FYERS
- Thread starter Tejas Khoday
- Start date
- Tags broker in india brokerage demat account discount brokerage fyers trading account trading platform
I believe the issue with Aadhar Card will be resolved in stages. Today's Supreme Court judgment says that banks, financial institutions, and private companies cannot seek Aadhar data as a compulsory document. This means that client accounts cannot be frozen if the Aadhar Card/document is not furnished. I just watched the live press conference of FM Arun Jaitley on TOI a few moments ago. Here's a link to an article by Indian Express on today's judgment.
I understand that from a client's perspective, it could have seemed like "FYERS/Other financial institutions are asking for Aadhar Card details even after the Supreme Court has said that it is not compulsory and the judgment is pending! How can they do this?"
Our perspective: Since June of last year, we have been receiving circulars and repeated official communication from the government stating that all financial institutions need to update their clients' Aadhar details within a 3-month deadline from the date of the notice. Just so you know, collecting documents from clients is not at all an easy task. It consumes a lot of human resources, time and money for no benefit to us whatsoever. After indulging in the exercise, they kept postponing the deadline by 3 months because obviously it's not a reasonable timeframe and then we were not sure whether we should collect it or not because of the ongoing changes! Then there was this whole issue with the Supreme Court Judgment which was pending. Until then, we were in limbo because there's a disagreement between different factions of the government and the UIDAI. In fact, the UIDAI themselves issued self-contradictory statements which confused everybody. In such circumstances, we continued to do what others are doing just to stay on the safer side.
Going forward: We will evaluate today's Supreme Court ruling, will take opinions from experts and take the appropriate action accordingly.
I understand that from a client's perspective, it could have seemed like "FYERS/Other financial institutions are asking for Aadhar Card details even after the Supreme Court has said that it is not compulsory and the judgment is pending! How can they do this?"
Our perspective: Since June of last year, we have been receiving circulars and repeated official communication from the government stating that all financial institutions need to update their clients' Aadhar details within a 3-month deadline from the date of the notice. Just so you know, collecting documents from clients is not at all an easy task. It consumes a lot of human resources, time and money for no benefit to us whatsoever. After indulging in the exercise, they kept postponing the deadline by 3 months because obviously it's not a reasonable timeframe and then we were not sure whether we should collect it or not because of the ongoing changes! Then there was this whole issue with the Supreme Court Judgment which was pending. Until then, we were in limbo because there's a disagreement between different factions of the government and the UIDAI. In fact, the UIDAI themselves issued self-contradictory statements which confused everybody. In such circumstances, we continued to do what others are doing just to stay on the safer side.
Going forward: We will evaluate today's Supreme Court ruling, will take opinions from experts and take the appropriate action accordingly.
It is a catch 22 situation with Aadhar. Contradictory statements from various govt. bodies and supreme court have created this mess.
I too had reservations for going ahead with my Aadhar and did not do so for a few years.
Why should i give my privacy details to an organisation, govt or otherwise, when i see parallel bodies of such work nature being so incompetent at their job. Am i a criminal and being sent to imprisionment that i have to give retina scan, finger prints and the worst case of a photograph on a document of the stature of National ID?
And how many national ID's do i have to hold apart from Voter's ID, a passport, and then this.
It's a huge mess. Will check the developments of today and see what's next on the cards.
Cheers,
I too had reservations for going ahead with my Aadhar and did not do so for a few years.
Why should i give my privacy details to an organisation, govt or otherwise, when i see parallel bodies of such work nature being so incompetent at their job. Am i a criminal and being sent to imprisionment that i have to give retina scan, finger prints and the worst case of a photograph on a document of the stature of National ID?
And how many national ID's do i have to hold apart from Voter's ID, a passport, and then this.
It's a huge mess. Will check the developments of today and see what's next on the cards.
Cheers,
In continuation of my previous post, I would like to mention that the KYC requirements to onboard a new client are complex. New clients are required to submit a host of documents which may seem a bit annoying to them but they are all regulatory requirements. To add to the KYC troubles, the government authorities hire unqualified/uneducated staff to type the details in these identity documents (PAN, Driving License etc.). Name mismatches are unbelievably common because of spelling mistakes, re-arranging the order of name, writing the wrong details etc. which are done by the government/govt. appointed agencies at the time of issuing these documents. Hence, additional documents are required to prove that you are really you!
To add to the troubles, there are 5 different KYC Registration Agencies (KRAs). If there was one, life would be easier for everyone because cross verification would be easier. For example, let's say you opened a bank account with State Bank of India and submitted all your KYC documents to them. Let's assume that SBI is tied up with DoTex International. In the back-end, they upload your KYC data on DoTex's portal (example) and it's going to take a while before your data is available on the registry for verification by other agencies who are checking if you are KYC registered. However, if you open an account with FYERS in the meantime, we will not be able to check if you are KYC verified until their platform shows it and also there's a procedure for this which involves a transaction cost. Hence, you'll have to submit the same KYC registration documents all over again to open an account with FYERS/anyone else. Let's assume that we are with CDSL Ventures (CVL-KRA). Your KYC with us will be uploaded on their portal and that will take a few more days to reflect on it. If you are a fresh KYC, then it'll take some 15 days to show up. Can you believe this? At times, the under process status will remain for years. So basically it did not solve the purpose and there's an unnecessary network of 5 different KRA agencies which is one of the main cause of annoyance to everybody in the system.
