Here’s how you can get details of withheld commission

As a part of profit making exercise for AMCs SEBI has done one more thing and that is to penalise distributors in case if KYC is not updated in the folio the brokerage will not be given. But AMCs can charge them full TER and keep the whole expense to themselves. So it is distributors only who is responsible since we have earned commissions on them and AMCs and Registrars are just fecilitators and don't make any money from the AUM brought from it. right?

Shame shame shame

Please also note these data are available at amc level and at registrar level at one go, but the same is unavailable to us and/or not provided in time, inspite it has been written before 15 days including all registrars.

Also while going through the data provided by some amcs (even at cams based as registrar) to me I find that data is either incomplete, or irrelevant data has been provided or said there is no such data under my arn! in some of the reports only folio no. is available and no name of holders is mentioned including joint holders, instead irrelevant or rather not required data is found along with that like application nos; transaction numbers, date and time of purchase, etc., also data showing incomplete kyc or no kyc available itself is also inaccurate, as I can show you and prove you that folios which are showing missing kyc etc. in file provided, actually having proper kyc and even done valid purchase transactions etc. and units have been generated successfully in the month of even March 2019, and account statement is showing kyc done in that. So how to trust such data and to withhold our brokerage for such reasons, having No fault from our side and everything is okay. I can provide you all documentary evidence towards my saying for the data I have so far received from registrars of concerned amcs and/or from amcs.

Also even though said circular was issued by SEBI was in October 2018 or so, the accurate and correct data was either not available or not provided to us so far, neither was communicated to our clients for that matter. Even emails responded by amcs and registrars, to my email for seeking such data, says no such withhold brokerage data is there or no such folios are found or available under my arn, and in the Last week of April and In the 1st week of May such amcs/registrars, have sent letters to my clients stating that such details of pan, kyc, fatca are missing in their folios, the said such letters have been delivered to some of my clients in this week and they have approached me further seeking guidance for same. If the same data was provided to the distributors like me earlier while the circular was out, & who want to cater their clients and are more then happy to complete the requirements, instead are taken into soup by various authorities and are penalized for no reason and fault on their end.

Now again sebi has come with one more requirement of completion of mutual fund holders, i.e. mobile number and email id, which is having a deadline of 1st June, 2019. Again most of new kyc and new applications have mobile number and valid email id but maybe having common data across the family members, as the experience with reference to Indian Society and families says most of the financial decessions in Indian family are done by one man for the whole family and that too by older member or person who is looking after financial matters of family and for that obvious reasons that person mobile numbers and emailid mostly given in concerned instruments across all family members investments, so again as a distributor one will have to do such exercises once again and if the circular clarity says so that one pan no. should have unique and different mobile number and email id then again there will be a chaos, and authority still want to reduce our earnings saying it is too high for the srvices we are rendering!

What about people who are not tech savvy and are still not owning their own personal mobile number and or have not created their own email id, being they don't even know abc of technology and computers, for various obvious reasons. If one can't believe, I do have such clients for that matter. By following such a westernized process without understanding ground reality and infrastructural problems, what authorities want to prove in the name of digitalization, investors protections etc.?

I humbly request you for the betterment of investors and for that matter to be served by us and to complete the requirements of the authority, kindly put with them following things.

1) First and foremost Make available neat and clean exact required data and availability of same at easy go, with concerned departments.

2) To communicate all such clients for all the updates needed, along with such data list and requirements to concerned distributors to take such follow up actions with their clients.

3) To put Request with concerned authorities to give sufficient time for same after such data is provided to approach concerned clients and thus request them to extend current deadlines, as in my case many amcs have not provided me such clean data of my clients, in spite have asked such data before 15 days, including to your amcs.

4) It is quite possible that currently some of clients might be out of station and or busy with other works such as elections, accounts etc. and/or unavailable at the contact and address currently provided and have to search them.

5) If not more atleast request authorities to extend deadline upto 30th June, if more time permission is not possible, but before that clean and clear data should be with us by 15th of May atleast.

Please also note these data are available at amc level and at registrar level at one go, but the same is unavailable to us and/or not provided in time, inspite it has been written before 15 days including all registrars.

