I am holding 140, 000 units of LICMF Top 100 Growth plan purchased at Rs 10 per unit in 2007. I submitted my electronic application to redeem the same on 4/7 and had confirmation from LIC MF Head office (Ms. Shivani) in Anna salai that things are through. On 11th July, I got a letter from M/s Karvy through courier stating that there is signature mismatch and hence the policies could not be redeemed, after which I have sent enough mails to LICMF, but no reply.
I have the following questions to M/s Karvy & LIC MF :
1. The holder and redemption application are from the same person and the amount was asked to be returned to the same account from which the MF were purchased. In this, where is question of mismatch of signature?
2. Where was Karvy when I invested into LIC MF. I gave the cheque to LIC manager directly. Not through Karvy?
3. Who is Karvy to interfere in this issue?
4. While LIC have accepted my application form for redemption, what right Karvy has to reject my application.
5. They should have checked up with LIC for legitimacy of the application and then acted upon, which did not happen.
Above all, I demand considering my redemption application of 4/7 as valid and request credit the amount as per NAV on that day to me NRE account, otherwise I will be forced to take legal action against M/s Karvy and LICMF. I have all the documents as requested, ready with me.
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