COMPLAINTS RELATED TO MUTUAL FUNDS:

ACCOUNT STATEMENT NOT RECEIVED

On acceptance of the application for subscription, an allotment confirmation specifying the number of units allotted by way of email and/or SMS within 5 business days from the date of receipt of transaction request, shall be sent to the Unit Holders registered email address and/or mobile number.
Also, a Consolidated Account Statement (CAS) (a single account statement that reflects all transactions of a unit holder, in all folios across all schemes of all mutual funds) will be sent every month of your transactions during a calendar month and emailed to you on your registered email ID before the 10th of a succeeding month.
CAS will include only those folios in which financial transactions have taken place during the month. For example, if you have three folios but you transact in only two folios during the month, then CAS for that month will include only two folios and not the folio where there are no transactions.
If the account statement is still not received within the specified period, you may place a written request with the AMC (Mutual Fund Company) for registering your email ID.

FUNDS NOT DEBITED FROM THE ACCOUNT

The TAT for processing a cheque is 3 working days Saturday & Sunday not included). If the funds do not get debited from the account within the specified period, there may be various reasons for the application rejection, some popular reasons are listed below-
  • NFO period has expired incase of a new scheme.

  • Minimum amount criteria not fulfilled

  • Document like PAN/KYC not attached

  • Form is not signed or filled properly

  • Bank details not mentioned

In case of delay in fund debit, please get in touch with a Relationship Manager.

Non-Receipt of Dividend

After declaration of a dividend by the Company, the dividend warrants have to be dispatched to the investors within 30 days of declaration of the dividend.
AMC (Asset Management Company) are liable to pay an interest @ 15%p.a., but if it fails to deliver the same within the specified time period or delay, please get in touch with your Relationship Manager.

GRIEVANCE PERTAINING TO SWITCH

There may be the following possible reasons for rejection of a switch request

Signature mismatch

PAN / any key detail not mentioned

Sometimes switch request may also lead to unwanted redemption of the funds. This happens when a switch out from the old scheme is done successfully but the switch-in request fails due to some of the following reasons -

New Fund Offer (NFO) period has expired in case of new scheme

Minimum amount criteria is not fulfilled

GRIEVANCE PERTAINING TO REDEMPTION

Redemption are done on the Net Asset Value on the same date when the redemption was applied & the amount will be directly credited to the client’s account on “transaction day (date of request) plus three working days” (except Saturday & Sunday). Whereas, Redemption cheques would need to be dispatched to investors within 10 days from the date of receipt of transaction request. AMC (Mutual Fund Company) is liable to pay interest @ 15%p.a.. If it fails to deliver the same within the specified time period please get in touch with a Relationship Manager.
However, there may be the following reasons for rejection of redemption request-

Signature mismatch

PAN/ any key detail not mentioned

In case of delay, please get in touch with your Relationship Manager.

CHARGES DEDUCTED ON REDEMPTION

There may be following charges levied at the time of Redemption

STT: STT stands for Securities Transaction Tax. This charge is levied at the time of sale of units of Equity Oriented Mutual Fund (delivery based). Presently it is 0.001% of the complete redemption amount.

Exit Load: This charge is levied on the redemption amount, if the investment amount has not completed the exit load period of the scheme.

TDS: TDS is Tax Deducted at Source. It is deducted at the time of redemption in case of NRI investors only.

CHANGE OF BANK DETAILS

It takes 15 days to update bank details in the folio. In order to change bank details, investors are requested to fill and submit the service request form

A "Cancelled" original cheque leaf (where the First Holder's/Investor's name and bank account number are printed on the face of the cheque) of both the banks (old as well as the new bank).

Incase a cheque leaf of the old bank is not available, a copy of the bank pass book or bank statement (with entries not older than 3 months) wherein the First Holder's /Investor's name, bank a/c no. & bank branch are clearly readable.

OR

A letter from the investor’s bank on their letterhead certifying the Investor's bank account information, viz. account holder's name and address, bank account number, bank branch, account type, MICR & IFSC code should be sent. The letter should be certified by an authorized official of the bank with his/her full signature, name,designation and bank seal.

KYC

KYC stands for "Know Your Client", which is commonly used for the Client Identification Process. SEBI has stipulated certain requirements relating to KYC Norms for Financial Institutions and Financial Intermediaries including Mutual Funds to follow the 'Know Your Client' principle. This would be in the form of verification of Identity & Address, Financial Status, Occupation and such other personal information. Applicant must be KYC compliant while investing with any SEBI registered Mutual Fund. With effect from 01-Jan-2011, investor investing in Mutual Funds would be required to complete the KYC process irrespective of the amount. At present, if a client intends to open accounts with different intermediaries for the purpose of trading/investment in securities market, he has to undergo the process of Know Your Client (KYC) separately with each intermediary. Therefore, to avoid duplication, SEBI has mandated a unified KYC in the securities market. This is effective from January 1, 2012. This activity will be undertaken by KYC Registration Agency(s) (KRA) as notified by SEBI. Any new Investor, Joint holders, Power of Attorney holders, Donors, Guardians in case of minor's will have to comply with the KYC formalities as per the new guidelines with effect from January 01, 2012.

Details/Information/Documents required for processing KYC

Individual Investors:

Identity details i.e. Name, Father/Spouse name, Gender, Marital Status, DOB, Nationality and PAN Nos.

Address for Correspondence & Permanent address along with contact details.

Gross Annual Income Details & Occupation.

Duly signed form.

Signature across the photo.

IPV done with details of the person doing IPV.

Self-attested POI & POA to be enclosed.

Non Individual Investors:

Identity details i.e. Name, Date & Place of Incorporation, Registration No., Date of commencement of business, status and PAN.

Address for Correspondence & Permanent address along with contact details.

Gross Annual Income Details & Net worth.

The photo of the Signatory signing the application to be affixed on the application form.

Annexure with Details of Promoters/Partners/Karta/Trustees and whole time directors provided. To be signed by the same person who has signed the KYC form.

Documents required are POI & POA.

CHANGE OF ADDRESS/ MOBILE/ EMAIL ID

To update your "Change of Address" in Mutual funds, the investor is required to update his new address in his KYC by filling the "Change in KYC details" form along with the self-attested PAN copy & a proof of new address (like Passport/Voters Identity Card/Ration Card/Registered Lease or Sale Agreement of Residence/Driving License/Utility bills like Telephone Bill (only land line), Electricity bill or Gas bill (Not more than 3 months old). It normally takes 30 days' time to update the new address in KYC and the new address record get automatically updated with all the mutual funds immediately thereafter.

It takes maximum 15 days' time to update a new Mobile number or Email ID with the AMC (Mutual Fund Company). It can be processed by signing a service request form or with an application letter addressing to the AMC.

Investors may also use the common transaction form available in our branches for Change of Address/Bank details or other services like redemption/additional purchase/ switch transactions etc.

Disclaimer:

This policy document is the property of Bajaj Capital Limited and is for use only by Bajaj Capital Limited or any of its group companies. It must not be copied, disclosed, circulated or referred to in correspondence with external parties or discussed with any other third party other than for any regulatory requirements without prior written consent from Head of Complaints or any other nominated personnel.