Drawing attention towards difficulties which a person faces when an instrument or document gets returned citing signature mismatch.Every authority prescribes their own solution to this problem. There are authorities who ask for stamped notarized affidavit as well as indemnity besides signature attested by Bank in prescribed format. Due to all this, a common man has to bear expenses and it also requires devoting a lot of time, energy and labour.Due to digitalisation, regular signature is not in practice hence when one is required to put signature on cheques, DD requisition slip, DRF, DIS Slip or Affidavit/ Indemnity etc., style, strokes and pattern should be considered before declaring signature mismatch.
When signature differs due to vernacular/ short/ full signature, then mismatch is valid otherwise style, pattern or strokes are vital point as 100% signature cannot match if any one puts ten signatures at a time. Moreover, there are other reasons too where signature may differ slightly such as poor health, age factor etc. but style will always remain same. Hence to minimize this problem, signature style must be considered before declaring mismatch particularly in senior aged person’s case.
Due to above, all financial market related authorities, after consideration of all points stated above, should come out with a common guideline to protect unnecessary harassment being faced by common man particularly senior aged persons.
It is really appreciable that due to RBI guidelines, regular updation of KYC is being carried out strictly by few branches – hence it is desirable that RBI should develop a mechanism to enforce updation, then only we can expect less instances of instruments getting returned due to signature mismatch. For your information in all other sectors, signature gets registered once at the opening of the relationship which creates problem later on when we submit written request for any sort of action on that related investment, after years of opening the relationship. Further there are non-expiring investments like investments in shares of the companies which requires signatures when the investor wants to transfer or sell his/ her shares.
If a person presents himself in person and put his recorded signature before the representative of the authority then the same should be accepted without any question i.e. mismatch question should not be raised which in turn provide relief to genuine investors, customers, applicants particularly senior aged persons in long term. Hence practical approach to this problem is required to be followed as suggested above – which can only be possible if present regime directs suitable guidelines to all sections after due consideration to this problem.
It is opined that this problem requires immediate attention.
In view of the aforementioned points, please forward with your recommendations to SEBI, ROC, MCA besides BSE, NSE, NSDL and CDSL etc. for making the above suggestions mandatory for all RTA, DP for implementation of proper solution to this issue. I trust you all will agree with these view points and initiate whatever possible at your end so that it gets implemented at the earliest.
By G D Binani
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