SBI Mutual Fund — HARASSMENT FOR REDEMPTION BY SBIMF AND CAMS

Address:

Mumbai City, Maharashtra

FOLIO NO:[protected] AND[protected] Redemption requests rejected twice. 1) On 29 April 14, after consulting with your call centre and also local Borivali office, I had prepared the redemption request on plain paper signed by second holder as BOTH FOLIOS ARE OPERATED ON “WITHER OR SURVIVOR” BASIS. 2) These applications were summarily rejected on the ground that Bank Mandate were necessary. Surprisingly CAMs delivered these rejection letters by ordinary post which reached me on 15 May 2014-after more than 15 days ! 3) On 112 May 14, in absence of any information, I called up your Customer Care(!) and talked to one Ms Sumati. She told me the reason for rejection and informed me for resubmitting the applications with necessary documents. She clearly told me to resubmit the redemption application with all bank and status related documents simultaneously but confirmed that the redemption will be done only after the bank mandate is accepted. 4) ON 19th May 2014, I resubmitted fresh applications along with the following documents which were also confirmed by your Branch officer –Mr Sameer Kute at the time of submitting. He also verified all documents with the originals. 5) On 22 May 14 when I called up your Customer Care they told me that your both applications were rejected as bank mandate were not provided !! Now this is strange ! Obviously, since the bank mandate was not shown on the record I had made this second application and without looking at the documents in the application, the person thought it fit to reject the it. 6) As per your own letter dt 29 April 14(Recd on 15 May 14), and also confirmed by Ms Sumati and Mr Sameer I have submitted with this second time Redemption request the following documents : a) Letter for Redemption giving detail about units-folio no etc b) Letter for change of status of first holder who was minor at the time of buying the units but now has turned major by Guardian Tushar Vora c) School Leaving certificate for the Major d) KYC-CVL-KRA for first holder e) Driving Licence copy f) Bank signature attestation form along with Personalised Cheque Leaf g) Ration card copy h) PAN Card Copy i) Tabulated details about folio no, Holding, bank A/C no., MICR, IFSC Code etc The letter is signed by the Major-first holder. 7) My Complaints : a) Why firt time rejection was not sent to me by courier or some other quicker mode? b) Are SBI branch officials not aware about the procedure ? Like I was clearly told that in “either or survivor” operation any one holder can sign and claim the redemption. The same thing is followed in Banks as well which are governed by more stringent regulations. c) Why the second time application is again rejected for the same ground while ALL DOCUMENTS WERE ATTACHED WITH THE APPLICATIONS AS PER WHAT I WAS INFORMED BY YOUR LETTER AS WELL AS OFFICERES Ms. Sumati(Call CentreCAMS) and Mr Sameer Kute(Borivali Branch) at the time of submission ?????? Sir, kindly note that the above is a clear deficiency in services on part of SBI MF as if you create such Intentional Obstruction and Hindrances at the time of Redemption of our own investment who will have faith in SBI MF ? Already one month is wasted in the process and I request you to urgently process my application for redemption or other wise I will be forced to take up the matter to SEBI or other suitable governing authority and publicise this harassment on part of SBI MF and CAMS. TUSHAR VORA-GUARDIAN of PALAK VORA(folio[protected] and SEEPAL VORA(folio[protected] Mobile : [protected]- email : [protected]@yahoo.co.in Address : Q-903-904, PANCHSHEEL GARDEN, MAHAVIR NAGAR, KANDIVALI(WEST), MUMBAI-400067