Dear Sir,
As you are aware, I’ve been following up with both Sundaram and Fundz Magic since March’11 on migration of data.
I’ve been keeping both of you in loop on many communications in this regard.
The migration has not happened till date.
From my conversation with Mr.Bala of Sundaram yesterday, I understand that Fundz Magic is keep on coming with fresh set of requirements every time and things are not moving forward as desired.
He told me that there is no such issue with other software providers. Since you may be in touch with IFAs using other softwares, you may obtain their feedback also.
I spoke to Saby even yesterday and he said that the process would get over by EOD yesterday. There after I’ve not heard from them.
There are many IFAs who would be using Fundz Magic and like me all of them would also have been affected.
I don’t know whether the problem lies with Fundz Magic or Sundaram or both.
You mentioned last week that you’re working on this issue. What is the status of the same?
Can you do something to facilitate this without any further delay either on the part of Fundz Magic or Sundaram?
Request you to consider this on priority as this has impact on lot of IFAs.
Regards
Muthu
D.MuthukrishnanCertified Financial Planner CM(CFPCM)
Personal Financial Advisor
Personal Financial Advisor
10 comments:
Sundaram has started enrolling for the mailback services, they wanted an agreement to be signed on Rs. 20 stamp paper and have given the soft copy of the same. I shall forward that to the group email id.
it is better to exit from the amc who dont ask dist before an major changes
I have enrolled with Sundaram completing all the formalities. First of all there was no need to change the existing folio nos. and the AMC could have as well maintained with the same. Becuase of them giving new folio nos, when we import to the fundzmagic we are getting the same fund as two separate transactions and merging them has become very diificult. Also From June they are not at all sending the reports which we are required to import to the software. The customer care number of the AMC always goes to voice mail and the call is never returned and if we mail there is no response. As Said by an earlier blogger if the same attitude continues it is better we exit from the funds.
I hope atleast now sundaram realises and will help the IFA with their needs
We have registered with Sundaram R&T and they have given password for web access and all is fine. We subscribed for historic transaction feeds. Immediately we were provided with the same. Once the same was appended in our software we found that the dividend payout feeds of various schemes like Capex, Midcap, Tax saver were missing. This information was available only on a random checking. How to check all the transactions till date rather to conduct an audit is not possible from our side. The only way is unless they rectify it from their end it is not possible for quality reports to be generated for our clients perusal. We have sent a mail to them quoting the errors but yet no reply. Sathish Kumar C - Chennai
There are so many issues with SUNDARAM BNP PARIBAS DISTRIBUTION SERVICES / SUNDARAM AMC. One of the investment with my ARN code, has been shown as WALK IN and I am yet to get a reply on that issue. Not only that, the statement shows the investment amount as Rs. 10000/- in total as two investments of Rs. 5000/-, whereas the investment is only Rs.5000/-. Feedback reports are not received properly and nobody is responding.
It is better to avoid such AMCs.
MUTHUKRISHNAN.L.
ARN 10460. WEALTH ADVISOR,
TIRUNELVELI. 9366700215.
Dear All
I have enrolled with Sundaram AMC completing all the formalities. First of all there was no need to change the existing folio nos. and the AMC could have as well maintained with the same. Becuase of them giving new folio nos, when we importthe reports to the fundzmagic we are getting the same fund as two separate transactions and merging them has become very difficult.
Also From June they are not at all sending the reports which we are required to import to the software. The customer care number of the AMC always goes to voice mail and the call is never returned and if we mail there is no response. As Said by an earlier blogger if the same attitude continues it is better we exit from the Sundaram funds.
I hope atleast now Sundaram AMC realises and will help the IFA with their needs
With regards
Madhusudhan P. Gad
Director - Financial Investments
Fortuna Wealth Management
Cell - 9845222497
All the above said problems exist with Sundaram AMC .I've requested for a report pretaining to Fundz Magic software where the vendor says two types of reports are required and Sundaram even after requesting so many times are sending only one report.Apart from the software upload problem there are n number of problems with the registrar itself.PAN no. wrongly mentioned,Bank branch wrongly mentioned,Like mentioned investment amount doubly entered and so on.Don't know how and where to complain and make it right.Need to devote time exclusively to sort these issues enter the entries pretaining to Sundaram in the Software,etc.,
Sundaram has to take steps and definitely help the IFA's
IFA Galaxy should try to engage Sunil or Benis Kumar into a dialogue to know what is happening at Sundaram MF.
Their equity schemes are performing abysymally. Even flag ship schemes like select midcap and tax saver which were darling of industry not too long ago in spite of very poor performance of their other schemes have slipped in ranking very rapidly. Sundaram is a very strong brand name in south India in financial services space which generally gets translatd as trust and confidence in the mind of investors and this kind of poor performance with no interaction between the company and distributors to understand the situation does not sound healthy. With the kind of recognition IFA Galaxy is getting in media Sunil may think twice before refusing to meet the group. Pl try to engage him in a discussion.
Most irritating for Sundaram to not only change the registrar but also the folios. Why do such a thing when CAMS was doing such a good job.
I find it very irritating that they had to change not only the registrars but also the folio numbers. How is the investors` interest protected buy doing such expensive changes ?
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