[Resolved]  UTI — Harassment and withholding dividend due

Address:

New Delhi, Delhi

1. UTI made an accounting error in ULIP and many years after redemption is demanding payment from me. This demand is incorrect and does NOT take into account amount due to me in another folio. UTI seems unwilling to correct it. 2. UTI has now resorted to harrasment as a means to force me to come to settlement without bothering to correct their error. UTI has now stopped payment of MasterShare dividend due to me. TV Krishnamurthy Mr Abishek Deogarkar Senior Manager Department of Operations Dear Sir Ref your letter UTIMF/12/MD-3027/1/2013-14 dated 9/12/2013 Thank you for your above letter. Please read my complaint sent through AMFI carefully again. This complaint specifically mentions our email correspondence dated 3, April 2012. As stated by you there were errors committed by UTI and in that some excess payments have been made to me while redeeming ULIP folio [protected]. By the same error committed by UTI I was paid less than the amount due to me on redemption o[censored]LIP folio [protected]. The short payment is now credited to the closed folio. Crediting to closed folio is NOT correction of error by UTI. Actual payment of amount due to investor is correction of error. Please explain why there is no specific mention of this in any of your letters. Why have you NOT written to me of this error at any time so far? How should I as an investor come to know of this and make a claim unless you write to me? Since the folio is redeemed and closed what is the procedure for the investor to redeem the units in the folio? These are the details UTI should know as an AMC. As an ordinary small investor I expect AMC to pay me what is due to me at the time of redemption and if there was an error found out subsequent to redemption I expect AMC to make amends. Why your letter does NOT take into account my discussions with yourselves and Mr Ranga. I am yet to be compensated by UTI on short payment made to me in ULIP folio [protected]. Your statement of amount due to UTI is correct if and only i[censored]TI had already paid me this amount. Since UTI has NOT yet paid me amount due to UTI gets reduced by this amount. Please read my email dated 3, April 2012 which is reproduced below for your reference “Thank you for the SOA o[censored]LIP accounts. I have just checked that both ULIP folios have dividend/bonus entries. Hence both statements must be correct. Since I do not have the old reords I cannot check for any other errors. since both folios have been redeemed long back it is only proper for you to balance the 2 folios and let me know by post what is the amount payable by/to me to close this matter. If you can please send me such a letter I will send you the check. I also need confirmation from you that UTI will not cause me any harrasment in future in respect of my MasterShare holdings wherein you have on your own made changes in composition of individual folios, though my total holding is still correct.” It is indeed very strange that all UTI officials I spoke to are unable to see the reationship between these 2 ULIP folios affected by UTI's incorrect accounting but are able to correlate the ULIP folio [protected] to MasterShare folios [protected] and[protected]. Please see the annexure Ref No UTIULIP/KCPL/RecSIMF1792 which you have attached with your letter. In effect the UTI officiala have been callous and arrogant and are subjecting me to harassment and forcing me to make a payment based on wrong calculations. I am submitting this to SEBI for resolution as last resort. I can meet senior UTI official in UTI office at Jeevan Bharati Building, Rajeev Chowk if necessary as Preet Vihar is NOT the nearest or convenient location. In view of the harrassment caused to me by your errors and your unwillingness to resolve the issue properly I would like the matter to be reviewed by the director in charge of grievence redressal in UTI. In respect of KYC for the MasterShare units the necessary documents were submitted to your office in Jeevan Bharati Bldg, Rajeev Chowk long back. You may also note that we have had email corresopndence and telephonic conversation on my mobile [protected]. One of your officials has also visited my residence. Thank you T V Krishnamurthy B 27 Manas Apartments Mayur Vihar I Extn New Delhi-110091.