To solve these problems, the Government introduced C-KYC which stands for Central Know Your Customer which will be managed by another government agency called the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI). But at the moment, nothing has been solved because instead of doing KYC process once, we are obliged to do it twice on 2 different platforms which have different formats. In fact, CKYC Registry uses up more time.
I had hoped that Aadhar would solve many issues in the KYC process but no! They had to mess it up for whatever debatable reason.
To add to the troubles, there are 5 different KYC Registration Agencies (KRAs). If there was one, life would be easier for everyone because cross verification would be easier. For example, let's say you opened a bank account with State Bank of India and submitted all your KYC documents to them. Let's assume that SBI is tied up with DoTex International. In the back-end, they upload your KYC data on DoTex's portal (example) and it's going to take a while before your data is available on the registry for verification by other agencies who are checking if you are KYC registered. However, if you open an account with FYERS in the meantime, we will not be able to check if you are KYC verified until their platform shows it and also there's a procedure for this which involves a transaction cost. Hence, you'll have to submit the same KYC registration documents all over again to open an account with FYERS/anyone else. Let's assume that we are with CDSL Ventures (CVL-KRA). Your KYC with us will be uploaded on their portal and that will take a few more days to reflect on it. If you are a fresh KYC, then it'll take some 15 days to show up. Can you believe this? At times, the under process status will remain for years. So basically it did not solve the purpose and there's an unnecessary network of 5 different KRA agencies which is one of the main cause of annoyance to everybody in the system.
To solve these problems, the Government introduced C-KYC which stands for Central Know Your Customer which will be managed by another government agency called the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI). But at the moment, nothing has been solved because instead of doing KYC process once, we are obliged to do it twice on 2 different platforms which have different formats. In fact, CKYC Registry uses up more time.
I had hoped that Aadhar would solve many issues in the KYC process but no! They had to mess it up for whatever debatable reason.
- At first, it was optional so many people who already had PAN didn't see a point in enrolling for it.
- Then they announced that it was compulsory for everyone and introduced deadlines, so we rushed and got it done.
- Then it was announced as compulsory for many things including trading/investing.
- Then there was a series of public outcry, debate, and confusion on a regular basis.
- Apparently, security is an issue. But nobody cares to explain how. This article should give some insights.
- Then the Supreme Court interferes and decides against it.
- At the end of the day, a lot of noise was made about its benefits, everybody enrolled and now it's a waste.
What a circus! Yet another card lying in our wallets with no apparent use! We didn't enroll to get subsidies.
- Then they announced that it was compulsory for everyone and introduced deadlines, so we rushed and got it done.
- Then it was announced as compulsory for many things including trading/investing.
- Then there was a series of public outcry, debate, and confusion on a regular basis.
- Apparently, security is an issue. But nobody cares to explain how. This article should give some insights.
- Then the Supreme Court interferes and decides against it.
- At the end of the day, a lot of noise was made about its benefits, everybody enrolled and now it's a waste.
What a circus! Yet another card lying in our wallets with no apparent use! We didn't enroll to get subsidies.
Last edited:
I agree with you it is a mess. The recent judgement adds to the confusion.
But have you ever traveled to foreign countries. To get a visa most would ask for finger prints at the least and more ...Will you ask them the same thing ?
"Am I criminal ?"
No you are not a criminal but it help authorities to nab the criminal faster.
Adhaar can do the same in India and dramatically reduce criminal activities.
Now do you support it or not ?
But have you ever traveled to foreign countries. To get a visa most would ask for finger prints at the least and more ...Will you ask them the same thing ?
"Am I criminal ?"
No you are not a criminal but it help authorities to nab the criminal faster.
Adhaar can do the same in India and dramatically reduce criminal activities.
Now do you support it or not ?
@Tejas Khoday , you claim that you give 100% brokerage refund to your clients if they win the 30 Day Challenge right? Are you sure you will refund full amount if I have generated some huge amount like 30,000?
@Newbie Day-Trader, Yes you can load option chains and yes the OI change is available in % too.
Similar threads
-
THIRD GRADE FYERS HELPLINE-UNABLE TO TRANSFER FUNDS FROM DAY 1
- Started by anilkhub
- Replies: 2
-
Fyers employees squaring off clients' positions without consent?
- Started by newtrader101
- Replies: 80
-
-
-
Fyers One not working from 20/04/200, customer support not responding
- Started by Shrebiz
- Replies: 7