Citizens' Issues
Public Interest Exclusive
Illegal passport agents continue to flourish; neither MEA nor TCS take note

How can illegal passport touts audaciously call themselves “online passport agents” and advertise brazenly on the Internet?

If you go to the passport website of the ministry of external affairs (MEA) and click on this link:, you will see the public notice which reads: “Members of the public are advised to desist from dealing with touts / agents who may be charging exorbitantly for their service and further, may be making false promises about arranging assured urgent appointment or faster passport service delivery. After the launch of Passport Seva Kendras, the appointments are available to general public through the website. Alternatively, certain categories of applicants are allowed to walk in without appointment, details of which are available on the website.


“The Government has not authorised any intermediary/ representative to undertake such activity or to give such assurances. Such incidents of harassment/ influence by them may be reported to the concerned Passport Officer.”


If the public notice is in such uncertain terms, why is it that the website is filled with contacts of “online passport agents” from various cities like Delhi, Chennai, Coimbatore, Kolkata, Jaipur, Mumbai, Pune and you can just go on and on. Why is it that the harassment of not getting online appointments by citizens across cities, due to an obvious nexus between passport agents and passport officials, which helps agents to probably ‘block’ appointments and deny it to the rightful applicant. Is not being tackled?


For further proof, some of the passport agents of Pune met Prakash Javadekar, Pune’s Rajya Sabha MP, who has taken up the issue for Pune, with the ministry of external affairs (MEA). They confessed that each one of them has access to a keyword/ codeword which helps them block two appointments per agent. Obviously, the number of passport agents seems to be large enough to ensure that individuals do not get their rightful chance. That the passport agent fraternity is having the alleged backing of the powers-that-be can be established by the fact that they continue to go about their business in brazen ways.


Moneylife which has been carrying a sustained campaign against the Pune passport mess had a comment on 3rd April (in the reader’s comment slot under an article), by a passport agent openly advertising that he charges Rs500 “for booking online slot in any of the PSK (Passport Seva Kendra)”.


Naresh Kevalramani, one of the readers of Moneylife wrote to JustDial on 22nd March, “It is very sad that when the Government of India has banned all agents/ middlemen for passport applications/ processing, your website is showing passport agents by the dozen. 


I think that your portal—JUSTDIAL—which is one of the leading service providers in India is doing an ILLEGAL ACT by promoting PASSPORT AGENTS whom the GOVT OF INDIA itself has banned. 


I have marked a copy of this mail to Ms Deshmukh who is heading Pune Passport Grievance Forum (PPGF).”


Anita Singh, customer service officer of JustDial replied:

“Thanks for writing to .

With respect to your below mail we appreciate your concern and for bringing it to the notice of We shall look into the matter and do the needful. For any further queries, kindly contact customer service on 02261607080.


You can also mail us on - [email protected].

Thanks and regards
Anita (CS) “


Well, sadly, JustDial’s reply seems to be a standard one for every such complaint, as no action has been taken as yet. Advertisements of “online passport agents” merrily flourish.




4 years ago

Illegal touts are flouting every where whether PP office, RTO, DL office, PF office or you can say they are the bread and butter of these depts.

Narendra Wagle

4 years ago

My wife and I (age 78 and 69) reached Passport Seva Kendra at Malad (E) on 14 March at 9.15 am. The main gate was closed and people were gesticulating at the sentries. When they forcibly entered the compound (some including an elderly couple fell down hurting themselves),the police were called,two constables arrived, shrugged and disappered. It took 4 hours for my wife to pass through 3 counters (A to C), I couldn't since the staff went off for their "lunch hour'. So much for 'seva' at the PSK Mal(admiinistration).

ashwin bahl

4 years ago

step out in any city center inc small towns and yu can see AGENTS of all sorts, this tribe is not going anywhere in the very near future!

Bharat Sharma

4 years ago

The headline is misleading, implying that such activity leads to prosperity!

In an economy that dissociates wealth generation from value creation,

how can mere accumulation of wealth by 'illegal' passport agents help them flourish?


4 years ago

All the Members of Pune Passport Grievance Forum (PPGF)and the Moneylife readers and every one who wants to make passport Please Note :

Role of Travel Agents under the
Passport Save Projects.

An applicant who has difficulty in filling up/online filling up of passport application and status enquiry of application may seek assistance from Travel Agents in the new Passport Seva Project. However, such applicant has to come to the Passport Seva Kendra for submission of application, fingerprint and digitization of photograph requirements and the Travel agents will have no role in that process.

