Yes a BIG part... but people are ignorant. Also while IEPF prominently says DONT GO TO AGENTS -- it is extremely difficult to file claims successfully - that too online! People wont fight and @nsitharaman @FinMinIndia dont care. IEPF authority unaccountable. MPsSquabble!
https://twitter.com/thisdotrk/status/1420227778809499651
@nsitharaman @FinMinIndia Many people dont even know there are shares in their names. companies have stopped paying dividends etc. So it is agents who search & approach investors. Fees range from 15% to 50%, depending on your ignorance levels! But often, what is the choice when REDTAPE is mindboggling?
@nsitharaman @FinMinIndia With the kind of stringent KYC and video KYC insisted on by this govt #NDA, there is NO EXCUSE for NOT TRACING rightful owners and returning their money with basic authentication. NOBODY CARES to fight for this, LEAST OF ALL INVESTORS. Most won't go beyond TWEETING gyan here!
@nsitharaman @FinMinIndia Same applies to @RBI List of unclaimed depositors is posted online - almost impossible to find. But @RBI will not set up a team, using interest on the DEAF funds to trace owners. It OUGHT TO BE THEIR JOB TO DO IT. They have the money, the interest & staff! @DasShaktikanta
@nsitharaman @FinMinIndia @RBI @DasShaktikanta Some techies here ought to search the list, they may be surprised to find their own family names there and an unexpected bonus. Small NGOs like us do not have the high tech skills required for this & anyone making the effort will want to be paid - but people want everything FREE!
@nsitharaman @FinMinIndia @RBI @DasShaktikanta The alternative is making @RBI #SEBI #IRDAI responsible for tracing beneficial owners and writing to them. This requires a sensitive govt. that wants to do what is right for middle class Indians who are NOT a vote bank. NO govt since independence has bothered about this group !
@nsitharaman @FinMinIndia @RBI @DasShaktikanta This is precisely my point. If tech can trace defaulters anywhere -- uneducated ones, those who ditched student loans & went overseas , WHY WONT our regulators use tech to trace unclaimed depositors, investors?
https://twitter.com/bijuldesai/status/1420074739666722823
The 3 comments to last tweet shows that many people are unaware of our rights in a democracy- nor duties! GOVT has to be accountable: we need to enforce ensure it. Not everything is about incentive! Intention will materialise if they stand to lose jobs, promotion, extension
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