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Mint
20-07-2025
- Business
- Mint
Opening a demat account is a pain for NRIs. Zerodha and others are trying to simplify it.
It isn't easy for non-resident Indians (NRIs) to invest in India. Opening a demat account with a broker, for instance, requires you to fill in forms that runs into several pages, courier them to your broker after rectifying any errors, and find authorities in your country of residence to notarise original documents. How iron out such issues, Zerodha and Angel One have been working with Rupeeflo, a Bengaluru startup. Other brokers are also looking for ways to simply the process and encourage more NRIs to invest. What are the main hurdles? Opening a demat account requires an NRI to fill out forms, scan and email them to a broker for review. If the broker finds no errors, he asks the NRI to courier the form to the official address for processing. This can be cumbersome. 'The client is required to physically sign the form. If a soft-copy validation is rejected, they need to rectify and reshare it with us," said Kazi Rahman, head of NRI sales at Zerodha. NRIs also need to get their KYC documents verified. These include passport, foreign address proof, and PAN card. If the NRI is not in India at present, he can do this by having his documents notarised in his residence country and couriering them. If the NRI is in India, he can visit the broker's branch office with his notarised documents, submit the documents and open his account. Brokers such as Zerodha have also started to allow this through Aadhar-based e-sign facility. The client can digitally upload his documents along with his immigration details to establish his presence in India and then e-sign through Aadhar. Digital process Rupeeflo is working with brokers to create a digital-first process for NRIs to make this easier. Once a users upload his PAN card, passport and address proof, the platform's optical character recognition technology automatically extracts the information, checks the authenticity of the documents against official databases and validates them in real time. It also fills up most details in the form automatically, directly extracting it from client's documents. The NRI can review the application form and fill in the remaining details such as employer, occupation and nominee. Next comes digital notarisation, for which Rupeeflo has partnered with several public notaries in various countries. 'The NRI connects with the notary on the platform through video call, where the latter conducts the process in accordance with their jurisdictions' specific regulatory norms and accordingly notarises the documents," said Dharmendra Maurya, co-founder of Rupeeflo. This digital notarisation is done in foreign jurisdictions, where there are guidelines for it. However, this is a regulatory and legal grey area that needs more clarity. More on that later. Once the documents are notarised, the NRI can download both the application form and the notarised documents. After signing in required fields on the application form (wet signatures are still required) and the KYC documents, the user can schedule a courier pick-up on Rupeeflo. The form and the notarised documents are then sent to the broker's operation centre for account opening. Digital notarisation costs anywhere fro $20-40 per document. The courier charges for pick-up and delivery are $40-50. Total charges depend on the NRI's country of residence. "Opening a demat account as an NRI still involves considerable friction—physical forms, notarised documents, and courier logistics,"Nishant Jain, chief business officer - assisted business from Angel One. 'We have simplified this journey by accepting digitally notarised documents, removing key friction points and enabling NRIs to onboard faster and more securely," he added. Regulatory grey zone The current regulations allow NRIs to get their documents notarised abroad. However, there is no explicit rule that allows digital or remote notarisation. Two sources confirmed that CVL KRA has given email confirmation to Zerodha on its digital notarisation process. However, there is no explicit notification by CVL KRA or the Securities and Exchange Board of India on this. Mint couldn't independently verify the e-mail confirmation from CVL KRA. "Strict implementation of Indian legal provisions would require physical presence of an individual before the notary. The notary needs to see the original documents, verify the identity of person face-to-face, before putting his own seal and stamp certifying it as a 'Sworn before me. Attested true copy'," said Shashank Agarwal, an advocate at Delhi High Court. 'The Notaries Act, 1952 is silent as regards e-notarisation. The Notaries Rules, 1956 do not address or specifically deal with the acceptance or legal validity of notarised electronic documents. The Notaries Act, 1952 governs traditional notarization, and documents still need to be notarised 'in person" to be valid," said Yogesh Chande, partner at Shradul Amarchand Mangaldas. At GIFT City, which is regulated by the International Financial Services Centres Authority (IFSCA), fintech companies conduct face-to-face KYC to onboard NRI clients. For instance, Belong, an NRI-focused payment service provider, has business facilitators in the UAE who meet NRI clients personally and verify their documents to comply with KYC guidelines. The current rules allow employees of regulated entity or agents acting on behalf of the regulated entity to use the 'original seen and verified' (OSV) process for KYC.