Written statement by The Ministry of External Affairs on 28 June, 2011
DATED: 28/06/2011
Writ Petition (MD)No.6264 of 2011. Filed by the Approved Travel Agents Welfare Association.


Vinita Deshmukh

In Reply to Mohammedchand 4 years ago

Yesterday itself the Chief Passport Officer of India said that the travel agents lost 7 PILs filed by travel agents against online appointments which has made illegal entities for passports. Moreover, the website clearly states that every passport tout is an illegal entity and should not be encouraged. Besides, you are talking of ``filling'' up forms - that anyone can fill up - your cousin, mother, father, friend etc. I am sure you know I am talking about illegal blocking of online appointments by touts. That's where the biggest nexus and corruption is so please don't defend what you should not

Suryakant Chaubal

4 years ago

Instead of making them illegal or putting a ban on them the Government should issue licenses to the agents, fix up the charges and regulate their work. In my opinion they are giving a great service to the members of the society, particularly those who are not computer savvy, senior citizens, outstation persons who have no access to internet, etc.

My daughter tried to get an appointment for about a month. Everyday she used to be glued to her computer from 2:55 p.m. but couldn't succeed. Finally she gave up, contacted an agent who fixed up the appointment in just four days.

In Pune there is only one Passport office, which is located at one end of this city which is spread over a large area. If the Govt. really wants to help the citizens, there should be at least five offices located in east, west, south, north and central areas, so that there will be shorter queues and minimum waste of citizens' precious time. The Govt. charges Rs. 1500 as fee for issuing passport. If more than 600 persons apply everyday at Pune office, the Govt. collects revenue of almost a crore of Rupees every working day. We expect better service.

Ramesh Iyer

4 years ago

This explains why the online appointments get blocked within a minute after they open at 3 pm sharp. Surely, not so many people get online simultaneously, or even apply for passports (that too in these recessionary times !). Wish the MEA investigated this nexus and PSK-related issues, as it has made submitting applications more difficult than before the PSK-era.

MK Gupta

4 years ago

Congratulations for this great and bold article. Yes, it is really strange that, despite the so callerd denials by the GoI, SMSs and handbills galore, in addition to regular ads., inviting public to get the help of passport agents. Now, the question is:can this happen with impunity without the support of the insiders? Despite Passport Seva Kendras, the harassment and indignities suffered by the passport seekers are so much that it is easy to lure the unsuspecting general public to the agents who are clearly enjoying official support of sorts. The Police verification still remains a nightmare as the policeman who comes for this purpose just drops in without any prior intimation and leaves only with a hefty amount. And this is inevitable.

Dilshad Gogia

4 years ago

There has to be a nexus between the authorities and the agents, otherwise how is it possible that we citizens sit day after day trying to get an appoinment nd keep getting a negative response. I personally hve been trying at all hours of the day for the past week, only to get "Quota over" response. Surely there cannot be so many people aplying simultaneously that no appoinments are available for days together.

Dilshad Gogia


4 years ago

Why hold Just Dial responsible? You are attacking the symptom instead of the cause.

The real need is to weed out the root cause, viz., agent-babu nexus.

The second need is to lay down clear and transparent SLAs (service level agreements) for each stage of the process, i.e., stage A (pre-processing by TCS) and stages B & C 9final scrutiny and approval done by the concerned govt agencies of MEA/RPO). These SLAs must be BINDING, i.e., if the SLAs are not met, TCS and/or the govt agencies should be penalized monetarily, for example, the passport fee paid should be reimbursed at their cost.

Only the pain of penalty can provide the pleasure of performance.


Sucheta Dalal

In Reply to jaykayess 4 years ago

Well, Just Dial has a more positive and correct response as a responsible organisation. So it is looking into the issue.
Having said that, the reason for mentioning Just Dial is obvious -- only when there is clear service opportunity, will service providers advertise it on Just Dial. And this goes against the claims of the Ministry of External Affairs and TCS.
The idea of e-filing was that one should be able to access it easily. Of course, personally, I think making everything electronic is a problem, because a big chunk of the population cannot keep up. many of the brightest people I know still dont know how to access the internet or do anything beyond sending and receiving emails. So, as I have said in my article India vs e-India, we have a growing divide. It will only encourage agents.


