Ref. No: RNRL Date: 02 September
M/s. Reliance Mutual Fund
C/o M/s. Reliance Capital Asset Management Limited
302-303 Tilak Complex, Opp. Pizza Inn,
Jetalpur Road, Baroda – 390 005 K/A: Shri Sumedh Barve – Branch Operation Executive
Sub: Compensation of Rs. 11, 000 / Request for Re-dressal of Complaint for wrong Rejection of my
SIP (ECS) of Rs. 2, 000 since March - 2008 for 12 Months, with an improper reason of 1) “SIP Instalment Amount has not been mentioned in the ECS / AUTODEBIT Mandate Form” and 2) “The rejection has been made on the basis of Cheque Return Entry in the Bank Statement of the Fund”
Ref: My Account No. 41081573582
Dear Sir,
On the subject, please refer to my telephonic discussion of date with your good-self. I wish to state as under:
1. I filled up your Key Information Memorandum Cum Application Form for Reliance Natural Resources Fund bearing Sr. No. RNRF A 1103107 with SIP of Rs. 2, 000/- per month for 12 months through your Agent / Broker viz. M/s. Bajaj Capital Limited, Baroda. With this application form, I had attached a Cheque No. 535361 for Rs. 2, 000/-. At that time, I had also filled your Auto Debit / ECS Mandate Form mentioning SIP Date as 10th of every Month with my Bank Account Details as under:
SR.
PARTICULARS DESCRIPTION
i. NAME AS PER BANK ACCOUNT SANJAY R MISTRY
ii. ACCOOUNT TYPE Saving Bank Account
iii. ACCOUNT NO. 000301551755
iv. BANK ICICI Bank Limited
v. BRANCH Vadodara Branch
vi. PAYABLE LOCATION Landmark, Race Course Circle
vii. BRANCH CITY Vadodara
viii. PIN 390007
ix. 9 DIGIT MICR CODE 390229002
x. MANDATORY ENCLOSURS Copy of Cheque
2. As an acceptance of my above application, I have received your Account Statement dtd. 26.02. thereby confirming Initial Allotment of 195.599 Units to me.
3. Subsequently, I have received an Account Statement dtd. 13.03.2008 thereby stating Initial Allotment of 195.599 Units only, which supposed to contain next allotment of Units for Rs. 2, 000 as ECS SIP Date was 10th of every Month.
4. So, to enquire the above mistake, I visited your Broker M/s. Bajaj Capital Ltd, who in-turn suggested me to enquire with my above Bankers for non deduction of ECS SIP from my account. Therefore, I also visited them to enquire above but, they replied that, no such request for deduction of ECS SIP in my account has been coming from your end.
5. On 07.04.2008 I have received your Letter No. 41081573582 dtd. 31.03.2008 for “Rejection of NFO Systematic Investment Plan Application (SIP)” because of SIP Instalment Amount has not been mentioned in the ECS / AUTO DEBIT Mandate Form. Therefore, as suggested by you in this letter, I again visited to your Broker M/s. Bajaj Capital Limited and again filled a SIP (ECS) Mandate Form bearing No. APP No. G1691673, which was duly checked and verified for any above mentioned error by your Broker.
6. Subsequently, I have received Account Statement dtd. 13.05. stating Sys. Investment, confirming allotment of Units to me for the Month of May.
7. However, on 12.06. I received your Letter bearing Ref. No. RMF / 20080529 / 61 / 41081573582 dtd. 29.05.2008 stating that, “Auto Debit Facility which you have opted for has been rejected on account of Payment Failed because account description does not tally.”
8. So, to check / enquire the above mentioned discrepancy, I visited to my Banker and asked them to give the RNRL ECS account transaction for deduction of SIP. On verifying, the same, I found and noted that, though my Account No. was same the Account Holder’s Name was written as “SANKAU R MISTARY” (copy attached) and therefore the ECS deduction of SIP was not taking place from my account.
