Feb 22, 2010 04:34 PM
21392 Views
Returns from a fund may be the most crucial factor to judge a fund house but one also needs to evaluate whether the MF is able to fulfill the basic commitment of executing the investor instructions delivering a discrepancy free Statement of Account.
Returns & stability : Tata Mutual Fund is comparable to other leading fund houses.
Statement of Account : Repeated reminders are required even though the SEBI guidelines clearly state that even if there is no transaction in a folio, an annual statement is to be sent to the investor. The SOA 's received should always be retained, that is, don't make the mistake of trashing the old one & just retaining the new SOA.
Investor Instructions: Total failure with no one prepared to take the responsibility. Its like playing a game of "pass the buck" which will usually end up with the investor.
My recent experience: An SOA sent by them in a span of 4-5 months states that the mode of redemption & dividend payout has been changed from direct credit to cheque payout without authorization. Pursuing the matter with the AMC proved to be totally cumbersome. They need the investor to send scanned copies of both statements. MAKES ONE WONDER - Who is servicing whom?
To top it all, a complaint lodged on 02.02.2010 still awaits a response. Senior managers continue to be unavailable - in a meeting always. Their motto seems to be - Dump the investor. After all, the onus of corrections is on the investor - its his money so its his baby.
Invest with them only if you are prepared for the harassment and sorry excuses!
