HDFC Tax Saver Fund, Folio:2262122/45
I had purchased the abovementioned MF units for Rs 30, 000/ in July’2005 while I was located at Ankleshwar, Gujarat.
In course of time, I relocated to Pune and recently applied for redemption of all units on 07 Dec’2009. Along with the redemption request, I forwarded “ change of bank mandate”, because my Bank of Baroda, savings account had been closed several months earlier.
While HDFC MF did not change my bank details, they redeemed the units and forwarded a cheque with in 1 week of redemption. As the cheque was payable to a CLOSED a/c, I returned the cheque along with another change of bank request, and a cancelled cheque of my new a/c ie Axis Bank savings a/c.
Again, HDFC MF forwarded a cheque payable to the same Bank of Baroda, savings account, which is closed and no longer valid. HDFC stated that change of bank of would require a letter from the Ankleshwar branch of Bank of Baroda, which is clearly not feasible for a client to arrange after he is relocated to a different station.
Karvy’s Pune office, who are my agents for MFs, pleaded with HDFC MF, Pune office on my behalf to accept the change of bank and forward the redemption proceeds to my new a/c at Pune.
HDFC MF, Pune office verbally agreed to do the needful in end of Dec’2009.
Now it is Jan 20 and the redemption proceeds have still not been credited to my a/c. My questions are:
• Why are my redemption proceeds being denied to me even after 1 month?
• What is the change of bank process that needs so much time? Is it not a front for misusing a client’s money?
• Why was my redemption initiated if there was a doubt about changing bank details?
• Why was I not provided contact reference of HDFC management when I requested to report this matter?
I DEMAND REDRESSAL OF MY GRIEVANCE FORTHWITH.
I HAVE ASSOCIATES LOCATED OVERSEAS WHO TELL ME THAT IN NO COUNTRY IN THE WORLD DOES A PROCESS OF CHANGING BANK DETAILS AND REDEMPTION OF MF TAKES SO LONG. HDFC MF CAN NOT HIDE BEHIND THE BOGEY OF RBI GUIDELINES ON SECURITY, TO DELAY SUCH TRANSACTIONS.
THIS CASE MAY PLEASE BE SHOWN TO THE TRUSTEES OF HDFC MF SO THEY REALISE HOW A CLIENT’S TRUST SHOULD BE ADDRESSED.
Rajesh Kumar
[email protected]
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