Since I published Mr. A’s summary of what happened, I thought it was just fair to let the Mutual Fund house to give its side of the story.
I seriously wish they had given a better reply, but they have given some reply. I am not judging the reply, nor am I commenting on its language, tone, etc. Here is the letter….IN TOTO except for some give away folio numbers etc. So here is the reply by the Fund House, re-produced in toto
Greetings and warm wishes from Mutual fund.
At the outset, we sincerely apologize for any inconvenience caused while you tried to redeem your units recently.
Please allow us to explain the reasons for the same.
In order to safeguard the interest of our investors from any fraudulent encashments, we follow various checks and balances from time to time. Your case was specific to the process we follow in case of folios which have multiple investors with different PAN numbers but the same default bank account. As part this process, we initiate a “penny drop” to verify such bank accounts.
In case the bank account verification indicates an error, we flag this account for verification before any further transaction. In your case, there was a name mismatch error indicated by the process between our records and those of the bank. Hence, a temporary escrow was created as a safeguard to verify your bank account prior to any transaction. The same was successfully verified and your transaction was allowed post this verification.
We understand there was a delay to execute your transaction, but it was purely to safeguard the interest of our valued customers.
Hope this clarification was useful.
We once again apologize for the inconvenience caused.
For any queries, our investor line is available to assist you from 8 a.m. to 9 p.m., Monday to Saturday, on our toll free numbers at 1-800-or 1-800- and international callers can reach us at 91-
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