My daughter NIMISHA TRIPATHI invested in ICICI Prudential Mutual Fund scheme 'ICICI Prudential Emerging Star-Growth Folio No.1684377/84 and applied for its redemption on 27/12/2010, submitting all requisite papers- Redemption slip duly signed and opted for redemption through cheque, Signature attested by bank, and copy of canceled cheque of Punjab National Bank where my daughter has an a/c.
The AMC has not redeemed the amount neitherby cheque as desired by me nor they have sent it to my bank PNB, sector 22/D, Chandigarh, instead they have informed me on inquiry that the amount was sent to ICICI Bank ltd.
Their representative over phone told that a new application be submitted as they have already paid but the NAV will remain the same as it was on that day i.e, 27/12/2010
Thus deference of the NAV if any and the interest on the amount redeemed will have to be born by investor.
Thus my daughter is to face the difficulties and losses in getting a redemption for no fault of her, this is very unfortunate and the high handed MF is in undue gain keeping her money with them and using it on the market.