Time of India
13-07-2025
- Business
- Time of India
AU issues notices over deficiencies
Chennai: Anna University issued notices to 141 engineering colleges on Saturday over deficiencies in faculty and lab facilities following the physical inspection of 450 engineering colleges. Among them, 10 colleges with severe deficiencies were also served show cause notices. These ten colleges could face action, including the disaffiliation of courses, if they do not have the required facilities and faculty members. In a circular to the engineering colleges, Anna University asked the colleges to rectify the shortcomings and upload the details on or before July 18. The online general engineering counselling is scheduled to begin on Monday. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai The university conducted physical inspections of 450 engineering colleges in May for the academic year 2025-26. It found discrepancies in faculty, labs, and classrooms in most of the colleges. It gave time to colleges to file compliance reports after rectifying the discrepancies. "The university has clearly specified whether a college has a deficiency in UG programmes or PG programmes. There will be another round of physical inspection of these colleges to ensure that they have fulfilled the required norms," a source from Anna University said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it better to shower in the morning or at night? Here's what a microbiologist says CNA Read More Undo Following the fake faculty row last year, Anna University introduced various measures, including Aadhar-based authentication for faculty members and video recording of the inspection process, and inspected the programmes which got permanent affiliation as well. "Anna University is planning to bring online biometric attendance for all faculty members to verify whether the faculty members continue to work in the colleges. It would completely rule out the fake faculty members," the source added. Professors said there is a shortage of faculty members in emerging areas such as AI and data science programmes. " AICTE has allowed up to 20% of faculty members from the industry to teach courses in emerging areas. It would help to resolve the faculty shortage in computer-related programmes," professors said. There is also issue of qualification of science and humanity faculty members. The university found that many faculty did not have required NET, SET qualification. "Colleges can also appoint retired faculty members from govt colleges to teach science and humanities subjects such as mathematics, physics, chemistry, and English to engineering students," a senior professor from the university said. The university also made it mandatory for all engineering colleges to upload the disclosure to the All India Council for Technical Education (AICTE) on their web portal, to inform students and parents about the facilities available in the college.
Hindustan Times
01-07-2025
- Business
- Hindustan Times
Modi Cabinet approves ₹99,446 crore ELI scheme to create 3.5 crore jobs: All you need to know
The Prime Minister Narendra Modi-led Cabinet on Tuesday approved the Employment Linked Incentive (ELI) scheme to promote job creation and improve social security. Prime Minister Narendra Modi during a Union cabinet meeting in New Delhi.(ANI) The scheme aims to promote employment generation, enhance employability and social security across all sectors, with a particular focus on the manufacturing sector. Union minister Ashwini Vaishnaw said that the ELI scheme, with an outlay of Rs. 99,446 crore, will support the creation of over 3.5 crore jobs in the country. Here's what we know about the scheme: The ELI scheme has two parts: one for first-timers and the other for employers. The scheme will target first-time employees registered with EPFO, and offer them one-month EPF wage up to ₹ 15,000 in two instalments. Employees with salaries up to ₹ 1 lakh will be eligible for the scheme. 15,000 in two instalments. Employees with salaries up to 1 lakh will be eligible for the scheme. 'The first instalment will be provided after six months of employment, and the second after twelve months, along with the completion of a basic financial literacy program,' according to a government release. 'To encourage saving habits, a part of this amount will be deposited in a savings account that can be withdrawn later.' Employers will also receive incentives for hiring new workers. 'The Government will incentivise employers, up to ₹ 3000 per month, for two years, for each additional employee with sustained employment for at least six months,' the government said. Also Read | Cabinet approves construction of 4-lane Paramakudi-Ramanathapuram NH section In the case of manufacturing companies, the benefit can be extended up to four years. Employers with fewer than 50 employees must hire at least two additional workers to qualify, while those with 50 or more must hire at least five. The new employees must earn up to ₹ 1 lakh per month to be eligible under the scheme. Payments under the scheme will be made directly to the bank accounts of the workers and employers. Employees will receive their incentives via Direct Benefit Transfer (DBT) using the Aadhar-based payment system, while employers will receive payments in their PAN-linked business accounts. Also Read | Job schemes not a mandate but a nudge to companies, says Nirmala Sitharaman: 'Who is intruding' For every new employee earning up to ₹ 10,000 per month, the employer will receive a monthly incentive of up to ₹ 1,000. The exact amount may vary as it will be calculated proportionally based on the employee's wage within this slab. If the new employee earns more than ₹ 10,000 and up to ₹ 20,000 per month, the employer will receive a fixed incentive of ₹ 2,000 per employee per month. For employees earning more than ₹ 20,000, up to a maximum of ₹ 1 lakh per month, the employer will be eligible to receive a monthly incentive of ₹ 3,000 per additional employee.
