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Have you faced a situation where your redemption request not duly honoured by MF house? What to do in this case?
"We trust that you will avoid using harsh language and will refrain from making unsubstantiated allegations against individuals and firms. Your constructive feedback and opinions are very valuable to all of us in the industry. "
I have noticed in too many cases, that redemptions are paid by cheque, eventhough all details of the bank including neft / MICR / RTGS / IFSC codes are provided in the first application. This tactics is played by the AMCs for their convenience / advantage. Wish the AMCs are judicious in the matter and helpful. This goes a long way in holding investors in MF. Any / Every mistake or wrong practice followed by the AMCs, moves the investors silently away from MF, BEWARE.
R&Ts are not honouring redemption requests promptly on specious pleas. Most common is "signature mismatch" When the address has not changed and the bank details are also unchanged and redemption proceeds have to be sent electronically, where is the justification for rejecting redemption request with the reason" signature mismatch". More exasperating is the case when same KYC compliant customer submits four requests for redemption from same/different schemes of the same AMC. Some requests are honoured and others rejected. AMCs are driving away small investors from Mutual Funds by their irrational approach.
Lot of problem .new generation is no problem but old ifa group face lot of problem one person sign is differ after 10 or 15 years it is natural why amc is not understand why redemption time sign updation and rede for customer Only attestation is needed customer is not holding the folio after that.main tortures are reliance and tata amc .They hav e a research team to how to torture customer and ifa
Lot of difficulties.rejected more than 50 percent for signature mismatch. AMC not following uniform practice.Request for change in bank detail is very difficult. If rejected,again submit all the document. Again start with starting. This Practice is time consuming and loss of many paper,money and ARN''s costly TIME.
Lot of difficulties.rejected more than 50 percent for signature mismatch. AMC not following uniform practice.Request for change in bank detail is very difficult. If rejected,again submit all the document. Again start with starting.
Dear Jeffrey, your comment is not clear. Please give some more details: Did AMCs give you or your clients any reason for the rejection? What do you mean by ''duly honoured''?