NRIs be aware of the problem I am facing with Fundsindia.com

POSTED BY Michael John Britto ON February 15, 2013 11:01 am COMMENTS (5)

After returning permanently back to India, I informed to Fundsindia.com about change in
my status and new bank account with ICICI Bank.  They instructed me to send a covering
letter as per their format alongwith a cancelled cheque in order to process with the AMCs.
Now more than 3 weeks have passed and the status is as follows:

1. Birla MF has changed my bank account number but kept status as NRE.
2. Hdfc MF has just recently changed it 3 days back.
3. L&T MF (Fidelity) has not yet changed. Reason given my KYC is not yet updated.
4. Quantum MF has changed it outrightly without any issues.
5. Franklin Templeton MF too has not yet changed. Reason given same as of L&T MF.

Besides, even Fundsindia.com has not changed my status and account. They say it will
be changed only when all the AMCs have done it which is surprising. That means, now I
cannot make additional investments in AMCs who have already changed.

I brought this matter to the notice of Mr Srikanth, founder of Fundsindia.com but he
too has not yet responded to my email.

Please note, with regards to my KYC, new updation request has been already sent on Jan 19, 2013 to CVL through ICICI.
 
Therefore, I would like to know from the fellow members if they have faced similar issues and what steps they took for now I am stucked in fundsindia platform.

Thanks
Michael

5 replies on this article “NRIs be aware of the problem I am facing with Fundsindia.com”

  1. Thanks for Manish for drawing my attention to this thread.

    Mr. Britto, sorry about the inconvenience at the outset.

    1. Firstly, I request you to please re-send your mail to me. I searched my mail archives and could not find any mail from you addressed to me in this regard.

    2. As others have pointed out, the actual issues lie with the AMCs. Not passing the buck, but stating the facts and the limits of our abilities in this regard. Every fund company has a different set of rules and stipulations for when and how such a change can be made. They are inconsistent and they take different times. On our part, we follow up most diligently to ensure that stuff gets done.

    3. I cannot comment on the KYC update process since it’s being done separately.

    4. That brings us to the issue of FundsIndia updating the account status in our systems. We wait till AMCs complete the changes. If we do not, we will get into further complication with the folios that are undergoing changes. The account level settings are across the board and cannot be made at the level of individual AMCs. This can be frustrating, I fully understand. However, we need to have processes that will scale and work in all situations in a simple manner.

    We will get your processes completed and get your folios streamlined. I request your patience on this.

    thanks,

    Srikanth

    1. Michael John Britto says:

      Appreciate your response Mr. Srikanth.

      I have resent my previous email dated Feb 08 late yesterday Feb 17 to your Gmail ID as before.

      I do not know your other Email ID. If not received then please let me know for the future.

      Thanks Manish for taking up the issue.

      Regards to you all. Bye.

  2. Karthik says:

    I think its the problem with the AMCs and not with Fundsindia.
    Try contacting the AMCs directly, quoting your folio number.

  3. Biswa Singh says:

    I also agree with Ashal and please wait for some more time. As per my experience Funds India are most of the time good at resolving issues.

  4. Dear MB, Please invest directly with each AMC on the basis of Quantum AMC’s KYC status, you may attach a copy of the same while dealing with others.

    These are procedural issues which many people face. Kindly bear with it for some time. 🙂

    Thanks

    Ashal

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