The Kerala flood revealed old share certificates! This is how I converted them to Demat form

Published: May 14, 2019 at 10:08 am

This time on reader story, we have an account of old share certificates revealed by the Kerala flood and how FB group Asan Ideas for Wealth admin Ashal Jauhari, helped a reader (who prefers anonymity) convert them into Demat form.

More such stories from the archives:

In Aug 2018 after Kerala floods, my mother called me saying that she found some decades old docs kept in Almirah with “some company name” printed on it. She was about to throw it and thought to check with me before doing that. As I was supposed to go to my home town soon, I told her to keep it safe and let me check it

When I checked the docs, they turned out to be “Share certificates/stocks” of a listed company. My mother had no clue about it. I did a quick google search and found that the company is actively traded in BSE/NSE and was paying some dividends too in past years. I was again surprised and asked my mother. As usual, she had no clue but did tell me that every year some “cheques/warrants” used to come home and it was deposited in a bank account.

I realized that it was due to bank account details not updated in records and company was sending cheques to postal address (I have no clue how postal address was correctly updated in company records, probably my father (who is no more) must have done that)

Again, back to the original thing, I noticed that shares were issued in my mother’s maiden name whereas all her ID/docs bear her current name. I did not know what to do and as a starting point, wrote to the “investor relations” contact of the company to seek help. I got reply in few days saying to contact registered share transfer agent -Karvy who handles such company queries

I checked their website and contacted customer care. The customer care was cordial but wasn’t sure about the correct way and advised me to mail to – einward (dot) ris (at) karvy (dot) com with full details. I did as told asking for guidance but got no reply for 2 weeks in spite of sending reminders. Frustrated, I again called customer care and they told me to wait and finally, I got a reply after a month. I was told that I need to get new physical share certificates and get it demat/online but only after name change!

The reply was very short and it was irritating as no details were mentioned on supporting docs required etc. I send reminders frequently but in vain!

Finally, I vented my anger on their Facebook page of Karvy Computershare and posted a comment/message. Within 2 days, I got a reply that I need to enclose the following docs

1) Notary affidavit indicating name change on stamp paper of Rs 10/20
2) Sign change affidavit attested by the bank (they charge for issuing it)
3) PAN CARD/ID proof
4) application letter
5) Original share certificate

I took me one month to get all the docs arranged. After that, it was sent to Karvy (Hyderabad) office….the waiting ordeal started again. They have fixed process of accepting/checking docs and after 2 months I was told that my docs will now be sent to company HO in Mumbai for attestation and then it will be sent back to Karvy and finally to my mother

The whole process took 3 months (with constant follow -up/phone calls/emails) and in January 2019 we got new share certificates

Meanwhile, I decided to transfer shares to my demat account. physical share transfer means more charges!! so I decided to open DEMAT account in my mother name and get physical shares converted to DEMAT form. This time, the main job was done by DP agent (where DEMAT account was opened) which send shares to Karvy. The whole process took around one month!

Finally, in around April 15th, shares transferred to my account and I closed my mother demat account

NOTE: the Whole process took around 6 months and would like to thank Ashal Jauhari for guidance/moral support !!

Do you have such a story to share and think others will benefit from your experience? Then write to me!

Do share if you found this useful
Share your thoughts on this topic at the  Reddit freefincal_user_forum

Reach your financial goals like a pro! Join our 1600+ Facebook Group on Portfolio Management! You can now reduce fear, doubt and uncertainty while investing for your financial goals! Sign up for our lectures on goal-based portfolio management and join our exclusive Facebook Community. The 1st lecture is free!
Want to check if the market is overvalued or undervalued? Use our market valuation tool (will work with any index!) or you buy the new Tactical Buy/Sell timing tool!
About the Author Pattabiraman editor freefincalM. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. since Aug 2006. Connect with him via Twitter or Linkedin Pattabiraman has co-authored two print-books, You can be rich too with goal-based investing (CNBC TV18) and Gamechanger and seven other free e-books on various topics of money management. He is a patron and co-founder of “Fee-only India” an organisation to promote unbiased, commission-free investment advice. He conducts free money management sessions for corporates and associations on the basis of money management. Previous engagements include World Bank, RBI, BHEL, Asian Paints, Cognizant, Madras Atomic Power Station, Honeywell, Tamil Nadu Investors Association. For speaking engagements write to pattu [at] freefincal [dot] com
About freefincal & its content policy Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on developments in mutual funds, stocks, investing, retirement and personal finance. We do so without conflict of interest and bias. Follow us on Google News Freefincal serves more than one million readers a year (2.5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified from credible and knowledgeable sources before publication. Freefincal does not publish any kind of paid articles, promotions or PR, satire or opinions without data. All opinions presented will only be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
Our publications

You Can Be Rich Too with Goal-Based Investing

You can be rich too with goal based investingPublished by CNBC TV18, this book is meant to help you ask the right questions, seek the right answers and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now. It is also available in Kindle format.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want Gamechanger: Forget Start-ups, Join Corporate and Still Live the Rich Life you wantThis book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at low cost! Get it or gift it to a young earner

Your Ultimate Guide to Travel

Travel-Training-Kit-Cover-new This is a deep dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for Rs 199 (instant download)
Free android apps