4 years ago

While I am no supporter of the Agents, with filling of application forms and appointments only online, there are bound to be service providers who will do that for the people who are not Computer savvy. Such people have no other option but to take help of such agents, unless the Dept itself provides these services themselves. For outstation persons time also becomes an important issue and this is where the Agents scare the people into taking their services.

Pushpendra Pandey

4 years ago

Madam it but obvious that those passport officer want agent to flourish to get the bribe through that channel.

They do not want transparency in the system because it will stop their greed for money and theft.

What can TCS do if this is attitude of these people.

diptiman chowdhury

4 years ago

this is absolutely true , in fact i myself tried for a month to book appointment @ kolkata PSK but was unlucky wherein my friend met one tout outside passport office he paid him 500 and his appointment was fixed the very next day ,and the tout clearly said he has nexus with passport officers not tcs employees and they have to share a lot of money with them to get the appointments , this is not the end to it , when police verification comes the second round of harassment starts , now police do not ask for your address proof but they need qualification certificates of your parents , please moneylife do something so that we the citizens do not get deprived of our rights.

Mahiti Adhikar Manch

4 years ago


This pertains to Mumbai

This is continuation of my earlier responses for your reports and meetings with TCS officls.

After marathon manoeuvring for getting the on-line appointments from 8th March got appointments 1st April and 2nd April for myself and for my daughter at PSK service at Lower parel. My got fed up by daily sitting like a begger in front of computor for online appointment at 3.00 pm, she did not take her appointment now remains pending.

Now the ordeal, when go in the morning 10.30 appointment they don't announce which the line is for which apointment when stand in scorching sun. Then they let you inside and inside there four lines that all probably know the time taken which is nothing less than 3 to 4 hrs.

So when you are say 11.15 appointment either youn take your launch box or be ready to pay for Burgers etc at cafeteria when there is lauch time from 1.30pm to 2.00 pm. And pay more than MRP for the soft drinks. I had to stop them charging more than MRP for Harvest drink which is Rs.20/ MRP was selling at Rs.30/- Also went to suggestion box there was no note available. TCS takes suggestions or service satisfaction form when you reach 2nd couter where your photo is taken but later on you have take out at least 1.5 hrs to 2.5 hrs for completing the process. TCS should take satisfaction form from the pass port applicants at the last stage, so youn actually give the satisfaction form before completion of process. THIS A CORPORATE STYLE, they have put Gandhijis statement about the Customer and misuse of statement by TCS. There is toilet facility kept with ramp to move up, the ramp lacks anti slippery so generally you have to be extra careful while going to toilet. Jai HO PPP.


4 years ago

all is not bad in Passport office at BHIKAJI CAMA PLACE, New Delhi where only 3 days back my neighbour got passport issued in 25 days from date of submission of application directly. i have also heard the PP office near DSE in asafali road also maintains the 30 days limit.

Redington sees positive outcome on Rs138 crore tax demand

Redington’s management indicated that based on the advice from two out of the big four audit firms in India and eminent tax lawyers, it is confident that this tax liability will likely be reversed

As per Redington India’s filing with the BSE, the Indian income tax (I-T) department has proposed to bring to taxation the imputed profits on transfer of Redington Gulf FZE, Dubai shares to Redington International Holdings (RHIL), Cayman Island leading to potential demand of Rs1.38 crore ex interest for year 2008-09.


The company indicated that this transaction was disclosed fully in FY09 to the relevant authorities, including the I-T department and its discussion with tax experts indicates that it has a strong case. Analysing the case, Nomura Equity Research in its Quick Note has included seven cases where shares were transferred to a group entity without consideration out of which in five cases the verdict was in favour of the company.


Redington Gulf shares were transferred to a newly formed entity RIHL to facilitate investment by Investcorp, a private equity investor

Nomura Equity Research states that Redington’s Middle East and Africa business, Redington Gulf FZE (RGF), Dubai was a 100% subsidiary of Redington (India) before FY09. In FY09, private equity investor, Investcorp Gulf opportunity fund (as it is a Middle East-focused fund) wanted to purchase a stake in RGF. As per Jafza law in Dubai which applied to RGF, the entity can only have one shareholder. To facilitate investment by Investcorp, Redington International Holdings (RIHL), Cayman Island was created as a fully owned subsidiary of Redington India, which had a 100% shareholding in RGF. Subsequently, Investcorp bought a 27% stake in RIHL.


