Jun 22, 2010 01:05 PM
8948 Views
I felt paper less transaction MF is easy and convenient for people like me. It was a right approach but selection of the agency was bad. I was investing in various schemes, tax planning ELSS etc. At a later stage I realised, i need to make nomination for these investments. This is were the irritation and the poor service started
I wrote and downloaded the nomination forms and sent it to their office in Navi Mumbai. Separate form for each folio. On follow-up they asked for courier details and I sent the the web page confirmation for delivery. Got a standard reply as per new SEBI guide lines, which they may ask in future and requested patience from my side
After 2 weeks followed up and same reply and as soon as the nomination done, my "message" page will updated and again requsted to wait. After another 3 weeks I followed up, they said as per new procedure, the nomination request signature has to attested by a bank. Again I did the paper work on each folio and sent them In the mean while I sent mail to Head quality and no reply. I sent a mail to the COO, and his pffice replied with an SR number
After 2/3 weeks I got message that barring couple of folios rest has been registerd with omination
When I check the "Holding" what they said is not totally true. Not only that, they have misspelled the name of the nominee. When I approached the fund the asked me to get in touch with their partner (Broker). What was supposed to be easy and efficient turned out to be a PAIN. Now I have decided to redeem the units and Reduce holding. This not all. When I wanted to link one Demat acct, i was made visit their office couple of times and gave me stamped PA form, I dutifully sent it
I got a reply after 3 week that the PA stamp per was an expired one. On the whole the people lack domain knowledge and very poor quality standards
