Infrastructure Development Finance Company [IDFC] Complaints & Reviews

COPY OF A LETTER SENT THROUGH REGISTER AD TO CAMS, REGISTRAR OF IDFC MUTUAL FUND, AND KOTAK MAHINDRA BANK IS AS BELOW BUT NOT GETTING ANY SOLUTION. MY EMAIL ID IS [protected]@yahoo.co.in


Through Register AD

From,
Daxesh Chandravadan Khajanchi
14 JinMangal Bunglows, Akash Tower Lane
B/h Chief Justice Bunglow, Bodakdev, Ahmedabad
Folio No 821391/15
To, Date: 13th December, 2010
Computer Age Management Services Ltd
Ground Floor No.178/10, Kodambakkam High Road,
Opp. HotePalmgrove, Nungambakkam, Chennai -600 034
Phone[protected]/ 3911 5565 /3911 5567/39115561

Sub: Discontinuation of SIP w/o prior intimation

Dear Sir,
I had applied for systematic Investment Plan for you Scheme 203-SCPEF Growth with an amount of INR 2000 per month
to be debited to Kotak Mahindra Bank Ltd, Navrangpura, Ahmedabad, savings account number [protected]. The same
was confirmed from your side vide your letter 31-Jan-2008, Env. No. 806 wherein you had mentioned "The SIP under the folio
number and for the scheme / plan / option mentioned herein shall end by 14-Feb-09."
I am in receipt of "Balance Confirmation cum Account Statement" by ordinary post and to my surprise, it contained
details which were irrelevant against my calculation. As per your above mentioned letter, the SIP was to end on 14-Feb-09
and thus my purchase at cost would amount to INR 26000 but contradictory to the fact, the statement mentioned cost of
purchase at INR 16000. I checked in my files and as per your Account Statement from 01-Jul-2008 To 30-Sep-2009 noticed that
last SIP was carried out on 15-Sep-08 in place of 14-Feb-09, as Balance Units mentioned in both statements were same.
A few days later, I approached local Ahmedabad Office of IDFC at Zodiac Avenue, Ahmedabad and explained my query. The
lady noted down all relevant details and also took a photocopy of my latest Balance Confirmation and Account Statement and
subsequently informed to be replied in a few days. There was no reply so I visited again about a week later and was informed that
my SIP had been declined by my Bank and was asked to approach the bank. As my bank was just across the street, I visited
them immediately. Upon giving them all the details and photocopies of relevant documents, I was asked to wait as these issues
had to be escalated to their Head Office. I again visited them twice and was finally replied that the issue had arised due to wrong
mandate. Some mandate relating to change of name from Standard Chartered Mutual Fund to IDFC Mutual Fund
I have visited both of these office quite a few times after this but both of them blame it on the other. There has been no
issue of ECS Rejection due to non availibility of funds and thus I believe the resolution lies with either one of you. Now I am
restless and tired of visiting them as they are not ready to co-operate and so I hereby request you to look in the matter and
credit units to my account at the prevailing NAV during the pending SIP period of 5 months. You are requested to send a working
sheet containing NAV for below mentioned five month period along with final amount so the cheque can be issued in your favor.

Missing Period SIP Purchase - Instalment SR No

[protected] Instalment 9/13
[protected] Instalment 10/13
[protected] Instalment 11/13
[protected] Instalment 12/13
[protected] Instalment 13/13

Please note that if a resolution related to the above subject matter is not received within 7 days from receipt of this letter,
we shall be forced to approach legal authorities for further actions at your cost.


(DAXESH CHANDRAVADAN KHAJANCHI)

cc: Kotak Mahindra Bank Ltd
Chandan House, Opp Abhijit 3,
Near Mithakali Six Road,
Navrangpura, Ahmedabad 380009

Dear Sir,
This complaint is opposed to IDFC and their transfer agents Karvy Computershare for non receiving my bond certificates.

This is my last hope that my problem will be solved.

I have applied for 4 IDFC bonds on15/10/2010 for 20,000 In physical mode. Application No. 41769448
after communicating a lot I received Only Allotment Advice, but not the certificates.
I had communicated more than 100 times in mail as well as customer care and different persons of IDFC as well as karvy for those bond certificates. Most of the time they do not reply or never pick phone , sometime if they reply with vague answer in such a way that we do not understand what to do. They always show hurry to avoid us.

This I am doing since last two months .And this situation is right from top to bottom no one is ready to take pain and answer me. some time their customer care of Karvy talks very roughly.
In my allotment advice karvy asked me for all the documents once again which I have submitted at the time of application, I send them by speed post on 7/01/2011 once again, and details are.

