[Resolved]  UTI Mutual Fund — UTI DIVIDEND YIELD FUND - DIVIDEND FOR YEAR 2011

Address:

Thane, Maharashtra

With due respect and also keeping trust on your valuable services, I wish to write a few lines, for your kind consideration and fair justice:

I am an NRI and I am holding 1,514.215 Units o[censored]TI Dividend Yield Fund (Dividend Option) and my Folio Number is[protected]. During my vacation in May/June 2011, I had requested through UTI Mutual Fund, Kalyan for changing my bank mandates in their records, since I had requested HDFC Bank to close my bank account. While accepting my request, the UTI Officials did not make any comment on my request. During my recent vacation in May/June 2012, I had surprisingly seen a regret letter sent by their Registrar & Transfer Agents – Karvy, saying that they could not process my request for the reason that my Old bank proof is missing. A copy of the letter is enclosed for your kind information. I had protested on their negligence and irresponsibility, but they were on the same stand. I had re-submitted all the documents on 21st May 2012.

In the meantime, UTI Mutual Fund had declared the following Dividends against my portfolio for year 2011 and transferred the same to my closed and inoperative bank account with HDFC Bank; despite holding my request for changing bank mandates.

30/05/2011 Dividend Pay Out @ Rs.0.50000000 per unit Direct Credit HDFC BANK ~ 07/06/2011 [protected] 1,901.11 0.00 0.00 1,901.11
30/11/2011 Dividend Pay Out @ Rs.0.40000000 per unit Direct Credit HDFC BANK ~ 08/12/2011 [protected] 1,520.89 0.00 0.00 1,520.89

I have exchanged several letters and e-mails in this connection, but all my efforts are on vain. They have neither provided me a proper justification on my complaint, nor did they reimburse my lost Dividend amounts which they had wrongly transferred to closed bank account with HDFC. All my letters/ e-mails seeking explanation from UTI Mutual Fund seems directed to their Registrar & Transfer Agents – “Karvy” and they are providing me irresponsible answers and trying to mislead my complaint. My letters/e-mails never seems to reach the higher management.

Moreover, they are maintaining a hopeless and irresponsible Customer Care Service.

Is it justified? When my request for changing bank mandates is already available in their office, why did they choose to transfer my Dividends to a closed and un-operated bank account? Who authorized to do so? Why they did not provide my Dividends through cheques? Is this the way of treating a valuable customer who has invested with full faith on UTI Mutual Fund?

Due to the negligence o[censored]TI Mutual Fund, I am losing a substantial amount of Dividend, which is not acceptable to me. Therefore, may I request your good office to take up my issue with the higher level management o[censored]TI Mutual Fund and pressurize them for reimbursing my lost Dividends?

Best regards,
V. S. Sureshkumar