[Resolved]  UTI Mutual Fund — UTI DIVIDEND YIELD FUND - FOLIO #[protected]

Address:

Thane, Maharashtra

Sir, I am holding 1,514.215 Units o[censored]TI Dividend Yield Fund (Dividend Option) under Folio #[protected] and I had lodged a complaint about UTI Mutual Fund with the Respectable Forum regarding my two Dividend Warrants of year 2011, which they had wrongly transferred to my closed and unused Bank Account with HDFC Bank, despite having my request for updating my new bank mandates. Now UTI Mutual Fund and their Registrar & Transfer Agents - Karvy have been repeatedly sending me e-mails after e-mails and trying to defend their part. In one of the recent e-mails from UTI, one Nanda Malai (Position is not known) says that they had conducted an investigation with HDFC Bank and found that my Bank Account is still active. I regret to inform the Respectable Forum that I have not authorized / requested any one in UTI / their Registrar & Transfer Agents - Karvy to conduct an investigation whether my bank account is still active or not active. Unless the customer has some problem with his existing bank account or the same is closed, he would not approach with a request for changing his bank mandates, which may kindly be noted. Due to negligence o[censored]TI or their Registrar & Transfer Agents, my bank mandates are not updated well in time in May/June 2011, resulting that I have lost my Dividends for which UTI Mutual Fund is responsible. My argument is that my request for changing bank mandates is already available in their office, why did they transfer my Dividends to my closed and inactive bank account with HDFC Bank? Whey they did not dispatched my Dividends to my postal address. Why they did not hold my Dividend and write to me?

From the above, it is quite clear that UTI Mutual Fund is in a fault and therefore, the Respectable Forum should insist them to reimburse my lost Dividends through my new bank mandates, immediately without any further delay.