Birla sunlife mutual fund
Redemption Proceeds Missing for a Month

Hi all,

I had given a redemption request to BSL on November 23 which was redeemed in an orderly manner. There were three instructions and a cancelled bank cheque was provided along with clear instructions to:

1. transfer the redemption proceeds into the captioned bank account

2. discontinue any further debits into my account on account of any of the SIPs

Please note, that the AMC redeemed all the three investments the same day, but issued cheque for one while the other two were transferred to bank. The surprising part is that despite there being a similar request, the highest redemption proceed was processed through a cheque and a wrong account number was mention (I would like to re-iterate, that this happened despite being provided with a cancelled cheque and the account number being mentioned on the redemption request). Its going to be a month now, and I still do not have the proceeds of the redemption that amounts to more than Rs. 50, 000.

Some other careless signs by the organization include:

1. There is no number where I can reach them and get this sorted out. Only their reps can call me up. I just cannot keep calling up the call center and recite my plight every time

2. Each time I send a mail I get a greeting auto mailer as revert. I do not appreciate this given the fact that this is not taking me anywhere

3. The AMC has conveniently translated the matter into an account correction and phone number correction matter. There is no mail for the last few days which gives me an update on redemption proceeds. There is no question of correction anyways - they rather made a mistake by capturing a wrong number and are now trying to show me that they are making a favor by correcting their own mistakes

I had redeemed the money for a purpose and this callous attitude has affected some financial obligations negatively. I really wish to action something against these guys and now demand penal interest on savings account or redemption amount in sync with the current market NAV, whichever is higher.

Thanks,

Charu