Management remains confident on reversal of tax liability

Redington’s management indicated that based on the advice from two out of the big four audit firms in India and eminent tax lawyers, it is confident that this tax liability will likely be reversed. According to management there are precedents where shares were transferred to a group entity without consideration (called ‘gifting’) and the transaction was treated as tax exempt.


Tax liability of Rs138 crore (ex interest); no deposit to be paid now

Going further Nomura states that while there was no consideration paid on transfer of RGF from Redington India to RHIL, the I-T department has made a potential demand of Rs138 crore. This is based on a fair value ascribed by the tax authorities at that point of time to RGF of Rs800 crore (and a cost base of around Rs210 crore). The company has indicated that it does not have to pay any penalty, as both the income tax department and RBI were informed about this transaction and re-organization. However, in case the verdict does go against the company in the dispute resolution panel (DRP), Income Tax Appellate Tribunal (ITAT), high court and eventually Supreme Court, the company will be liable to pay interest as well on the amount of Rs138 crore. The company does not have to deposit anything until this case is with the DRP (which has to decide at the latest by Dec 2013), but may have to pay 50% of the demand amount or bank guarantee if the dispute escalates to ITAT/high court/Supreme Court.


Precedents – favourable and unfavourable rulings

Favourable rulings

Goodyear Tyre and Rubber Company, 2011:  The Delhi High Court dismissed the petition filed by the I-T department against the Authority of Advance tax Ruling (AAR) in the case of Goodyear Tyre and Rubber Company. Goodyear US held a 74% stake in Goodyear India (GIL), which was transferred to Goodyear Orient Company (Pte) Singapore, a 100% subsidiary of Goodyear US. The AAR ruled that no capital gains tax would accrue where shares were transferred 'without consideration' by the holding company in the US to its wholly owned subsidiary in Singapore. As well, transfer pricing provisions will not be applicable in the absence of liability to pay tax.


Deere & Company, 2011: The AAR ruled that gift of shares by the applicant, a US-based company to its group company in Singapore made without any consideration, has to be held as a gift and therefore will not be subject to tax in India.


Nadatur Holdings and Investment, 2012: The Karnataka High Court dismissed the revenue department’s appeal and upheld the genuineness of gift on the basis that there is no bar for gifting of shares to a company. The high court held that the definition of ‘gift’ means transfer by one person to another of an existing property made voluntarily and without consideration and includes deemed transfer or conversion of any property. Since the taxpayer was a separate legal entity, shareholders of the company can gift shares to the company.


DP World, 2012: The Mumbai Tribunal held that there is no restriction under the Transfer of Property Act on gift of shares between companies, if permitted by Articles of Association.


Dana Corporation (2009) and Amiantit International Holding (2010): The AAR held that once the transaction is held to be outside the purview of Indian tax net, the question of applying provisions of transfer pricing and treating the arm’s length price as the transfer price would not arise.


Unfavourable rulings

Orient Green Power, 2012: The AAR has held that ‘gift’ of shares between two corporations is a “strange transaction” and would not fall under Section 47(iii) of the Act. Further, it declined to give ruling on taxability of gift of shares of an Indian company by a foreign company, citing lack of material to conclude on the genuineness and validity of the transaction as reason.


Castleton Investment, 2012: The AAR has held that the transfer pricing provisions are applicable to “any income arising from an international transaction” and that the word ‘income’ has a wide connotation. Accordingly, AAR held that application of transfer pricing provisions are mandatory for correct determination of gains accruing from an international transaction irrespective of the fact whether the same is chargeable to tax in India or not. In other words, the AAR held that applicability of transfer pricing provisions (i.e., Section 92 to 92F of the Act) does not depend on the chargeability under the I-T Act.


Redington India remains buyers of India’s largest distributor of IT and electronic products. Nomura concludes with the view that the potential of the Indian market should be seen in the context of a doubling of the middle-class population in the next 10 years (source: Dell), which is likely to mean increasing average disposable income that should drive IT/electronic penetration rates in India, in our view. The company has end-to-end coverage of the distribution value chain (procurement, warehousing, non-banking team. It has a credible history of managing inventory and credit risk, which we consider key to success in the distribution business. Average provisions for inventory and receivables were 0.04% and 0.1% over FY08-FY12 for India and overseas business over the same period, respectively.


Redington India was trading at Rs42.70 on the BSE in noon trade today. The brokerage states that the current P/E valuation at 6.7x FY14F EPS is a 43% discount to its six-year average of 11.7x and is an attractive entry point.


Should there be a “free look-up period” in all mutual fund schemes with a lock-in?

