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Should I approach SEBI as AMC has given wrong bank details in SOA

I had submitted an application with MF AMC to purchase SIP, received account statement and found that it had seeded my bank particulars wrongly. Emailed to them for correction as per my original application. But they advised me to submit Cancelled cheque or photocopy of Bank Pass Book along with prescribed form. My query is that when the AMC did not seeded my particulars as per my original and error or fault lies with them why it is showing reluctance to correct it and putting me in unnecessary harassment. Kindly let me know the way out. Should I approach SEBI or can I file a complaint in the consumer court. The AMC might be harassing lakhs of customers on these grounds. Why the customer suffers on their faux pas and adamancy?

Apr 9, 2017 by Vinay Vashisht, Chandigarh  |   Mutual Fund

Sometime these errors happen as the application entries are done manually. This is a normal practice to ask for cancelled cheque in case there is a need to make changes/ corrections in the bank details.

Your contention is that you have already submitted the cancelled cheque with the application and therefore why submit it again? Please note that while saving your application details the AMCs also capture the image of the cancelled cheque for future purposes. You may ask the AMC if they have captured the image of the cheque? If they have, then you may not submit the cancelled cheque copy again. In case they have not kept a scan of the cheque which you had submitted along with the application, then it is better to provide the cheque copy again to avoid any inconvenience.

Frankly speaking, the way out is to approach the AMC or talk to your mutual fund advisor through whom you have routed the application.

Vinay, you are free to approach SEBI or any other authorities but do not you think it is too small a matter to approach SEBI or push for legal recourse. It will be more time consuming and expensive than approaching the AMC and submitting a cancelled cheque copy again.

We also do not agree that AMCs might be harassing lakhs of customers. At least there is no such proof to substantiate your claim. With advance technology and outsourcing the customer services from reputed registrars, our understanding and the general perception about the services rendered by the AMCs in India are satisfactory.

If you want we can help you in resolving this matter by approaching the respective AMC.

Thanks for writing to us.

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