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Very Important query

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  #1  
Old 22nd January 2007, 09:36 PM
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Question Very Important query

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


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  #2  
Old 22nd January 2007, 10:41 PM
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milind857 will become famous soon enough
Default Re: Very Important query

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



Quote:
Originally Posted by manjusha_sinha View Post
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
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  #3  
Old 23rd January 2007, 09:27 AM
ratan jain
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Default Re: Very Important query

a VERY valid worry
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  #4  
Old 23rd January 2007, 09:37 AM
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Default Re: Very Important query

Quote:
Originally Posted by manjusha_sinha View Post
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
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.
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  #5  
Old 23rd January 2007, 10:59 AM
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Default Re: Very Important query

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...
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  #6  
Old 23rd January 2007, 11:41 AM
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Default Re: Very Important query

Block the cheque, and do the application thinige yourself.

That is the only way to be secure.
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  #7  
Old 23rd January 2007, 12:32 PM
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Default Re: Very Important query

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.
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  #8  
Old 23rd January 2007, 06:22 PM
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Default Re: Very Important query

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.
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  #9  
Old 23rd January 2007, 07:13 PM
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Default Re: Very Important query

BEST OPTION - ONLINE (Hdfc,Icici, etc.)
No need to worry.
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  #10  
Old 23rd January 2007, 09:01 PM
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Default Re: Very Important query

Quote:
Originally Posted by manjusha_sinha View Post
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
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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