I am 26 years and reside in Mysuru. I had invested my money in an equity mutual fund scheme of a reputed mutual fund house. I had sold units of this mutual fund scheme but the mutual fund house delayed payment of my redemption amount. I applied to the mutual fund house to pay me interest on delayed payment of redemption amounts. They have not responded to my complaints. Is there any place where I can complain against this mutual fund house? I badly need this money. Please help?
Equity mutual funds usually pay out the redemption amounts within 3 business/working days. If you have not received your money within 10 working days, then the mutual fund has to pay interest at the rate of 15% per year, for every day the payout is delayed. If the mutual fund house is not looking into your complaints, approach the online grievance system, SCORES (Sebi Complaints Redress System), which is the online mechanism set up by SEBI. First register on the online grievance redressal system in the prescribed format, giving details of the problem and loss you have suffered. Provide copies of the communication with the fund house with supporting documents. If the case is not resolved within 30 days, file a fresh case or escalate the matter to senior SEBI officials.