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UTI Mutual Fund / No receipt of payment nearly after 6 months from redemption

1 India Review updated:
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I had applied for redemption of all units for my UTI Master equity plan some time in Nov '07 . They told me that I will get the cheque within 7 days, but I got the cheque dated 13 -11-07 valid up to 12 -01-08, only after 12-01-08. so could not encash the same. i requested in writing for reissue of the cheque number of times I am just tired of placing and following complaints and doing rounds of UTI MF head office at Allahabad; nothing seems to happen and I clearly feel neglected.

Initially I had placed a complaint to their Branch office in Allahabad, but there was no response for more than a couple of weeks. Then, I contacted an official from their head office who was looking into this matter for more than 3 weeks, but still my redemption request remained unprocessed. Then I submitted a written reminders number of times, and now its June, and after several phone calls nothing seem to happen, and I feel totally ripped off as a consumer.

This case will throw light on fraudulent ways that UTI MF undertakes to be reluctant to pay off consumer money, and their worst customer services. They don't really care about investors and are ignorant about their complaints and their grievances.

What should I do to retrieve my money? Please help! Thanks!

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  • As
      14th of Jun, 2008
    0 Votes

    I too have problems with UTI MF. 3 of which are ennumerated below:
    Problem 1
    13 US64 Bonds in the name of Aspi Doctor and Rhoda Doctor were submitted to the Juhu office of UTI about 2 months ago. An acknowledgement has been stamped. The redemption amount should be more than Rs 1 lakh. However less than Rs 70, 000 has been credited to my BOI account (Khar Branch, SB 3456) on 2nd June. NO STATEMENT HAS BEEN FURNISHED BY UTI so it is not possible to identify the bonds that have not been redeemed. The details of the bonds are as follows:-
    1. Certificate No 26624908-----077 bonds
    2. 24817369-----131
    3. 24817407-----380
    4. 23263238-----014
    5. 23263200-----048
    6. 24818624-----105
    7. 24818624-----019
    8. 24817334-----079
    9. 24817326-----014
    10. 23285240-----062
    11. 24817393-----039
    12. 24817385-----007
    13. 24817377-----078

    Problem 2
    I have invested two sums of Rs 50, 000 in UTI Dividend Yield Fund under folio nos 514213194316 and 514213194225. According to statements received by me each of the investments have earned dividend of Rs 2549.16 which has been credited to my ICICI Bank Account SB 003805506795. Checking the account however I find that the DIVIDEND HAS NOT BEEN CREDITED even though it is more than one month.

    Problem 3
    I have invested Rs 50, 000 in UTI Energy Fund. According to a soft copy of the statement my folio no is 514213194316. For the last one month I have been asking for a hard copy but none has been sent

    Aspi Doctor

  • Sb
      21st of Jul, 2008
    0 Votes

    Same problem here.Don't know where to complain.Repeated e-mails to UTITSL Mumbai and local office yield no replies.They are just sitting tight on the money wrongfully.Dn't know where to complain.Thinking of approaching the consumer forum and SEBI.

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