[Resolved]  Taurus Asset Management Co Ltd / Taurus Discovery Stock Mutual Fund — complaint against the delay of service and lack of communication in Karvy mutual fund services.

13,North Masi Street,
Mobile no-[protected]

Taurus Asset Management Co Ltd,
New Delhi.

Sub: complaint against the delay of service and lack of communication in Karvy mutual fund services.

Respected sir/ Madam,

I have invested a sum of Rs. 50,000 in Tauras Discovery Stock Mutual Fund and have purchased around 1658.375 units on 19th December, 2007 at Madurai. My folio number is :[protected]

But due to my financial constraints I have closed my account on 8th January ,2008 and have given the required redemption slip duly signed by me to the Karvy mutual fund services.
at Madurai branch, but they have issued time stamp without noticing that my name and Folio number was not mentioned in the redemption slip. I waited for 10 days for a reply from the company. Later I was told that due to printing mistake from Tauras Asset Management Co Ltd at madurai, the folio number was not printed in my slip hence I couldn’t get my money back. This has caused a huge financial constraints in my business and mental pressure in me.
I was informed about the correction only on 25th January, 2008 through a letter from the Karvy mutual fund services and I could not get the money back. As an investor I condemn the lack of responsibility from the members of the Karvy mutual fund services in issuing the redemption slip without the correct data. I request the concerned authorities to consider my problem and make sure that you issue my amount as early as possible.

Note:I have enclosed a copy of account statement of taurus mutual fund along with this mail

Yours truly,
S.B.Senthil kumar
Was this information helpful?
No (0)
Yes (0)
Aug 13, 2020
Complaint marked as Resolved 
Complaint comments  3 CommentsShareTweet


I STRONGLY AGREE WITH THE INVESTOR. The registrars (karvy / cams) have become so careless that they even give you a received stamp on a blank paper. The quality of the staff they are employing really does'n t know the value of the stamp / seal they are handling.
sebi has to interfere in these sort of cases and should take strong action against the staff / registrar for the deficiencies in their services, which causes lot of trouble to the customer.

Mutual Funds — Investments in MF's and the incurred losses

Suppose an individual invests in shares and incurs a loss, the loss can be attributed to his lack of knowledge, lack of experience etc. in the field of investments. If the same individual invests in Mutual Funds with Five Star rating and with a generally good track record (these funds are recommended by websites like, and and still incurs a loss, can this loss be attributed to the lack of knowledge, lack of experience and inefficiency of the Fund Managers and the persons who are recommending these funds in their above mentioned websites.

Mutual Funds — dealys in service

this is related to mutual fund companies(AMC's) these days,overall service of mutual fund companis especially redemptions and dividend amounts are delayed for month or more than a month. also there are delays in sending account statements to investors.even it takes more than a week's time for direct credit of redemtion or dividends to investors' bank accounts. It takes minimum 2-3 reminders to stop SIP's. when such delys are brought to the notice to customer care depts. of mutual funds, they try to blame the brokers which is not so
in many cases.average time for receiving any proceeds from mutual funds is more than a month.

Post your Comment

    I want to submit Complaint Positive Review Neutral Comment

    Contact Information


    Complaint categoryCategory: Other
    Add Company Information