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