[Resolved]  Karvy Financial Services — Kyc status

Address:

New Delhi, Delhi, 110025

Mr. C. Parthasarathy
Chairman & managing director
Karvy financial services,
Karvy house, no. 46, 8-2-609/k
Avenue 4, street no. 1 banjara hills,
Hyderabad - 500 034.
Telangana, india.

The undersigned alongwith his wife-mrs. Anita gupta, are having joint saving bank account no. [protected] in punjab national bank, sansad marg, new delhi – 110 001 for last about 17 years.in addition, both o[censored]s are having separate nsdl-demat account with punjab national bank (Dp id: in 300708) and client id: 10042082 in respect of vidya bhushan gupta and (Dp id: in300708) and client id: 10042099 in respect of anita gupta. Both o[censored]s are getting nsdl – consolidated account statement regularly. As per latest statements, our kyc status are “ok” (Relevant extracts as enclosed herewith).

In addition, both our demat accounts are linked with saving bank account of punjab national bank (Details of which has been given here in above). Further, our demat accounts as well as saving bank accounts are linked with aadhar numbers also.

Recently, we wanted to invest certain amount in “axis mutual fund” as well as in “reliance mutual fund” especially, in “equity link saving scheme”. However, these mutual funds are not accepting our subscription on online as well as otherwise, on the ground, that kyc status is not “ok” and we have to get kyc compliance first and then only we can invest under such scheme.

It shall not be out of place to mention here, that as per the above record our kyc status are ‘ok’ and we have been investing regularly in the mutual funds. This is for the first time, that such objections are being raised in respect of our accounts.

My only query in this regard is that, when we are having our kyc status as ‘ok’, then why we again required to fill fresh application form alongwith photographs and so on? All the relevant details required for ‘kyc’ are already there in our demat accounts, namely;

(I) registered mobile numbers;
(Ii) linked bank accounts;
(Iii) pan nos.;
(Iv) e-mail ids;
(V) linkage of aadhar numbers etc.

Lastly, the relevant extracts of mutual fund transaction’s statement for the period 01.02.2017 to 28.02.2017 in which kyc status has been shown as ‘ok’ by karvy i. E. Your company, then we fail to understand as to why my wife is again required to undergo entire process for kyc by furnishing 2 photographs, copy of aadhar card and copy of pan card etc.

V. B. Gupta
(Former judge, delhi high court) & former
Judicial member, national consumer disputes,
Redressal commission, delhi