Post Complaint home About Us Contact Faq
Disclaimer  
 
Post a Complaint
View Complaints
Success Stories
Testimonials
Terms and Conditions
View My Complaint
Your Feedback

This is a great site, Now angr

Congratulation to the mywoes t

more...
Complaint Details
Pending

UTI - MUTUAL FUND ; M/s UTI Technology Service Ltd.

Posted byMD SHAH NAWAZ KHAN 
Organization / Product Details
Organization Name
UTI - MUTUAL FUND ; M/s UTI Technology Service Ltd.
Organization e-MailMumbai@utitsl.co.in 
Product/Service DescriptionINVESTOR ID: 289521682 ; SCHEME: UTI – CONTRA FUND ;DEMAND DRAFT NO.: 702934; DATE: 24 TH JAN-2007 DRAWN ON DUGAPUR UTI BANK LTD. - WEST BENGAL.
Warranty Status
Complaint Details
Reason for ComplaintCustomer Service 
Complaint Rating10(in a scale of 1 to 10)
Name of the Company EmployeeUTI Asset Mgmt. Pvt. Ltd.; UTI Financial Centre ; 3-rd Admn. Bulding; 2nd Floor City Centre; DDA; Durgapur-713216 
Complaint Details

SUB: COMPLAIN DATE : 03.02.07

REF: INVESTOR ID : 289521682
SCHEME : UTI – CONTRA FUND
DEMAND DRAFT NO. : 702934
DATE: 24 TH JAN-2007 DRAWN ON DURGAPUR UTI BANK LTD. - WEST BENGAL.
DD/ CHQ RECEIVED
THROUGH SPEED POST : 02 FEB-2007
AMT. RECEIVED (RS) : 9784.30

SIR,

ON REEDIMING THE WHOLE UNITS (977.996) OF UTI-CONTRA FUND ON 19TH JANUARY’07 AGAINST RS. 10000=00, A TRANSATION TAX HAS BEEN DEDUCTED @ 0.25% AGAINST THE GROSS AMOUNT. WHICH IS SURPRISING & IS OUT OF MY KNOWLEDGE?

THE NFO WHEN PURCHASED WAS AT RS. 10, WHICH SUFFERED AN ENTRY LOAD OF 2.25% AGAINST THE INVESTED AMOUNT.

SO, I FIND HERE THAT THERE IS AN ENTRY LOAD, AS WELL AS AN EXIT LOAD. IN THE NAME OF “STT”. AND I THINK THAT THIS IS JUST AN UNFAIR TOWARDS THE INVESTOR ON EXITING FROM THE SCHEME. WHICH WAS OUT OF MY KNOWLEDGE BEFORE INVESTING?

MY ADVICE THAT THIS PRACTICE WILL DEFINITELY LEAD TO A POOR PERFORMANCE IN THE LONG RUN … OF MUTUAL FUNDS.

MY INVESTED AMOUNT : RS, 10000/=.
ENTRY LOAD : 2.25%

ACTUAL ALLOTED UNITS
AGAINST AMOUNT= 10000 / [10+ (2.25%)]
= 10000 /10.225
= 977.99511
= 977.996 (approx)
UNIT REPURCHASED = 977.996
REPURCHASE RATE (RS) = 10.03
AMT. REP (RS) = 9809.30
NON INFORMED DEDUCTIONS IN THE NAME OF STT/ EXIT LOAD IS @ 0.25% OF GROSS RS, 9809.30 = RS, 24.5232
NET AMT. (RS) = 9809.30 – 24.5232 = 9784.7767
AMT RECD RS. = 9784.30

CONTD……….P/2
- (2) -


AFTER SUFFERING THE LOSS FROM THE SCHEME WITH RESPECT TO NAV THERE ARE SOME HIDDEN LOSS WHICH IS NOT KNOWN TO THE CUSTOMER AND IN MY WORD THIS I SAY IS “CHORI”.

MOREVER PREVIOUSLY ON THE YEAR 2005, I REDEEMED UTI – BOND FUND @ RS, 18.8764 OF 2661.202 UNITS = RS, 50233.91. REFER : DD NO: 271028 DATE : 02.02.05 THERE WAS NO SUCH “STT” AND SUBSEQUENTLY, THE INCOME DISTRIBUTION OF UTI – MVF IN THE YEAR 2006 THERE WAS NO SUCH DEDUCTIONS.

ANOTHER THING IF YOU ARE DEDUCTING SERVICE TEANSATION TAX (STT) THEN YOU CAN SEE THE NATURE OF SERVICE – 8 DAYS DELAY !
AND WHY SHOULD I PAY FOR THIS DELAY!!!!??

HPOE YOUR HONEST AND FARE PERFORMANCE BETTER NEXT TIME.

SHAH NAWAZ

C/C : CUSTOMER CARE CELL
 

Solution of your complaintREFUND OF THE DUDUCTION AMOUNT IN THE NAME SERVICE TRANSATION TAX (STT) AS NOT INFORMED EARLIER. I SEE IT AS AN HIDDEN EXIT LOAD NOT DESCRIBED EARLIER AT THE TIME OF NFO.  
ActionI WILL LOOSE MY HOPE ON THE PROSPOROUS MUTUAL FUND AND WILL SEEK SUPPORT OF THE GOVT. U SUGGEST PLEASE. OR IS THERE ANY WAY YOU KNOW TO GET RID OF SUCH PROCESS IN FUTURE IN THE TRANSATIONS. 
Home About Us Contact FAQ
Post a Complaint View Complaints Success Stories Testimonials Terms and Conditions View My Complaint
Cell phone reviews   Carpets