George (N/A) 14 November 2013

Non judicial stamp paper and poa

I reside in the US and noted recently I have not been getting dividends for my Indian stocks not getting credited. So I finally got this corrected and followed up with a company that owed me. They want me to to send in an undertaking in a non judicial stamp paper that is notarized and signed by two witnesses. I was thinking of getting a power of attorney with the Indian consulate at New York for my father (based in India) send the stamp paper on my behalf. Please advise if this is the right way to get this done so get my dividends credited correctly.

Thanks

George

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T. Kalaiselvan, Advocate (Advocate) 14 November 2013

If your stock broker is not offering you proper service you may open a demat account through another broker get all your shares transferred to that account and close this account. In this highly competitive era, there are plenty of reputed brokers offering best services, you can choose one among them. Further, if the broker is asking you to furnish an undertaking duly notarized, please go through the contents of the undertaking which will be in the printed form, if it suits you, proceed with it or ignore it and go ahead through another broker. The POA will not be effective especially if you are not a day trader or offline trader. In the dripping share market, you should not further lose your hard earned money due to somebody's errors/misappropriation, better have a cautious approach and always be alert while signing any paper with stock broker.