While it does not make much sense to have a free look-up period for products such as NSC, PPF and other deposits schemes supported by the government, the introduction of a free look-up period in case of variable return and high-fee products makes sense

I recently received an email from a New Delhi-based senior citizen aged 78. The email describes how a private sector bank allegedly mis-sold him a fixed maturity plan of DWS Mutual Fund. As per the mail written by the investor he was made to invest in Rs4 lakh in “DWS Hybrid Fixed Term Fund Series 10 Growth”. The investor in his mail writes, “The bank manager, suo moto, had visited my residence and misguided me. I signed the cheque in the name of DWS. I was explained that this means Development of Wealth Scheme, rest of the name as well as other particulars in the form was completed by the bank”. He does not want to remain invested in this scheme as he wants his money back. Though the incidence of mis-selling cannot be established based on the mail alone, this case raises some serious issues which need a solution.

The problem in this case is not that the scheme has lock-in period of five years. The problem is that of liquidity. The KIM of the scheme states, “No redemption/ repurchase of units shall be allowed prior to the maturity of the scheme. Investors wishing to exit may do so through stock exchange mode”.  It is very obvious that stock exchanges offer very limited liquidity and market depth and trading is not done frequently in various schemes of mutual funds. While mutual funds do list their schemes on stock exchange, they cannot ensure trading. Liquidity remains elusive in these schemes and investors have no or very limited option of redeeming these units, in spite of a token exit option being given to them.

While establishing cases of mis-selling may not be very easy and I do not have sufficient evidence to establish whether it is a case of mis-selling or not, the incident has definitely made me think. How can investors be protected against mis-selling, especially when an investment product has a lock-in period and an impractical exit route? Even if there is a volume in some mutual fund units, how will a gullible investor take the route of opening a demat account and trading account to sell the otherwise illiquid investment product.

In my opinion, the solution lies in introducing a “free look-up period” in all mutual fund products with a lock-in period. Plans such as the fixed term plans, recently introduced RGESS (Rajiv Gandhi Equity Saving Scheme), have lock-in periods and cannot be directly redeemed with the mutual fund. These investment products earn a huge fee for distributors and hence there is the possibility of mis-selling. Since investors, especially those who can be easily made victims of mis-selling, may find their money locked for considerable period of time, it makes sense to provide some kind of protection mechanism to investors. Considering that this problem may be faced by many investors, there should be at least 15 days’ free look-up period in case of all such investment products.

While it does not make much sense to have a free look-up period for products such as NSC, PPF and other deposits schemes supported by the government, introduction of a free look-up period in the case of variable return and high fee paid products make sense. The modalities for a free look-up period can be worked out by the regulator in consultation with the fund house and AMFI (Association of Mutual Funds in India). Till financial literacy isn’t prevalent, providing legal support to investors to reduce incidences of mis-selling is the need of the hour.

(Vivek Sharma has worked for 17 years in the stock market, debt market and banking. He is a post graduate in Economics and MBA in Finance. He writes on personal finance and economics and is invited as an expert on personal finance shows.)



Srikanth Shankar Matrubai

4 years ago

Like it is done in Insurance, even in mutual funds, a photocopy of Application form should be sent along with the Statement which will help the investor to know of a fraud at the earliest and help him come out


4 years ago

Dear Mr Sharma

could you please highlight the name of the private bank and the specific branch manager and the branch name who did this type of cheap work with the so loyal investor of yours, so that rest of the people/banker get a good lesson by taking action against them.

hope you have that much of courage to come of with all the evidence in this open forum and help the regulator to take proper step.

I have also a good faith on the moneylife team that they will must help you.

If you have not such courage and confidence in you then stop posting your bad ideas by blaming the distributor.
Waiting for your reply..........


vivek sharma

In Reply to ganesh 4 years ago

Hello Mr.Ganesh,

Let me clarify the following things to you:

1) The investor happened to write an email to me as he got access to my email id from public forum. He is not a loyal investor of mine.

2) Details of the case are already shared with Money Life team. This includes bank name and branch.

3) Regulator has also been informed about this case by the investor already.

4) The objective of this article is to discuss should changes be made in the existing system to protect interests of gullible investors.