Also while going through the data provided by some amcs (even at cams based as registrar) to me I find that data is either incomplete, or irrelevant data has been provided or said there is no such data under my arn! in some of the reports only folio no. is available and no name of holders is mentioned including joint holders, instead irrelevant or rather not required data is found along with that like application nos; transaction numbers, date and time of purchase, etc., also data showing incomplete kyc or no kyc available itself is also inaccurate, as I can show you and prove you that folios which are showing missing kyc etc. in file provided, actually having proper kyc and even done valid purchase transactions etc. and units have been generated successfully in the month of even March 2019, and account statement is showing kyc done in that. So how to trust such data and to withhold our brokerage for such reasons, having No fault from our side and everything is okay. I can provide you all documentary evidence towards my saying for the data I have so far received from registrars of concerned amcs and/or from amcs.

Also even though said circular was issued by SEBI was in October 2018 or so, the accurate and correct data was either not available or not provided to us so far, neither was communicated to our clients for that matter. Even emails responded by amcs and registrars, to my email for seeking such data, says no such withhold brokerage data is there or no such folios are found or available under my arn, and in the Last week of April and In the 1st week of May such amcs/registrars, have sent letters to my clients stating that such details of pan, kyc, fatca are missing in their folios, the said such letters have been delivered to some of my clients in this week and they have approached me further seeking guidance for same. If the same data was provided to the distributors like me earlier while the circular was out, & who want to cater their clients and are more then happy to complete the requirements, instead are taken into soup by various authorities and are penalized for no reason and fault on their end.

Now again sebi has come with one more requirement of completion of mutual fund holders, i.e. mobile number and email id, which is having a deadline of 1st June, 2019. Again most of new kyc and new applications have mobile number and valid email id but maybe having common data across the family members, as the experience with reference to Indian Society and families says most of the financial decessions in Indian family are done by one man for the whole family and that too by older member or person who is looking after financial matters of family and for that obvious reasons that person mobile numbers and emailid mostly given in concerned instruments across all family members investments, so again as a distributor one will have to do such exercises once again and if the circular clarity says so that one pan no. should have unique and different mobile number and email id then again there will be a chaos, and authority still want to reduce our earnings saying it is too high for the srvices we are rendering!

What about people who are not tech savvy and are still not owning their own personal mobile number and or have not created their own email id, being they don't even know abc of technology and computers, for various obvious reasons. If one can't believe, I do have such clients for that matter. By following such a westernized process without understanding ground reality and infrastructural problems, what authorities want to prove in the name of digitalization, investors protections etc.?

I humbly request you for the betterment of investors and for that matter to be served by us and to complete the requirements of the authority, kindly put with them following things.

1) First and foremost Make available neat and clean exact required data and availability of same at easy go, with concerned departments.

2) To communicate all such clients for all the updates needed, along with such data list and requirements to concerned distributors to take such follow up actions with their clients.

3) To put Request with concerned authorities to give sufficient time for same after such data is provided to approach concerned clients and thus request them to extend current deadlines, as in my case many amcs have not provided me such clean data of my clients, in spite have asked such data before 15 days, including to your amcs.

4) It is quite possible that currently some of clients might be out of station and or busy with other works such as elections, accounts etc. and/or unavailable at the contact and address currently provided and have to search them.

5) If not more atleast request authorities to extend deadline upto 30th June, if more time permission is not possible, but before that clean and clear data should be with us by 15th of May atleast.

while going through the data provided by some amcs (even at cams based as registrar) to me I find that data is either incomplete, or irrelevant data has been provided or said there is no such data under my arn! in some of the reports only folio no. is available and no name of holders is mentioned including joint holders, instead irrelevant or rather not required data is found along with that like application nos; transaction numbers, date and time of purchase, etc., also data showing incomplete kyc or no kyc available itself is also inaccurate, as I can show you and prove you that folios which are showing missing kyc etc. in file provided, actually having proper kyc and even done valid purchase transactions etc. and units have been generated successfully in the month of even March 2019, and account statement is showing kyc done in that. So how to trust such data and to withhold our brokerage for such reasons, having No fault from our side and everything is okay. I can provide you all documentary evidence towards my saying for the data I have so far received from registrars of concerned amcs and/or from amcs.

