kotak securities Had very bad experience in redemption of mutual found


Had very bad experience in redemption of mutual found

Issue was
Had “Franklin India Prima Fund(G)” and “Franklin India Focused Equity Fund(G)” as SIP. when logged-in and tried to redeem, didn’t get options in web page. so called security helpline and asked for trigger redeem for both the founds(All units) on 2 Nov 2018, 10% of profit expected in time of calling and expected amount was around 2.5L.
Now got the invoice for 1.16L but no details on what happened on other units/amount and more interestingly funds are sold -10%(negative value);
As because of some personal emergency I was looking for money and when made the call in help line around 7-8 times again horrible experience, each time I explained what has happened and then same answers like had to check or I will get the call back, no clarity on what happened or how everything corrected or when it will be done. It gave the immersion that I did investment on like local chit founds.
So registered complaint on consumer court.

Very first I want everything get corrected asap(need to fund redemption done on as per 10% profit value time of order placed ).
Also it gave me impression that our data is tempered so don’t want to maintain security account with kotak anymore. Account should be closed by transferring my all my investments to HDFC securities without any charges.
Hope I will get some sensible response for it asap and please don’t come with sorry, regret, inconvenience…
just tell me how and when it will be fixed and what is the process to close the account and transfer investments to other security.
Prakash Shet

From: Consumer Affair <[email protected]>
Sent: Friday, November 9, 2018 1:40 PM
To: [email protected]
Subject: Complaint Registered

Dear Prakash,
Your Complaint has been successfully lodged and your docket number: 1000423. Please visit Track Complaint and enter the above docket number.
To know how to be a digitally safe consumer, please visit https://consumerhelpline.gov.in/ncd2016/microsite/
Local circle is a social media platform that connects citizens/consumers for discussions & solutions by collective participation. You may like to visit Connected Consumers Circle

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