1. Photocopy of the allotment advice with a cover letter
2. Filled Nomination form in duplicate
3. Self attested pan card
4. Self attested passport
5. Self attested cancelled Cheque
speed post detail - ( SP ER[protected] IN )

Now at this stage when I asked them for the certificates they replied me they had sent them on 8/12/2010. How they can send me the certificates with out getting documents they are asking for? When I asked them for detail of the post they are unable to provide the same. Even I have investigated in main post office and sub post office, I had also contact our Bank( HDFC , Banswara, Rajasthan ) but they are also not taking interest in this, they are telling we have forward your complain and nothing is in our hand.
Kindly help me in receiving my certificates or money back, Even I have requested them if they are unable to send the certificates then they should send me the formality so that I can received my money back, but they are not answering this also.
Following are the mail ID’s I have been requested and contacted for the above.
einward.[protected]@karvy.com
[protected]@karvy.com
anshu.sikarwar.[protected]@idfc.com
[protected]@idfc.com
[protected]@karvy.com
[protected]@idfc.com
rahulheeralal.[protected]@hdfcbank.com
[protected]@karvy.com
[protected]@karvy.com


Your’s faithfully
Chandan Kumar Kuiti

The Karvy Computer Share Pvt.Ltd.
(Unit-IDFC Infrastructure Bond)
Plot no. 17-24, Vittal Rao nagar
Madhapur,
HYDERABAD – 500 081.

Dear Sir, I have invested in IDFC infra Bonds (4 nos.) vide application no.5 2137330 vide cheque no. 197319 dated 14.10.2010 amounting to Rs. 20, 000/- drawn on State Bank of India, Koramangala Branch, Bangalore (photo copy of the acknowledgement is enclosed). Till...

Non-Receipt of Intimation Letter / Proof of Investment Letter
Sir/Madam,

This complaint is against IDFC and their transfer agents Karvy Computershare.

On October, I had applied for IDFC Infra Bonds - Application Number[protected] for Rs. 10,000/- through my Demat Account with ICICI Bank Securities by filling up application form from HDFC Bank.

On Nov 28, I have received letter that my DP and Client id information required to allocate bond. Immediately I have couriered letter with required information on Dec, 2nd.

After few days no action has been taken so I called up toll free no, on their request I have faxed and send same information to via email. Thereafter I got reply from email that you have been allocated bond but attached pdf with somebody else name. This scene happend 2-3 times.
After couple of mail exchange and telephone call, till now I havn't received any kind of document on my name.

I need to produce to claim the tax benefit.
I have been contacting IDFC and Karvy for 1 month now and I am sending them many emails but there is no response.

Following are the details of my application:
Application Number[protected]
Name: NILESH JANARDAN PARSEKAR


I request you to address this issue.

Sir/Madam,

This complaint is against IDFC and their transfer agents Karvy Computershare.

On October 15, 2010, I had applied for IDFC Infra Bonds for Rs. 20,000/-

However, it has been more than two months and I have not yet received the any kind of intimation letter / physical certificate / or any other kind of statement for the bonds which I can produce to claim the tax benefit. I have been contacting IDFC and Karvy for 1 month now. They told me that the bonds are in escrow account.I told them to credit the same into my demat account and sent them all the relevant details through fax as well through mail like client master,DP ID, Cliend ID, etc. But still the bonds have not been credited to my account.

Following are the details of my application:

Application no: 41377595
Cheque no: 344484
Name Sandeep Kumar Gupta
DP ID 12019101
Client ID 01089088
Demat account is with : Sam Global Securities Ltd. New Delhi

I request you to address this issue.

Regards
Sandeep kumar Gupta

Dear sir

i am prasanna venkatesan residing at west mambalam chennai. This is not complaint but an enquiry. IDFC has sent Rs20000(DD) through registered post.
it was informed to me that the same is returned by POst office on decemeber 13th. i want to know the reason for the return and also i like to know the current status.

POD Number R[protected]

yours sincerely
prasanna venkatesan

TO
THE FUND MANAGER
IDFC MUTUAL FUND,

DEAR SIR,

I HAVE A MUTUAL FUND OF FOLIO NO 1036168/55 OF RS 50,000/- ,5000 UNITES OF NAV VALUE RS 10./-.NOW I WANT TO WITHDRAW IT FOR MY URGENT WORK.I HAVE ALREADY GIVEN APPLICATION FOR REDEMPTION ON 16/12/2010 BUT MY APPLICATION WAS REJECTED ON REASON OF SIGNATURE NON MATCHING.

IT IS UNFORTUNATE THAT I ALWAYS SIGNATURE AS ( B.MITRA ) AND FULL SIGNATURE IS ( BEECHAYAN MITRA ) HOW EVER ONE OF WILL BE RIGHT.QUESTION IS WHEN MY PAN NO (AOVPM2410H) IS MENTIONED THERE THEN WHY IT WAS REJECTED.