9. Again on 01.07. I received your Letter dtd. 21.06.2008 stating the details as described at Sr. 7 above. But, to my surprise, vide my Account Statement dtd. 03.07.2008 and 31.07.2008 the allotments of Units have been allotted to me for the month of April, May, June and July.
10. Therefore, to solve your above problem, I have personally visited following offices several times and also made the following correspondence:
M/S. BAJAJ CAPITAL LTD
M/S. RELIANCE MUTUAL FUND
M/S. ICICI BANK LTD M/S. KARVY
04 to 05 Times 06 to 07 Times and met your concerned rep. Sumedh Barve 06 to 07 Times at Sayajigunj and Landmark
04 to 05 Tele calls made by me with Sanya Merchant
EMAILS SENT BY ME
M/S. BAJAJ CAPITAL LTD M/S. RELIANCE MUTUAL FUND M/S. KARVY M/S. ICICI BANK LTD
1) 09.04.2008 & & &
2) 11.04.2008 & & &
3) 13.06.2008 & & &
4) 18.06.2008 18.06.2008 & &
5) 20.06.2008 & & &
6) 25.06.2008 25.06.2008 25.06.2008 25.06.2008
7) & & & 26.06.2008
8) 02.07.2008 02.07.2008 02.07.2008 02.07.2008
9) & 18.07.2008 18.07.2008 18.07.2008
10) & 24.07.2008 24.07.2008 24.07.2008
11) & 25.07.2008 25.07.2008 25.07.2008
12) & 26.07.2008 26.07.2008 26.07.2008
13) & 02.08.2008 02.08.2008 02.08.2008
14) & 05.08.2008 05.08.2008 05.08.2008
11. I have also received the following emails from the concerned authorities.
SR.
M/S. BAJAJ CAPITAL LTD
M/S. RELIANCE MUTUAL FUND M/S. ICICI BANK LTD
1) & 13.06.2008 &
2) & & 18.06.2008
3) 21.06.2008 & &
4) & 24.06.2008 &
5) & 25.06.2008 25.06.2008
6) & 26.06.2008 26.06.2008
7) & 02.07.2008 &
8) & 03.07.2008 &
9) & 18.07.2008 18.07.2008
10) & 24.07.2008 24.7.08 @ 14:55 Hrs
11) & & 24.7.08 @ 17:03 Hrs
12) & 25.07.2008 25.07.2008
13) & 26.07.2008 26.07.2008
14) & 28.07.2008 &
15) & 03.08.2008 &
16) & 05.08.2008 &
17) & & 06.08.2008
18) & & 07.08.2008
19) & 08.08.2008 &
20) & 11.08.2008 &
12. I have mentioned the dates of SIP as 10th every month maximum for 12 months. So, for your information and record, I give you the details of my SIP amounts, which my Banker have deducted as under:
SR. ECS SIP FOR THE MONTH OF UNIT ALLOTMENT DATES AS PER YOUR STATEMENT YOUR STATEMENT DATE
DATE ON WHICH AMOUNTS DEBITED FROM MY A/C
NARRATION ECS SIP AMOUNT (RS.)
1) Initial Allotment 25.02.2008 26.02.2008 31.01.2008 Ch. No. 535361: Reliance Natural Resources Fund 2000.00
2) April - 2008 25.02.2008 13.03.2008 06.08.2008 ECS Dr Transaction dtd. 06.07.08 2000.00
3) May - 2008 25.02.2008 & 12.05.2008 13.05.2008 01.07.2008 ECS Dr TP Reliance MF-348218 2000.00
4) June - 2008 25.02. 10.04. 12.05.2008 & 10.06.2008 03.07.2008 01.07.2008 ECS Dr TP Reliance MF-347401 2000.00
5) July - 2008 10.04. 10.04. 12.05.2008 & 10.06.2008 04.07.2008 10.07.2008 ECS Dr TP Reliance MF-523668 2000.00
6) Aug - 2008 25.02. 10.04. 12.05. 10.06.2008 & 10.07.2008 31.07.2008 11.08.2008 ECS Dr TP Reliance MF-997592 2000.00
13. From above, it is evident that, because of yours and / or your Brokers / Data Entry Agency discrepancies, the SIPs those have to be deducted every 10th of month have been deducted after three and four months period though there was sufficient balance in my Bank Account.
