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UTI-RETIREMENT BENEFIT PENSION FUND / REDEMPTION REQUEST REJECTION

1 India
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My wife has invested in the UTI-RETIREMENT BENEFIT PENSION FUND with folio nos. are [protected] and [protected].

She had applied for redemption for both these folios on the same date i.e. 02/03/2010 with the same set of documents i.e. PAN Card Copy, Address Proof, Signature Verification from Bank and Cancelled Cheque.

Please note that both the folios are under the same name and in the same scheme and the same set of documents have been submitted for redemption.

UTI has redeemed the units under the folio no.[protected] and rejected the redemption request under folio no.[protected] on the grounds that "required name, staff id no, designation of the employee with official seal who is attesting the request".

It is apparent that a BLATENTLY FALSE reason is being given by UTI for not redeeming the units.

UTI is liable for paying 21% interest on the redemption proceeds from the date of redmption request and compensate for the harrasment of the investor.

Further the Chariman and Manageing Director, UTI may answer in the consumer courts how the same set of documents can be accepted for one folio and rejected for another folio.

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