The Hindu
19-06-2025
- Health
- The Hindu
KGMCTA demands withdrawal of mass transfer order of doctors
Kerala Government Medical College Teachers' Association has demanded that the mass transfer of faculty in Government Medical Colleges in the name of 'work arrangement' be withdrawn immediately as this was bound to affect medical education and training adversely. KGMCTA raised the objection after the Medical Education department issued orders transferring overnight, 58 specialist doctors from Manjeri, Thrissur, Kozhikode, Thiruvananthapuram and Kannur Medical Colleges, to the new medical colleges of Wayanad and Kasaragod, citing 'work arrangement'. The fact that this was done on the eve of the inspection of the new medical colleges by the National Medical Commission, makes it all too obvious that the 'work arrangement' was just a guise to get NMC approval for the new institutions, it said In a statement here, KGMCTA pointed out that it had suggested to the government several times over that adequate faculty posts and infrastructure should be created in the new Government Medical Colleges at Wayanad and Kasaragod before making these institutions functional. However, the government has not paid heed to these suggestions and has resorted to a mass transfer of faculty, without even sparing those faculty members who are due to retire from service within a short period, KGMCTA said. This was not the first time that the government was resorting to this 'mass transfer' to fool the NMC According to the order issued by the DME, 39 faculty members have been transferred to Kasaragod Medical College and 19 to Wayanad and they have been asked to take charge at the respective institutions the very next day itself. KGMCTA has demanded that the government review this order. The current crisis at Wayanad and Kasaragod is a result of the government's refusal to create adequate faculty posts. By transferring faculty from other medical colleges, the government was destabilising patient care activities and teaching at the rest of the medical colleges too. The older medical colleges too do not have adequate numbers of doctors to manage patient care and teaching, KGMCTA pointed out. It said that the departments of Gynaecology, Orthopaedics and Dermatology have not had any post creation in ages and this woeful shortage of doctors was evident in other departments too. Kasaragod Medical College is in its infancy while the government has not created the basic infrastructural needs in Wayanad Medical College. Almost all other medical colleges too have received notices from the NMC, pointing out various shortfalls and the government's gimmicks to get NMC approval will eventually affect the recognition of the graduate and postgraduate courses in these institutions, KGMCTA said. The NMC has warned several times that any anomalies in the Aadhar-based punching system will lead to the cancellation of the registration of doctors. The government has totally disregarded this in issuing the mass transfer order. The GO does not even say how long is the 'work arrangement' for, KGMCTA pointed out
Hindustan Times
13-06-2025
- Health
- Hindustan Times
Warning letter issued to Aundh District Hospital over lapses during surprise inspection by health dept
The Pune district civil surgeon has issued a stern warning letter to Aundh District Hospital (ADH) staff after several lapses were found during a surprise inspection conducted by the health department. The hospital staff have been warned of severe disciplinary action and pay cuts in case of violation of rules, said officials. According to the officials, the deputy director of health services, Dr Radhakishan Pawar conducted a surprise visit to inspect healthcare services at the ADH on May 30. During the visit, Dr Pawar expressed displeasure regarding the condition of the hospital wards and toilets. The wards and toilets were reportedly found filthy despite a large number of staff working at the hospital. Besides, the staff on duty were not in uniform and were absconding during duty hours. Following this, Dr Nagnath Yempalay, Pune district civil surgeon, on June 10 issued a warning letter stating strict disciplinary action and a pay cut against errant staff found at fault. The ADH staff have been ordered to mark attendance using the Aadhar-based biometric face machine. In case of failure, no salaries will be paid, read the letter. Dr Yempalay, said, 'The sanitation staff have been asked to make sure the toilets and wards are cleaned daily by the respective staff. If they are found unclean, the salary for that day will not be paid to the concerned employee. Additionally, class IV employees who do not wear the uniform while on duty daily will not be paid the washing allowance in their salary from May 2025 onwards.' Dr Pawar, said, during the inspection, several staff were not in uniform and were without ID cards, which confused if they were staff or visitors to the hospital. 'Orders have been given to take strict action,' he said.