Vivek Sharma

S K Gupta

4 years ago

Well! this is very much true case of, suo moto, mis-selling especially targeting senior citizen across the country. On the other hand there should be no lock in period on ULIP plans which has not Mortality Riders thus Zero Sum Assured, being peddled to gullible retired senior citizen because there is no tax benefits at entry or exit. Plus majority of these senior citizens don't understand English and nor they are computer savvy so they get victimized. And the Insurance companies eat up their retirement corpus selling retirement plan to a person who is already retired. One such case has happened in my family where a senior citizen lost his retirement corpus buying such a toxic product and B Big happens to be brand Ambassador for this Company. Perhaps it was a Sholay Factor playing in the Oldies Mind.


4 years ago

Though not part of this subject.
RGESS had opened up a massive passback mode in selling. There was a virtual competition amongst distributors as to who could give more passback/kickback. The average rate of passback was 60% and in some cases as high as 80% depending upon the cheque value. SEBI should peg the brokerage to 1% in the next series.

MK Gupta

4 years ago

What is the machinery to stop Banks, etc., from resorting to such deliberate frauds being payed on and with senior citizens and ordinary people?


4 years ago

IMO free lookup periods don't work. It is after too long that the investor recognizes the pros and cons of the product.

There are two types are investors. One whose financial knowledge is good enough. Other who are ill equipped in financial knowledge.

For the former category, they generally do not need a lookup period. They do their research.

For the latter category, they learn their lesson after burning their fingers once.

Perhaps a questionnaire filled by the investor before buying help? Does he understand what he is doing? This questionnaire has to be preserved by the company and based on his answers only it has to be decided whether he is eligible for the product or not. This will shift the responsibility on the AMC / insurance company also.

The questionnaire can also be used to provide further counselling - attend some sessions on personal finance etc


vivek sharma

In Reply to pravsemilo 4 years ago


The problem with the questionnaire is that the agent mis-selling the product will ask the client to sign at the end of the page with an assurance that he will fill remaining details.

People generally do not want to undergo paperwork. This is what has happened in the case mentioned in the article above. The investor has signed the document without understanding it.

As far as attending personal finance session is concerned, it may help.


In Reply to vivek sharma 4 years ago

Yes I agree. What I intended was that it has to be filled in by the investor. The AMC / insurer has to verify by contacting that the details are correct.

My view is that AMC, insurers and distributors have to be in business. They have to figure out ways to manage our money whether it generates returns or not. They are ready to pounce on our money at every opportunity.

Instead we should develop a model where insurance is indeed a matter of solicitation and investments are made indeed based on suitability. By having a questionnaire, it is the responsibility of the AMC / insurer to judge. They can be held responsible for misselling.

This also means that questionnaire is in a common format (and is meaningful) defined by IRDA/SEBI.


In Reply to pravsemilo 4 years ago

To add more points, when there can be a health checkup for a term insurance then why not similar checks for other products?


4 years ago

The solution is not in the free look-up period.

The problem is closed ended schemes & Huge commissions offered for procuring in closed ended schemes.

Thus the solution lies in:
1) Restricting procurement commission, (say not more than 2% or thereabouts)

2) Restricting the amount which can be invested in a Tax saving scheme

2) abolishing all closed ended schemes ( mutual funds anyway are supposed to offer anytime liquidity)

Simple solutions are difficult to be found when you put fourteen people around the table



In Reply to Nilesh KAMERKAR 4 years ago

The greedy AMC / Insurers will anyway figure out ways to incentivise distributors. If we restrict the commission then some other sort of "gifts" will be offered. This is already the case in insurance sector. Even the humble PSU insurers are doing this.

I think there is not a simple answer to this question. Any solution that we propose, the greedy will find a way around it. For example if we make commission in life insurance as a percentage of sum insured instead of the annual premium - to avoid misselling ULIPs and traditional policies, agents might get you over insured.

For now the only remedy that I can think of is investor education / awareness.


In Reply to pravsemilo 4 years ago

The solution is really simple.

Mis-selling can end, if there are strong deterrents in place.

Any breach of client's trust must be dealt with swiftly and attract harsh punishments.

However, mis-selling is not the only reason why investors lose.

Though not many are keen on a objective & honest introspection.
Very few have the temperament of a true investor.

Most are only too eager to make more money than they deserve or are entitled to (& that too in quick time).

When will those who fling money mindlessly, start taking responsibility for their own actions?

Suiketu Shah

In Reply to pravsemilo 4 years ago

this is why the mutual fund industry is dying by misselling on a large scale countrywide by agents/mutual funds brokers.

Can the writer of this nice piece pl adv the name of the private bank.


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