[Resolved]  State Bank of India — Non-Transfer of Shares

Address:

Mumbai City, Maharashtra

My father, Dilip Kumar Borah, held 60 nos of SBI shares on Physical Share Certificate with Folio No[protected]. After his demise, last year in Dec, my mother-Mrs. Swapna Borah had sent an application to Datamatics Financial Services Ltd who looks after SBI shares for transferring the shares on her name.

Thereafter SBI & Datamatics had sent the necessary formalities required for the transmission and my mother did the needful and submitted the same. Later on in Sep,2010, they have resend the papers stating that some corrections and further requirements have to be done. Though the same has not been reflected anywhere on their annexure.But we had no problem on this matter and my mother did exactly as stated on the new annexure and submitted the same.

After no intimation from their side,I decided to give a call to Datamatics to know about the development and suprisingly I am shocked and suprised to learn that SBI authority have rejected the application again because the Title Claim Form was not signed by the Notary.

This is disgusting because whenever their authority had sent me the list of instructions to do, nowhere it was mentioned that the aforesaid formality has to be fulfilled by us because I have the proof with me.We are losing our valuable time,energy & money running after the transmissions.SBI is just harassing us and I am contemplating to take a legal action against their services if my mother do not get the tranmission certificate. Myy father also held RIL & JSW shares but those got transferred immediately after the bare minimum formalities have been done.

This matter must be taken to SEBI so that they penalise SBI for all the unnecessary grievances caused to the distressed customers. I would like to know can your forum help me in overcoming this problem.