14. Thus, I feel, due to total negligence of yours and / or your Brokers / Data Entry Agency, I have been through loss of service income and physical & mental trauma for shunting here and there to solve your problem.
15. I therefore request you to credit my Account No. 41081573582 for the above amount of Rs. 11, 000/- OR credit my Account for Units equivalent above amount and your apology letter for above wrong actions and giving therein assurances not to repeat the same in future for my account.
16. Please note that, your Mr. Sumedh Barve and Sanya Merchant of M/s. Karvy have agreed to give me compensation.
17. Whilst on this, I also request you to kindly correct my IT PAN No. as “AJUPM5454F”. Copy of My IT Pan also attached herewith.
I hope, you would consider above points and favour me with your reply by needed supporting documents and crediting my account as requested immediately and oblige. I may mention, for seeking a justice, I am approaching your good-self with this letter, failing which I reserve my right to approach your RO / ZO / HO for the justice. Thanking you in anticipation of your kind co-operation.
Yours Faithfully
eagerly
(Sanjay Mistry) ENCL: As Above
CC: Securities And Exchange Board Of India, Office of Investor Assistance and Education, Post Bag No. 8140, Bandra East Post Office, Mumbai – 400 051. E-mail: [email protected]. This is for your taking necessary action for advising M/s. Reliance Capital Asset Management Limited in seeking justice to me.
CC: M/s. Karvy Computershare Pvt. Ltd (Registrar & Transfer Agent for Reliance Mutual Fund), Unit: 21, Avenue 4, Street No. 1, Banjara Hills, Hyderabad – 500 034. E-mail: [email protected]. Please refer my above stated emails to your goodselves and also several telephonic talks with your Sanya Merchant at Baroda Office (Phone: 0265-6640870 / 6640871). This is for your information and give me compensation as stated above early and oblige.
CC: M/s. Bajaj Capital Limited, 129, 1st Floor, Siddharth Complex, RC Dutt Road, Baroda – 390 007. K/A: Mr. Jeetendra M. Kamlatkar – Client Relationship Manager & Branch Head. E-mail: [email protected]. This is for your information and doing needful in the matter.
The Standing instructions received from Reliance are as below from the date of your account opening are as below:
31-01 535361 RELIANCE NATURAL RESOURCES FUND
01-07 ECS-DR 2, 000.00
01-07 ECS-DR 2, 000.00
01-07 ECS-DR 2, 000.00
06-08 ECS DR 2, 000.00
11-08 ECS-DR 2, 000.00
10-09 ECS-DR 2, 000.00
Sincerely,
Swarnalatha Bhandari
Customer Service Officer
ICICI Bank Limited
&&&&&&&&
Further, I also recd. mail from M/s. Reliance Mutal Fund stating as under:
From:
Preethi. [email protected] | Add to Address Book | This is spam
To: [email protected]
Subject: Fw: My Account No. 41081573582: Compensation of Rs. 11, 000 / Request
Date: Mon, 22 Sep 2008 16:54:22 IST
Go to Attachment (s)
Note: To help protect your privacy, images from this message have been blocked. View images | What is this?
Dear Mr. Mistry,
We refer to your email dated 20th September & your telephonic discussion with Ms. Sheetal Dogra & Ms. Khushbu Doshi on 22nd September.
As discussed, we wish to reiterate that on receipt of your complaint on 12th September, we had processed your Systematic Investment Plan (SIP) transactions for the month of April'08, May'08, June'08 and July'08 as per the applicable NAV (Net Asset Value). Since there has been no financial loss to you, we would be unable to process your request for compensation.
0 comments