[Resolved]  UTI Mutual Fund (UTI Dividend Yield Fund) — Folio No.[protected] NON RECEIPT OF DIVIDEND

Address:

Mumbai Suburban, Maharashtra

Ref : Folio No.[protected]UTI Dividend Yield Fund)
Sub : Dividends of year 2011 & 2012

With due respect and faith on the Forum, I am submitting a Complaint about UTI Mutual Funds, on their irresponsibility and negligence, as under:

I am an NRI and I am holding 1,514.215 Units o[censored]TI Dividend Yield Fund under Folio No.[protected]. I had requested through their Kalyan Office (Branch) to change my Bank Mandates through their prescribed form, with all the documents during May/June 2011, but they had lost my request itself. I had personally submitted my request to t

During my recent vacation in May/June 2012, surprisingly I had seen a letter sent by their Registrar & Transfer Agents – Karvy, requesting me to re-submit my request with all supporting documents, which I did so. Thereafter, I received an e-mail confirmation from UTI for having updated with my New Bank Details of State Bank of India, Murbad Road Branch, Kalyan, in their records.

I had protested on their irresponsibility and negligence and had exchanged several e-mails to their Customer Service, but all my efforts are on vain. However, they kept blaming me that my request was incomplete.

In the meantime, they were declared Dividends on my holdings (UTI Dividend Yield Fund), as detailed below:

 Rs.1,901.11 & Rs.1,520.89 for the Financial Year 2010-11
 Rs.1,520.89 for Year 2011-12
As per my request, UTI Mutual Funds had sent me an e-mail notification showing that all the above Dividends have been transferred to my old and inoperative Bank Account with HDFC on 30th May 2011, 30th November 2011 and 26th June 2012, respectively. Please note, my Account with HDFC Bank.
When I have sent a Notice to UTI Mutual Fund on 1st August 2012, they have credited Dividend Warrant for Rs.1,520.89, for the year 2011-12, to my new Bank Account with State Bank of India. But, they are still silent on my other two Dividend Warrants.
Is it justified? Why should I be in a loss for their negligence and irresponsibility? When my request for changing Bank Mandates is already available in their office and my request is not implemented, they could have either dispatched my Dividend Warrants to my available postal address, instead of transferring the same to my closed and inoperative account with HDFC Bank.

Therefore, may I request the Respectable and Honorable Forum to be kind enough on me and advise UTI Mutual Fund to reimburse my unpaid Dividend Warrants, without any further delay?

Hoping for a fair justice on my complaint.

Yours truly,
V. S. SURESHKUMAR