I had given the three cheques to Mr. Navin from Bluechip capital services private limited located at Hauz Khas on 30th October 2009. The cheques were of Rs. 20,000/- to be invested in Fidelity Tax advantage Fund, Rs. 10,000/- for SBNPP Tax Saver and Rs. 341/- for brokerage charge. He has brought with him the NAV of 30th October. On the basis of which I decided to invest on 30th october 2009. To my surprise, he has invested the brokerage cheque earlier (amount has been deducted from my account on 4th November) whereas he has invested the amount on 9th November 2009 (amount has been deducted from my account on 11th November). This is a wrong practice. Without doing the investment, cheque for brokerage should not have been deposited. I called twice during the week 2nd – 8 November. First for informing him about this wrong doing and second for asking the reason for non-investment of the amount.
Secondly, I have to bear the loss due to change in the NAV rates from the date of my giving the cheques i.e. 30th October 2009 and the date of investment i.e. 9th November (refer the details below extracted from www.camsoline.org). Hope that you would be compensating me for the same? Holding on the cheque is not a good practice. I generally do the investment for tax saving purposes. I was dealing with Mr. Abhishek, Bluechip from last 3 years.
S14 SBNPP Tax Saver - (Open Ended) -Growth09-Nov-200940.3480.802339.5457
S14 SBNPP Tax Saver - (Open Ended) -Growth06-Nov-200939.5457.481139.0646
S14 SBNPP Tax Saver - (Open Ended) -Growth05-Nov-200939.0646.530538.5341
S14 SBNPP Tax Saver - (Open Ended) -Growth04-Nov-200938.53411.012437.5217
S14 SBNPP Tax Saver - (Open Ended) -Growth03-Nov-200937.5217(1.2612)38.7829
S14 SBNPP Tax Saver - (Open Ended) -Growth30-Oct-200938.7829(.1549)38.9378
FFTAFG Fidelity Tax Advantage Fund - Growth09-Nov-200917.2060.354016.8520
FFTAFG Fidelity Tax Advantage Fund - Growth06-Nov-200916.8520.163016.6890
FFTAFG Fidelity Tax Advantage Fund - Growth05-Nov-200916.6890.174016.5150
FFTAFG Fidelity Tax Advantage Fund - Growth04-Nov-200916.5150.402016.1130
FFTAFG Fidelity Tax Advantage Fund - Growth03-Nov-200916.1130(.3960)16.5090
FFTAFG Fidelity Tax Advantage Fund - Growth30-Oct-200916.5090(.1180)16.6270
This kind of happening reduces the faith between the investor and the client.
Look forward to receive an early response.