AN UPDATE- (1st February, 2016- One working day later)

ICICI MF resolved the issue rather quickly. Pranav Merchant, their head of Customer Care, stepped in and resolved the issue. The signature mismatch seems to have been one of those unforeseen and unfortunate machine errors. Pranav  and his team were on the wire and resolved the issue before the day was over. Thanks, Pranav and your team.

Maybe it is good to learn our lessons- As a mutual fund, go that extra mile when it comes to refusing a request on technical ground.

Thanks

Bala

 

Submitted redemption request for a known person from a couple of schemes of ICICI.

Next day a mail saying that request bounced as ‘signature’ differs. Yes, the account with ICICI MF was opened in 1999 and the person concerned is 60+.

Now, submit a fresh redemption form with signature attested by the bankers.  CAMS advises me that even if attested, ICICI will REFUSE. They will first ask you to update your new signature, after having verified your old signature etc.. In short, they will try and see that you can never redeem.

Went to the branch of ICICI MF. They said that signature is different. Said it will be, given a gap of 17 years. And now that I have given a bank attestation, should it not be easy? The bank mandate is in place and that is not being changed. So you know that the redemption is going to the person who rightfully is the owner.

The guy at the front desk was polite but helpless. He said that he will accept my redemption request, but very likely that the MF will bounce it.

Beware, with ICICI, you are going to be at their mercy, even if it relates to any product. It could be a fixed deposit placed with the bank. After all, it is a culture issue. And of course, now there is no question of trusting ICICI.

 

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12 thoughts on “ICICI Mutual Fund- Redemption Issues- UPDATED

  1. If the investor’s signature has been attested by the banker from where the account is registered, they cannot deny the redemption. Also ICICI has no interest in holding back an investor’s money at the time of redemption. Which city are you located in? I am assure I can organize assistance for you.

    Liked by 1 person

    1. Thanks Abhenav. The redemption is in the name of Kala Gopalakrishnan. Given to Chennai ICICI MF Office at Front desk to Mr Imran on Friday afternoon. He said it will not be honoured. I have still asked him to push it. If you can organise help, great. I am travelling from Monday evening. Many thanks in advance. Regards

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  2. Dear Bala,

    Let me begin by apologising for the inconvenience caused to you. I’m Pranav Merchant and I head customer experience at ICICI Prudential Mutual Fund. Please share your email ID and mobile number on pranav_merchant@icicipruamc.com/+91 99301 33890 so that I can assist you to get this concern resolved. Thanks!

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  3. Dear All ,

    Im currently reciding out of country , I need help with regads to my ICICI MF ,
    I stopped my SIP but still the debits continue without NAV accumlation , I have two SIP and recived one credit and I’m confused to resolve
    I wrote to the meil ID and in the complaint category m but no response yet

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  4. ICICI MF’s online platform is certainly not among the best. Though it allows to make STP’s, you cannot stop it ! When I inquired ICICI MF, I was told to make an offline request to the AMC. So much for digitization….

    Like

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