IN THIS SITUATION I AM HELPLESS,AGAIN I SUBMITTED APPLICATION FOR REDEMPTION.PLEAS HELP ME TO GET MY AMOUNT AS EARLY AS POSSIBLE.I NEED THE MONEY FOR THE TREATMENT.PLS HELP ME.

Please tnansact it my savings account in ICICI BANK [protected] in the name of BEECHAYN MITRA.



THANKING YOU,

YOURS FAITHFULLY

BEECHAYAN MITRA

MOBILE NO -[protected].
LAND[protected].

MY NOMINEES NAME- ELORA MITRA( WIFE )
MOBILE-[protected]

I have recently invested in IDFC infra bond issue vide application number[protected] and have been allotted the bonds as well..reflecting in my online demat account.

However I am in need of a physical receipt of some sort or hard copy contract note for availing the tax deductions towards this investment. But nothing has been received from IDFC thus far despite repeated attempts to contact them.

Upon contacting the broker - HDFC Securities - I was advised that the receipt will be issued by Karvy.. however even after contacting Karvy multiple times no receipt has been provided.

HDFC Securities customer support further advised that the demat holding statement and transaction statement be given towards proof of investment, however my company accounts department is unwilling to accept..stating that the issuer of bond has to give the relevant certificate and only that will be accepted towards proof of investment.

At wits end ..in terms of what to do..as deadline for submitting documents is round the corner.

Vasav Varshney

Sir/Madam,

This complaint is against IDFC and their transfer agents Karvy Computershare.

On October 16, 2010, I had applied for IDFC Infra Bonds - Application Number[protected] for Rs. 20,000/- through my Demat Account with Kotak Securities and I have been allotted 4 Bonds (2 from Series 3 and 2 from Series 4).

However, it has been more than two months and I have not yet received the any kind of intimation letter / physical certificate / or any other kind of statement for the bonds which I can produce to claim the tax benefit. I have been contacting IDFC and Karvy for 1 month now and I am sending them many emails but there is no response.

Following are the details of my application:

Application Number : 5 2453721
Name of the Applicant : Rahool Jain
Address : Old No.7 Rotler Street,
2nd Floor (Backside),
Choolai (Near Doveton HotChips),
Chennai - 600112.
Bank Details : Check No. 713508 Dated Oct 16, 2010 from Citibank Hyd.
Demat A/C Details : Kotak Securities Ltd.
DP ID - IN 300214
Beneficiary A/C Number[protected]

I request you to address this issue.

Thanking You,
Rahool Jain

Dear Sir,
I am having D mat account with Share khan & having equity of IDFC limited (105). I have not got the Cheque of dividend declared by the company in June 2010. My detail is as below.

Name: ANJALI HARISH GHATE
A/c NO: IN300513
Client ID No.: 14824759
Bank A/c. No.[protected]ICICI Bank Limited, Viral House, Ankleshwar, Gujarat)
D mat A/c. is with: Share khan Limited

Recently I've changed my residence & updated in Share khan too. Instead of cheque for dividend is there any direct credit facility available by you for this or for future?

I HAVE INVESTED IN IDFC MONEY MANAGER TP (A) ,MY FOLIO NO IS 935576 IN THE NAME OF SHAKUNTLA YADAV,I REQUESTED FOR THE REDEMPTION O[censored]NITS AND IT HAS GOT REMDEMPTED BUT THE AMOUNT WAS NOT CREDITED IN MY ACCOUNT TILL NOW ,REDEMPTION PROCESS FOR THE LIQUID INVESTMENTS IS T+1 DAY BUT I DONT GET MY MONEY EVEN AFTER THREE MONTHS
I AM DOING FALLOW UP FROM LAST THREE MONTHS ALREADY SUBMITTED MY BANK ACCOUNT STATEMENT BUT TILL NOW I DONT GET ANY RESPONSE FROM UR SIDE EVEN MORE THEY HAVE REDEMPTED MY 3000RUPEE (OF IDFC DYNAMIC BOND FUND)IN WRONG ACCOUNT NUMBER IN SAME FOLIO,HOW CAN U REDEEM SOMEONE ELSE UNIT IN SOMEELSE ACCOUNT

Dear Sir,

I have invested 25000 before 3 years back on 9/06/2006 in standard chartered Enterprise Close ended fund and it was merged with IDFC mf.i have given request on 6/06/2009 for redumption eventhough not received my money back andl also given bank details updatation for redumption.i have contact to Ahmedabad branch on 15th June, 09 and Ms.Bhairavi reply me that we have send the chq to your respective address through...