documents on 13th Jan 2011 via Karvy next to BSE. Its been 1 and half mth now..but it still shows as present in process.

I am unable to invest basis the acknowledgement.
If this process was to be so tardy, SEBI should have ensured that retail investors are not penalised for delays by CVL

there is no sense of timelines at all .

Yes of course if one is a FII, operatiing out of tax havens investing black money of politicans, one would have no issues in accessing the stock markets. then there would be no delay at all

sneha
A Mar 1, 2011 by
User
nitinkarma  
 
Same is the case with me. I submitted my application on 15-Feb-2011 through ICICI Direct. As per ICICI Direct they have dispatched the application but for me it still (after 15 days) says, 'Invalid Data', not even under process :(. There is no answer to my e-mail to CVL helpdesk when I asked for the status. HelpDesk numbers are always busy. Ridiculous..
N Apr 1, 2011 by
User
raju kumar srivastava  
 
had submiitted the documents on 31 Jan 2011 Reliance next to BSE. Its been 2 mth now..but it still shows as present in process-Document yet to Receive
A Apr 5, 2011 by
User
tsgopalan  
 
pan AAAPT1701D After 1 1/2 month I see on CVL site FRONTLINE VERIFICATION DONE what does it mean? Can it be taken by MF as KYC Comliance? Your query bank is silent about this. Pl. clarify. I do not find any reason for so much of delay and confusion.
t/.santhanagopalan
A Apr 6, 2011 by
User
m143  
 
Same story for me! Firstly the CVL website kept showing my status as "Present in Process" for around 75 days (and they claim the processing within 21 days) and now these assholes are showing my status as "Invalid Data".
They don't reply to emails!
CVL sucks! Indian bureaucracy sucks even more!!
-Ashish
A Apr 11, 2011 by
User
k143  
 
Same story for me! Submission date for me is 10th March and even after more than a month, nothing has been done. Current status is hown as "FRONT OFFICE VERIFICATION DONE"...Dont know what does that mean. I don;t understand how this process is going to help in case of small retail investors like us.
A Apr 21, 2011 by
User
pkamalkumar  
 
Its been more then 2 weeks and my KYC status still shows invalid. Its case of loosing oppurtunity. I have done through icici direct. I am not sure when the papers held up. Can SEBI do something to make things happen fast?

- kamal
A Apr 22, 2011 by
User
pramodgupta68  
 
Painful and extremely unresponsive experience. I had submitted my KYC thru HDFC Bank in Oct 10. It was put on hold for non acceptance of a C/O address. Despite submission of address proof thrice since then, the KYC status remains same. Will someone wake up?
A Jul 26, 2011 by
User
akshaya1981  
 
Painful experience with the KYC. I had submitted the documents for KYC of my parents ion the same day.
While the status for both got updated to "Front Office Verification Done" on 11th July.
A few days later, the status for my mother's KYC status changed to "Hold - POS not verified". But my father's KYC status has not changed at all.

The most irritating aspect of it is, that there is not information/documentation on the meaning of these status, hence we simply cannot know why has the KYC not got completed and take suitable remedial action for the same. CVL also does not respond to the mails.

The least they should do is to :
a. Respond to our mails.
b. Create a flowchart for KYC process including the intermediate states so that we can get an idea of how much longer it can take.
c. Have a page documenting the status codes, and possible remedial action if any that needs to be dpne by the applicant.

Regards
Akshaya Pandey
N May 31, 2012 by
User
anant vaman pai  
 
is there any no allotted to investor by kyc id ie g a pai kyc id no 405419 dt10/05/2012
N Jul 22, 2012 by
User
parasarora2001  
 
D/Sir
My PAN is abspa4848h
I am having folio no: 8252800 with HDFCMF

I have submitted my application on 25.06.2012 through HDFCMF Crown Plaza Mathura Road Faridabad-Haryana-121007 for updation/change of my address. As per HDFCMF they have dispatched the application but for me it is still (after 27 days) old status e.i.as on 23.11.2011 verified, it means updation has not been done/verified till date, not even under process. There is no answer to my e-mail to CVL helpdesk when I asked for the status. HelpDesk numbers are always busy.

Paras Ram Arora
9810371677
Achivers Villa 4546
Kalindi Hills
Sector-49
Badhkhal Pali Road Faridabad-121001
Haryana
N May 20, 2013 by
User
kcmgr1  
 
All of you are still better. I am an NRI and because of some investment I have back in India, I sent my KYC form and notarized copies of documents to my representative in India to deposit at a POS. The POS refused to even accept it saying I need to deposit to the bank where I have my Mutual Fund investment. Ridiculous

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    CVL INDIA - KYC APPLICATION - Delay in confirming the status