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[Resolved]  Karvy — IFCI Bond Series:IV

Sir,
I have taken IFCI bond series: IV for 4 x 5000= Rs. 20, 000/-
vide Sl No. [protected] to [protected] where Certificate No. 1001078.
The period is already over on[protected]. Kindly let me know the
procedure how can I get the maturity value immediately as I have
urgent need of money. Kindly look in to the matter and inform me
immediately because I have urgent need.

yours faithfully,

BHABEN KUMAR DAS
[protected]
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May 15, 2017
Complaint marked as Resolved 
Karvy customer support has been notified about the posted complaint.
Verified Support
Apr 12, 2017
Karvy Customer Care's response
Dear Sir,

We would like to inform you that an intimation was sent to you on 16.09.2016 to surrender the original bond certificate(s) for buyback payment due on 15.02.2017, but we did not receive the same for our further action, since the last date for submission was 14.11.2016. We request you to refer Clause vide No. 6 on the reverse of the bond certificate specifying submission period. Moreover, in line with the said clause, submission of the bond certificate is required for record/reconciliation/mutual protection and to avoid any misuse considering the 10 year maturity of the bond and buyback happening at the mid of maturity period.

Since we did not receive the original bond certificate within the specified period, we were unable to consider for buyback and referred for next buyback payment on 15.02.2019.

Also note that, the bonds are already listed with Stock Exchange, where you can trade the bonds anytime till maturity date or if you retain the bonds till next buyback date 15.02.2019 or maturity.

Note: For any further assistance please write to us on kcpl.[protected]@karvy.com.

Regards,
Team Karvy.
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These guys at IFCI are fraud. Their standard response shall be as follows:

This has reference to your letter along with bond certificate with regard to the buyback of your investment made against the IFCI Long Term Infra Bonds Series IV.

In this regard, we wish to inform you that an intimation was sent to you on 31.08.2018 to surrender the original bond certificate(s) for buyback payment due on 15.02.2019, but we did not receive the same within timeline for our further action, since the last date for submission was 14.11.2018. We request you to refer Clause vide No. 6 on the reverse of the bond certificate specifying submission period. Moreover, in line with the said clause, submission of the bond certificate is required for record/reconciliation/mutual protection and to avoid any misuse considering the 10 year maturity of the bond and buyback happening at the mid of maturity period.

Since we did not receive the original bond certificate within the specified period, we were unable to consider for buyback and referred for next buyback / maturity payment.

Also note that, the bonds are already listed with Stock Exchange, where you can trade the bonds anytime till maturity date. Or if you retain the bonds till next buyback / maturity.
I had sent them everything and scanned copies also by 8th november 2016. I have email proof of this, but they did not do anything. And same story 3 years later.

Each time they suggest that you should sell them in stock exchange which is actually lower price

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