[Resolved]  Reliance Money Manager - Growth — Redemption Cheque not received after 19 days

Address:

New Delhi, Delhi

I submitted my redemption request for folio [protected] on 6th November 2010. Reliance MF informed me on 11th November that they have processed redemption and sending proceeds by RTGS to my registered bank account. Again on 12th they wrote that they have sent redemtion cheque by SreeTirupati Courier consignment 2121. But on tracking Courier said "Sorry no records". On lodging a complaint with Reliance MF, Karvy and Tirupati Courier, nothing happened even upto 24th November. On further enquiry with Rel MF, I was told by telephone that my matter will be settled by 30th November 2010. Is it the way Mutual Funds Industry or more supposedly top MF as they advertise, works? How to arrest this wrongful use of investors funds for weeks or months? Any regulations against this menace?

Further today 24.11.2010, when my office contacted Reliance Mutual Fund, Delhi, they washed their hands by saying, we have already sent the redemption cheque by courier. But they did not provide any lead fat which branch of Tirupati Courier office they have posted the cheque. Tirupati Courier Office created cyclic problem by asking, provide the branch where Reliance posted the cheque or they can't help even if their consignment number and date of posting are provided. It looks, Reliance plays the game to use investor money as float! Or is it serious callousness as there is no pressure from market?
Simita Mishra