Very Important query

Discussion in 'Investors Grievances' started by manjusha_sinha, Jan 22, 2007.

  1. manjusha_sinha

    manjusha_sinha New Member

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    Hi everyone,

    I've a doubt. If I fill up a MF application form and submit the cheque with the agent, the cheque is issued in favour of the particular scheme name. Now I'm tensed and worried my cheque can be (mis)used by the agent to be invested in his name. How do I save myself from being a victim of such fradulance. I request you all to give your valuable advise asap.

    Thanks for an early reply.

    Warm Regards
    Manjusha
     
  2. milind857

    milind857 Active Member

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    Don't worry man...
    Wait & watch...Broker don't do such kind of stuff usually...;)



     
  3. ratan jain

    ratan jain Guest

    a VERY valid worry
     
  4. vince

    vince Active Member

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    Why don't you invest online? ICICIdirect offers an excellent platform to invest in MF's.

    You will have no headaches of writing cheques or following it up with the agent.
     
  5. jptoshniwal

    jptoshniwal New Member

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    hey not to worry if u r cheated then just claim it from AMFI.....u can complain them about the fraud also the mutual Fund house...
     
  6. alpha1

    alpha1 Member

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    Block the cheque, and do the application thinige yourself.

    That is the only way to be secure.
     

  7. ugb

    ugb Member

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    The number of application form duly filled in your name is to be written on reverse of the cheque given by you to the agent.

    This may give some comfort level.
     
  8. RSI

    RSI Well-Known Member

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    Why are you entrusting valid signed cheque with unknown person or with a person whom you cannot trust? If you are unsure about the proper usage of your cheque, then either do it yourself or entrust the job to someone whom you can trust. Other solutions suggested by some other members here are also quite valid.
     
  9. Bullet

    Bullet Member

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    BEST OPTION - ONLINE (Hdfc,Icici, etc.)
    No need to worry.
     
  10. qrius2noall

    qrius2noall New Member

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    A very genuine and valid query indeed-lets just not try to throw the baby with the bathwater
    few things first:
    1.try to invest thru somebody you absolutely trust
    2.in the application form,there is a counterfoil which should be given back to you(duly stamped by collecting agency)which is a proof of your investment and should be retained atleast till your certificate/statement of holding/credit entry in your demat acct. is received.
    3.always write your name,application no.etcon the back of the cheque(always crossed and payable to payees account only)
    4.some brokers/agents have a system of issuing a receipt of their own to the fact that an application for deposit has been received and upon successful submission of the application form,they will of course give you the signed and stamped (by the mf or their collecting agency)counterfoil
    5.as far as possible try to submit forms at the authorized places,so you can receive counterfoil immediately-REMEMBER COUTERFOIL (DULY FILLED BY YOU) AND STAMPED/SIGNED BY THE AUTHORIZED AGENCY IS YOUR ULTIMATE PROOF OF YOUR INVESTMENT AND IN CASE SOMEBODY MISAPPROPRIATES YOUR CHWQUE,CRIMINAL PROCEEDINGS CAN BE LAUNCHED IN THAT CASE
    VERY RIGHTLY SUGGESTED AS ABOVE IN THIS AGE OF ELECTONIC MONEY,TRY TO REDUCE TRANSACTIONS BY PHYSICAL MEANS(CHEQUES/CASH ETC. MAKE YOUR INVESTMENTS ONLINE(IN SECURE ENVOIRNMENT AND TRY TO HOLD YOUR HOLDINGS IN DEMAT FORM

    i HOPE THIS MAY ANSWER SOME OF YOUR CONCERNS,OF COURSE YOU ARE MOST WELCOME TO POSE ANY NEWONES IF YOU HAVE ANY

    CHEERS
     
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