Also even though said circular was issued by SEBI was in October 2018 or so, the accurate and correct data was either not available or not provided to us so far, neither was communicated to our clients for that matter. Even emails responded by amcs and registrars, to my email for seeking such data, says no such withhold brokerage data is there or no such folios are found or available under my arn, and in the Last week of April and In the 1st week of May such amcs/registrars, have sent letters to my clients stating that such details of pan, kyc, fatca are missing in their folios, the said such letters have been delivered to some of my clients in this week and they have approached me further seeking guidance for same. If the same data was provided to the distributors like me earlier while the circular was out, & who want to cater their clients and are more then happy to complete the requirements, instead are taken into soup by various authorities and are penalized for no reason and fault on their end.

Now again sebi has come with one more requirement of completion of mutual fund holders, i.e. mobile number and email id, which is having a deadline of 1st June, 2019. Again most of new kyc and new applications have mobile number and valid email id but maybe having common data across the family members, as the experience with reference to Indian Society and families says most of the financial decessions in Indian family are done by one man for the whole family and that too by older member or person who is looking after financial matters of family and for that obvious reasons that person mobile numbers and emailid mostly given in concerned instruments across all family members investments, so again as a distributor one will have to do such exercises once again and if the circular clarity says so that one pan no. should have unique and different mobile number and email id then again there will be a chaos, and authority still want to reduce our earnings saying it is too high for the srvices we are rendering!

What about people who are not tech savvy and are still not owning their own personal mobile number and or have not created their own email id, being they don't even know abc of technology and computers, for various obvious reasons. If one can't believe, I do have such clients for that matter. By following such a westernized process without understanding ground reality and infrastructural problems, what authorities want to prove in the name of digitalization, investors protections etc.?

I humbly request you for the betterment of investors and for that matter to be served by us and to complete the requirements of the authority, kindly put with them following things.

1) First and foremost Make available neat and clean exact required data and availability of same at easy go, with concerned departments.

2) To communicate all such clients for all the updates needed, along with such data list and requirements to concerned distributors to take such follow up actions with their clients.

3) To put Request with concerned authorities to give sufficient time for same after such data is provided to approach concerned clients and thus request them to extend current deadlines, as in my case many amcs have not provided me such clean data of my clients, in spite have asked such data before 15 days, including to your amcs.

4) It is quite possible that currently some of clients might be out of station and or busy with other works such as elections, accounts etc. and/or unavailable at the contact and address currently provided and have to search them.

5) If not more atleast request authorities to extend deadline upto 30th June, if more time permission is not possible, but before that clean and clear data should be with us by 15th of May atleast.

Best example of Gunnda Gardi by SEBI and AMFII

I kindly request SEBI/AMFI/AMCs please don't make updation of email and mobile mandatory. I am from rural area (IFA) and more than 50% of my clients don't have email IDs and 20% of them share their mobiles. Some women invest in mutual funds for their children's education without the knowledge of their drunken husbands. They don't have mobiles and don't want to give mobile number of their husbands. Some of my clients are also senior citizens who get regular income through SWP. They don't know the ABC of email or mobile. Their children can create email ID for them. However, they don't want to let their children know about their investments.

By making email and mobile mandatory, SEBI is forcing the poor, illeterate, senior citizens to invest only in bank FDs, thus increasing the gap between rich and poor. So I kindly request all the stakeholders please don't make mandatory to register email or mobile.

Stanislaus Dsouza
Shirva, Udupi
Karnataka
Mob: 9886854097

"CAMS has facilitated a quick view of the list of clients whose KYC is not updated as on date. You can view this password protected file by keying in your ARN code without using hyphen or space. For instance, if your ARN is 96854, your password would be ARN96854."

Can anyone give me the link to this quick view being mentioned in the article? I need to see the data for my clients in CAMS.

I request FIFA (I am a member) and also other IFA organisations to put pressure on AMFI not to make mail ids and mob compulsory. Thank you..

