[sgiitk]

I will rather keep my distributor and let him earn the money. At least I have an interface which I can trust.

[carboy]

Originally Posted by sgiitk

I will rather keep my distributor and let him earn the money. At least I have an interface which I can trust.

What exactly do you mean by 'trust'?

If the MF company allows you buy and sell online, then only one pain point remains. You need to do a one time manual documents submission/verification with each of the MF Companies you are interested in. Other than that I don't see any issues.

Also currently the difference between the 2 NAVs is trivial, but this may not always be the case. What if it diverges more?

[ghodlur]

Originally Posted by carboy

Also currently the difference between the 2 NAVs is trivial, but this may not always be the case. What if it diverges more?

The difference for one unit appears trivial, but for greater units the difference would be sufficiently noticeable. As year passes by the distributor expenses change (increase) and the difference between the NAV's is bound to increase.

[murugaveln]

Originally Posted by ghodlur

The units accumulated under the earlier growth plan option if needed to be switched to Direct plan option will have the STT to be paid. Does the switch between the same mutual fund but different plan optionsd still call for the STT to be paid.

My understanding is:

If you had earlier invested with broker code as DIRECT, then there is no exit load charged when switching to direct plan. Else, appropriate exit load will be charged.

STT and short/long term capital gain tax are applicable anyway.

Websites of AMCs have addendum on how switches of existing units and SIPs are treated.

[manolin]

Originally Posted by faustus77

Hi everybody
Something I dont understand and would like somebody's guidance.
My agent has advised me to redeem my daughter's holding in principal personal tax saver(I can redeem as held for more than 3 years).Their returns have been pathetic but when I clicked on their portfolio it is very good.Reliance,Infy,ITC,HDFC and ICICI banks etc.It holds promise for the future.

I have had it for 5 years. its giving me -40%. fortunately only around 10k invested in it, so i am exiting soon, as market has picked up a bit- this fund is just very ineptly run..

[abdriver2000]

Originally Posted by manolin

I have had it for 5 years. its giving me -40%. fortunately only around 10k invested in it, so i am exiting soon, as market has picked up a bit- this fund is just very ineptly run..

I had also invested about 20k when the NAV was >200. Currently at a loss of about 5.5k

[goandude]

Originally Posted by S_U_N

Just thought of sharing this feature of FundsIndia that I came across today.
Give a missed call from your registered number and you receive the value of your portfolios and the grand total via SMS. This service is free.
Navigate to the end of this link to get the phone numbers.
https://www.fundsindia.com/content/j...e/ContactUs.do
Note: This is for FundsIndia account holders only. Others, please ignore.

tried it, the ring got disconnected, then nothing yet.

[faustus77]

Originally Posted by manolin

I have had it for 5 years. its giving me -40%. fortunately only around 10k invested in it, so i am exiting soon, as market has picked up a bit- this fund is just very ineptly run..

Manolin
Hi.
I have sent a redemption request 2 days back.Luckily for me I am not losing anything. In fact it has given an absolute return of 25.12 %(I subscribed on 26/8/2008)
I also redeemed Tata Indo Global Infrastructure and BSL International Equity.Both subscribed around oct.2007.In the 1st one lost 25% and in the second one gained 1%(in absolute terms).21000 in both these so not much of a loss except the feeling that if I had invested elsewhere may have made money.
When I called the Tata fund house to ask the NAV my question to the call center executive was if the fund manager was fired from the job.
Regards

[S_U_N]

Originally Posted by goandude

tried it, the ring got disconnected, then nothing yet.

I tried it again today. It actually works fine for me. Please make sure that when you call, it rings on the other side. Else your request will not get registered.

I got the SMS within a few seconds.

[sgiitk]

I think 2008-09 was an aberration as our the mixed metaphors being used to get out of the mess. I am switching some MFs around. I make sure that I put in the investment and redemption on the same day, so that the market volatility does not get me either way. Almost all my funds are 20%+ in the black over the past 12 months.

The best mutual fund [MF] is Franklin Templeton, and the worst, Reliance purely from the point of view of settlement of claims arising out of death of the account holder, IMO.

My late father had investments in many plans and schemes across numerous mutual funds. After his death, my mother became the sole holder of these accounts. She expired in June, 2012. After verification of records, I came to know that I am the nominee for most of these accounts.

So, I started the claim process of these accounts from July 2012, which continues even today! I have the first hand experience of settlement of claims due to death by Franklin Templeton, UTI, SBI, HSBC, Sunlife Birla, Tata, Sundaram and Reliance MF. Multiply these by 4 or 5 to get an idea of total number of accounts in these MF!

Before going into the details, let me clarify that my parents expired and cremated in Chennai. Corporation of Chennai has made available online all the birth and death certificates in their website. These birth/death certificates can be downloaded by anybody from the Corporation of Chennai website, which contain unique ID. The computer-generated certificates clearly state that authenticity of the certificates could be verified from the Corporation of Chennai website by typing the unique ID in the required field. So, I downloaded the death certificates of my parents, obtained attestation of my signature by the bank manager in the required format, took photo-copies of the other required documents like PAN card, ration card, etc. and started the claim process in various MF.

