Who has my Mutual Fund Application

Discussion in 'Investors Grievances' started by investor-G, Jan 7, 2012.

  1. investor-G

    investor-G New Member

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    Hi,

    I submitted my Application on Jan 2nd through an agent I called from Bajaj Capital, Pune.
    Its 7th Jan today and the checks have not be cleared.


    The Fund companies check in their systems and say no applications received yet.
    The Broker - Bajaj Capital provides me with receipts saying application successfully submitted.

    I dont think bank will take 5 working days to clear the cheques. MY KYC is also verified, can't think of whats going on?
    I made a lumpsum investment of 10,000. The NAV on 2nd Jan was 1.2% lesser than on 7th Jan.I have no idea when my checks would be encashed. Is the Fund company the culprit here waiting for the NAV to go up , or is it the Brokerage firm???
    What can an investor do in such a situation
    Any expert suggestion here.?:confused::confused:
     
    Last edited: Jan 7, 2012
  2. comm4300

    comm4300 Well-Known Member

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    Obviously, there has been some misplacement of documents with broker.

    Since you have the receipt, make sure you follow it up with bajaj.

    And importantly, if you do not want the current NAV, make sure you put a "stop cheque" with your bank. unless, the error is from MF backoffice, nav will not be back dated for you.

    mostly likely the application has been misplaced/lost.
     

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