POSTED BY October 20, 2011 6:13 pm COMMENTS (6)ON
I just realised that my SIPs got cancelled this month because I was apparently KYC non compliant. I thought my transactions happened this month when I updated my passbook as the amounts have been debited. So where does this money go now? I have not received any refund. I had submitted all my documents through a Karvy POS and thought that the entire process was going smoothly since I did not have any problems in the last 5 months of SIPs.
My questions to the forum:
1. What could the reason be for the sudden KYC non compliance when all was well in the last 5 months?
2. If the money has already been debited from my account even though the SIP is cancelled, then where does it travel, and what do I have to do to get it back?
3. Is there any way the SIPs can be re-purchased at its original intended date (backdate)? I am sure there is no fault at my end for the SIP rejection, then should I not be entitled to it?
Please give your valuable suggestions on what I can do about this.