I invested Rs. 5000 in SBI MF in March and the folio number for the same is 7029949. Since investing I had not received any dividends, so I placed a request to understand the same. Exactly before an year I received a letter from cams (service point for SBI MF) that my folio was put in INACTIVE mode as they couldnt trace back the credit in their book of accounts for the investment we made. My wife and I placed a call with CAMS who confirmed that they had some technical issues in their system and for reconciliation process, they would require the bank statement from us that shows the actual debit in our account for the investment we made.
I since then had been communicating with CAMS in their email ID [email protected] and sent a soft copy of the bank statement to release the funds. I received a response to my email ID [email protected] that they would require the softcopy to process the same. I sent the courier as requested on 12-Feb which was received by CAMS Chennai office on 13-Feb, where as the response from CAMS always had been that the courier hadnt been received. Sent three emails to understand the status and I keep getting an auto mail stating that CAMS would revert in 3 working days time - but no response received as yet.
I asked my wife to follow up with CAMS only to notice that they would take their own sweet time to work on this matter. When she wanted to get a commited turn around time for resolving this issue, there was no commitment from CAMS. She had requested a senior official in the call center Ms. Nandita that the problem be escalated to the next higher authority for which they declined stating that they would speak only to the investor personally and not to my wife.
While CAMS were able to interact with my wife after asking some questions for verification till yesterday, I am surprised how things would change in a day - that would not allow them to speak to my wife on this matter.
I am seriously suspecting that there are 1000s of issues with SBI MF & CAMS systems, that they are not able to trace back any of the past transactions and account details too.
My doubt now is whether I'll be getting my money. I had been trying to reach the complaint cell of SBI MF, but no one attend the call too. I have made up my mide that I'll never invest in any of the MF companies that outsource their work to companies like CAMS who do not have a hold on what they are doing.
Thanks for reading this. If I get a resolution through this complaint, I would consider myself to be very lucky.
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