Further to my previous post following is my additional view, hope all the amcs, cafe mutual and concerned authorities read this and apply.
Concerned authorities and registrars may think on it to identify and simplify non pan/kyc etc. folios after that.

See earlier as per sebi and amfi guideliens, pan number was not required/not compulsory for investment below 50000/- and many of might not have pancard during those days. Now most likely that same investors may have invested more in mf schemes and must have obtained pan for that matter and must have done kyc also for their new investments in new folios/and/or in other amcs, as the industry data suggest multiple folios are there in industry on unique pan bases.


Following steps can easily identify similar people, even there is no pan in their folios. Just like what you are adopting for top down approach to select a script from the whole universe of stock's basket.

First Short list similar names data with the help of first name, middle name, last name etc. from whole data available at industry level/registrars level/amcs level etc.

Filter them with pin code and then further filter them with full address. One may even see if on similar address if different investor's names are found then they can see in that also who are joint holders and may find those primary holder's kyc/pan missing data over there as a joint holder.

Also simultaneously one can check their bank details and if data matches atleast in 2 of above criteria with other kyc complied folios having a similar details, then one can check the kyc status with pan availability and other data among various available folios for mapping the information.

I am sure that 90% of such currently noncompliance data will be having that pan and kyc already done in their other investment folios as I am seeing in my case, as unique pan numbers are less and folio numbers for such unique pan numbers are more then 4 times as per amfi industry data.

Most of the data so far I have received from various amcs (Including Yours), for without pan or kyc not verified/available are having kyc available flags in their other/new investments within same amcs with different folios and/or with other amcs.

If all the data matches then registrars and amcs can communicate to clients and seek for written confirmation of same and informing them that if such confirmation is not received, along with required documents then they will face difficulties while redeeming their investments. As my client's data base experience says normally individual & retail clients including HUF have only one or two banks and that are not changed frequently, also they will have mostly same address for years, many time till next generation or grand generation.

Similar data search and filtration can be done to find out mobile numbers and email id purpose of such clients, as even these were also not mandatory and was not available or generated by most of retail clients before 10 years or so.

Please note I have no personal interest or seeking any benefits for/by above suggestions but have sent for the betterment of MF industry and for the betterment of investors servicing and for ease of doing exercise for the required informations.

KYC updation is not an easy task, especially older AUM, which crossed 10 years. And also who will bare the cost. SEBI insist IFA's to do KYC at free of cost. Penalise the IFA, by withhelding the commission upto May and then waived off, which is bonanza to AMC. This is not good for industry. AMC may send letters to Investors, under intimation to Respective IFA and get documents from Investors

WHY ARE WE AS DISTRIBUTORS ALWAYS MADE TO SUFFER. BROKERAGE REDUCTION,TER REDUCTION, NOW BROKERAGE WITHHELD ETC. WHY CAN'T THE AMC STOP REDEMPTION OF ALL EXISTING FOLIOS WHERE DETAILS ARE NOT AVAILABLE AND GIVE IT REQUIRED MEDIA AND TELEVISION PUBLICITY LIKE 'SIP'. IF AN INVESTOR HAS NOT UPDATED THEIR DETAILS, DO NOT ALLOW THEM TO REDEEM.MAKING US DISTRIBUTORS SUFFER .THIS BROKERAGE IS OUR BREAD AND BUTTER AND WE ARE MADE TO BEAR EVERYTHING.

Keep growing!! us..

What Mr.Guruvel said it is correct. IFA has done his part as per prevailing norms at the time of investment.later development like collecting kyc from invester is by the AMC

EVEN KYC THEY GIVE NO 3 AND 4 AND 0 THEY DO NOT WRITE WHAT IS 3 AND 4 AND 0 MEANING

Hi

Any updates on the last date for the KYC witheld cases

Which is a good MF distributor with whom an individual should do tie up for distribution , any suggesitons?

Can any one guide me how to check my AUM or k ow about all folios under my ARN.

Regarding traial commission Held Up why can't you inform the Investor directly as we're having their postal address with you. We didn't have their details with us.

Can anyone please share the link where to download the CAMS documen and guide line.
Thanks,