[Resolved]  Mphasis — Redemption Money not credited

My incident reflects utter negligence on the part of Reliance Mutual Funds. I redeemed Media and Entertainment Fund in June 2009, as I urgently required money. I called the customer care and asked if they can send me DD/Cheque instead of direct credit as my bank account that was with them was closed. The only way that my bank details could be changed was sending them a written request. I was told it will not be possible to send the DD/Cheque. So I decided to revisit AMFI guidelines where I came to know that the redemption can be in any mode, DD/Cheque/Direct credit. When I brought this to the attention of customer care they agreed to send me the DD. The DD arrived after almost 2 months after following it up repeatedly.

Don't think that my woes ended here. I happily received the DD. But when I opened the cover, I was shocked to see the same old bank details printed on it (by this time my new bank details were also updated). The reason I requested a DD was because I closed the account with the old bank and still these guys sent me the DD with the details printed in the face of the DD. Then I was asked to submit the DD at the nearest branch and give a written request for new DD. I paid 200 bucks for the auto to go to their nearest branch and submitted the request. I submitted the request on Sep 19, 2009 and I was told within 7 working days the money should be credited to my new bank account. As of today (Oct 13, 2009) , the money is not credited yet. I raised a complaint a week ago and they said it would take 7 working days to give an update on the complaint. When I called them up yesterday, they still haven't received an update.

During all this, I always heard "I''m extremely sorry for the inconvenience caused" (That sounds like "you fool. you invested with us") and "I'd arrange a call back for you tomorrow" (Tomorrow never dies). I asked them to give a monetary compensation and they are not sure if such thing exists at all. I'm never again going to invest in Reliance Mutual Funds