I started with Franklin Templeton first. When I explained and submitted the required documents, I was asked, whether I would like to continue to hold on to the accounts after transmission into my name or redeem the balance amount; I told them that I prefer the latter option. Then, I was told that KYC norms were not required and they would take about 10 working days to process the claim. True to their words, I got the proceeds credited to my bank account within 10 days. I thought the same thing would happen in other MF; but, I was totally wrong.

All other MF insisted on transmission of these accounts in my name, and later, I could redeem them if I wish for that. Okay, no issue with that. But, others insisted on my KYC norms for MF. When I told them I already have my demat account with Kotak Securities registered with NSDL, I was told that won't do; I must register separately for MF. Then, I submitted KYC application with supporting documents to CAMS, who are one of the registration authority for KYC for MF, I suppose. My details got verified and I received an acknowledgement letter from CAMS. Enclosing this acknowledgement letter, I started claiming in other MF. One-by-one, I got them transferred in my name, and later, I redeemed them again, one-by-one.

Now, come to the peculiar case of Tata MF. There were 4 accounts in different schemes/plans. Three were dealt by their registrars, CAMS, where I got the work done without any issue; in case of TATA Contra Fund, which was dealt by Karvy, I was troubled to the maximum extent. After submission of the documents, I received a letter asking me to submit KYC acknowledgement letter; I submitted KYC acknowledgement letter issued by CAMS. After a month or so, again I was asked to submit KYC acknowledgement letter from CVRL! When, I personally visited TATA MF office at Kodambakkam High Road, Chennai, the customer care staff called the concerned in Karvy and asked to process my claim as CAMS letter was more than sufficient; CVRL registration was not required. Then, there was absolute silence from their end. After a month, when I visited TATA MF office, I was told the account was already transferred in my name and I was given a statement, which I filled in then and there only for redemption.

Now, the worst of all. I visited the investor centre of Reliance MF at T Nagar, Chennai with all the documents. The customer care staff examined all in detail; he personally typed the unique ID of the death certificates of my parents in the Corporation of Chennai website and took prints and returned the original death certificates submitted by me. He also issued an acknowledgement letter for all the accounts. After a month, I receive five letters from the registrar [who else but Karvy!] asking me to submit death certificates attested by a gazetted officer or notary public as I submitted photocopies! I immediately sent emails to the customer care of Reliance MF and Karvy explaining that they were the prints taken by their investor centre after verifying the authenticity in the Corporation of Chennai website and since they were computer-generated ones no signatures were required. Again silence from Karvy/Reliance MF for another month. Again, I received the same letters from Karvy asking me submit attested copies of death certificates as I submitted photocopies. I got fed up, took attestation from a known gazetted officer, submitted them, got the accounts transferred in my name and applied for redemption a few days back. I am yet to get the amount credited to my bank account. Reliance MF/Karvy are the worst as far as claims settlement is concerned.

[mjothi]

Originally Posted by J.Ravi

Again, I received the same letters from Karvy asking me submit attested copies of death certificates as I submitted photocopies. I got fed up, took attestation from a known gazetted officer, submitted them, got the accounts transferred in my name and applied for redemption a few days back.

I always wonder if in India putting a phrase "Digitally verified" etc in small prints will work. This confirms that it wont. Yes, there are many documents increasingly becoming digital certified like Form 16, ITR-Vs, etc. I heard that some consulate insist for the ITR-Vs to be rubber stamped by the IT department.

Another surprise is, since Karvy have worked and settled your other claims without this attestation process, why only for Reliance? Does this mean, it have been initiated by Reliance office to request you the attestation copy?

Still there are lot of things which requires complete clarity from the govt, before implementing such system.

Thanks, mjothi.

Originally Posted by mjothi

Another surprise is, since Karvy have worked and settled your other claims without this attestation process, why only for Reliance? Does this mean, it have been initiated by Reliance office to request you the attestation copy?

Reliance MF investor centre staff verified the death certificates online and took prints. I got back the certificates submitted by me. In spite of informing them by emails, I again received the same letter by post after one month; Don't personal telephonic contact/email exist in Karvy's dictionary?

Karvy troubled me in case of TATA MF too in a different way; they won't accept the acknowledgement letter issued by CAMS for KYC norms; they insisted on CVRL registration; again, no email, no personal telephonic calls; just a postal letter! I visited TATA MF office five times for this work;

Karvy works like a government taluk office.

[subbarp]

Originally Posted by J.Ravi

The best mutual fund [MF] is Franklin Templeton...

Fully agree with you, its the best on the operational front (not refering to fund performance here). Most financial analysts as well as individuals only look at NAVs, but not the operational risks. I have felt most comfortable in dealings with Franklin Templeton, followed by SBI and then the rest. These relate to things like customer service, knowledge level of personnel at the desk at the Investor Services Centers, providing acknowledgements, documentation/ other communication promptly.
These aspects have a huge bearing on decisions to invest, its not just NAVs, not sure how many fund houses realise and pay adequate importance to this fact.

Thanks, subbarp.

Originally Posted by subbarp

followed by SBI and then the rest.

I remember, the process was very easy in case of SBI too.

its not just NAVs

If I wish to invest my money in MF, I prefer to go with Franklin Templeton. I don't mind even if they are not the first in the fund performance; serving a customer is more important than making money.