Chief Minister of Maharashtra Devendra Fadnavis rightly said that “Investing without knowledge is suicidal”. He said this at the inauguration of Money Bee Month at Nagpur.
In an exclusive interview with Nagpur Today, Director of Money Bee Institute Private Limited Shivani Dani claimed having received an overwhelming response to the Physical to Demat Mela. She quoted a number of more than 50,000 people with Physical Shares. This Mela was intended to facilitate physical share holders to transfer to Demat. Through RTS, Central Depository Services (India) Limited (CDSL) got the data of list of the people in Nagpur. CDSL wrote letter to all those people who have Physical Shares. Of those whom the letters were sent, 150 people have already turned out. Shivani Dani claimed that there are 6 Registration and Transfer Agents (RTA) are present in the venue to sort out problems.
Vice-President (Business Development) of Central Depository Services (India) Limited Yogesh Kundnani and Vice-President (Business Development) of Central Depository Services (India) Sudhir Savkar while speaking to Nagpur Today at the venue said that this is the first time in India that such an endeavour has been undertaken. Normally the process of correcting the shares certificates (for example the signature is not matching etc.) takes about 15 days to 2 years. This is because the certificates will have to go to Bangalore and then to Bombay. However, with Six RTA officials present at the venue, many problems are immediately remedied. These RTA Officials compress all data for back up and for creating Master. He claimed that this is a revolutionary effort. He said that these RTA officials each manage about 3000 companies. They said that they have come from Mumbai to support the efforts of Physical to Demat Mela organized by Director of Money Bee Institute Private Limited Shivani Dani.
Yogesh Kundnani observed that there are many investors who are not aware of what to do with their Physical Share Certificates. The officials of Money Bee Institute Private Limited headed by Shivani Dani are rendering valuable guidance to convert their Physical Shares to Demat accounts.