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Prasad Patwardhan (Techno-Legal professional)     11 November 2011

Default by mutual fund

On 28th Oct -11, Reliance MF accepted and processed my redemption request, proceeds of which were to be credited in my back account directly.

They confimed the completion of redemption by a letter stating that the maturity amount has been credited

However the reality was different. There was no credit in my account till 20 days now.

May be instead of my acc , they credited to a different one.

This amounts to da efault and an offence under S. 15D of SEBI act attracting penalty of 1 Lacs a day.

Unfortunately our SEBI & the Tribunal are not transparent enough to provide complaint / grievance links on the web portal.

 

Can someone suggest how can invovke the provisions and move the case to SEBI / Tribunal



Learning

 4 Replies

Piyush Vaishnava (Advocate)     11 November 2011

dear friend dollow this link to file a online complaint https://scores.gov.in/Complaint.aspx?flag=n

ok

Kumar Doab (FIN)     11 November 2011

It is believed that you have confirmed in writing that you have not received any disbursement in your a/c.

Ramalingam K (Founder and Director of Holistic Investment Planners (P) Ltd. a financial planning nd wealth mgt company. An M.B.A. graduate nd CFP certified professional having 11 years of experience in investment advisory.)     12 November 2011

Before investing in mutual funds, one need to demystify certain misconception and myths about mutual funds. I have explained this in detail in the below link.
 
Regards,
Ramalingam   K, MBA, CFP,
Chief Financial Planner,
Holistic Investment planner private Limited,

SURESH GODBOLE (ADVOCATE)     13 November 2011

Have you again approached the Reliance People ,

They have your Bank Particulars while you submit application ,

Approach them with telling the fact and wait for 10 days for their answer , ask them on phone . try to talk to their top boss

I feel this will solve the problem

Its extremely unlikely that they have paid the amount to a different man

But still not reached your A/C

Tell them

What they say in their letter , quote here , and we will see what to do


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