Dear Agents,
There is a very long list of service issues with Reliance Mutual Fund.
But i would like to discuss only a few issues.
Issue No.1
The Logistics service used by Reliance is really hopeless. To set an
example my own brother's redemption cheques with two folios and same
address was not delivered. The reason been given was address not
found. How was the address found on the redemption cheque with lesser
value and not the one with higher value when both folios had same
address???
Issue No.2
Reliance SIP Insure....The SIP in SIP insure is deliberately rejected
for two consecutive times thus washing their hand with Insurance
coverage which clearly says coverage will be stopped on two
consecutive rejections. This has happened to lot of my clients.
Issue No.3
Sending redemption cheques to bankers address and that too with wrong
bank details and in most of the cases with incomplete address of
bankers even though the investor has opted for physical delivery of
cheque.
Issue No 4
Reliance sends SMS to customers stating their SIP is rejected. The SMS
contains partial folio for security reasons.Fine ,but it also says to
contact customer care for further details. But when they are contacted
they say they don't have any details regarding the same...Then why the
hell should the SMS be sent?
Still lot of issues are there with Reliance..My request to my
colleagues to highlight more such issue if you are facing ..
Regards
Satish Vagale
ARN 18868
licvagale@gmail.com
There is a very long list of service issues with Reliance Mutual Fund.
But i would like to discuss only a few issues.
Issue No.1
The Logistics service used by Reliance is really hopeless. To set an
example my own brother's redemption cheques with two folios and same
address was not delivered. The reason been given was address not
found. How was the address found on the redemption cheque with lesser
value and not the one with higher value when both folios had same
address???
Issue No.2
Reliance SIP Insure....The SIP in SIP insure is deliberately rejected
for two consecutive times thus washing their hand with Insurance
coverage which clearly says coverage will be stopped on two
consecutive rejections. This has happened to lot of my clients.
Issue No.3
Sending redemption cheques to bankers address and that too with wrong
bank details and in most of the cases with incomplete address of
bankers even though the investor has opted for physical delivery of
cheque.
Issue No 4
Reliance sends SMS to customers stating their SIP is rejected. The SMS
contains partial folio for security reasons.Fine ,but it also says to
contact customer care for further details. But when they are contacted
they say they don't have any details regarding the same...Then why the
hell should the SMS be sent?
Still lot of issues are there with Reliance..My request to my
colleagues to highlight more such issue if you are facing ..
Regards
Satish Vagale
ARN 18868
licvagale@gmail.com
7 comments:
My understanding is RTA handle all redemptions and related issues. Does AMC have a role to play in preparation and posting cheques. What can Reliance do by deliberately not delivering the cheque.Once the cheque is written is it not that the money will be debited to the scheme. Can Reliance use the money?
The problem appears to be with Karvy which is not new. Let us take it up with AMFI for correcting the defect.
More importantly we must ask for uniform procedures and rules and regulation across all fund houses.
Mr. Kalyan's suggestion are realistic. While it is correct that in the case of redemptions at Reliance/Karvy there is something fishy.
Surender singh
ARN-66056
Dear Ms.Sunanda,
Could you please explain how the redemption proceeds would reach wrong hands in cases of signature mismatch.? For clarity, let us assume that some third party has signed the redemption note. Will you make the payment in third party.s name or to a third party account ? I wait for your reply please ! This is not me alone. The Galaxy of IFAs want the answer !
- Boodugere Nagaraj
- ARN 5746 IFA
Hi
Very unlikely such a thing can happen ,unless you have mentioned the wrong folio in the redemption slip and the AMC has overlooked the signature.
Regards
Edward
IPOINT -3204
Hi Mr, Nagaraj
You are not alone in demanding a reply .I join you in the quest for answer. I think it is the responsibility of the indiviudual to keep his investment papers in safe custody and not fall into wrong hands not the AMC's job. If we were to extend the logic further then we have to suspect that somebody left a signed cheque so on and so forth.'(Hence the cheque will be honoured only after getting a confirmation).Then the only option that would be left would be to go and deliver everything personally.!!
Regards
T K Vani
i am sorry till my expereince
1 if sign is not match redemtion will not take place ,
2 and if bank details are not match like name of unit holder edemtion will not take place , unless nomieenation get active ,
3 then chq will plz issued to at the old address
SHIVRATAN
09989971125 / 040- 27660609
Reliance Mutual Fund, particularly SIP is hopeless, following are my experiance,
1) Incorrect entry to records from application form
2) For the error of Reliance staff, Investor need to give request in physical form at their office
3) In my case I have opted for 10 monthly SIP, where as the records(Reliance) has 70, and in checking the entered SIP start date & end date in RMF record comes to 58 months, no justification for 70 months.
4) Two consecutive months non allocation of units for the amount debited from bank.
bottom line it is horrible...is Mr. Ambani aware of these.....
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