Subject : Franklin Templeton Mutual Fund
Complaint: I had invested Rs.25,000 with Templeton Mutual Fund two years ago in FY 2007. I exited from the fund on 2 July 2008. I have ECS (electronic clearing service) facility with Templeton (from my savings account in Oriental bank of Commerce, Mapusa, Goa), which means when I exited from the fund, Templeton should have deposited the exit amount (NAV of my fund at time of exit) into my account with Oriental Bank of Commerce (OBC), Goa and the funds should have been in my account by 5 July 2008 as was confirmed to me by Karvy, Goa, while I was executing the exit form. There is option for money thru ECS which I tick-marked on the exit form. During the tenure of money kept with them, Templeton paid me dividend on two occasions and Templeton deposited the dividend money directly into my account with OBC and sent me SMS message informing me of the direct deposit in my account.
Templeton made two mistakes:
1) Templeton did not send money thru ECS
2) Templeton sent HDFC cheque and that too payable in Mumbai whereas I am a resident of Goa and all my contact details/ bank account details are available with Templeton
The above mistake by Templeton caused a lot of monetary hardship to me and stress and mental harassment. I had exited from the fund due to urgent need of money. Since Templeton delayed in payment, I had to take a personal loan on monthly rate of interest from a money lender.
After a lot of complaining from my side as well as Karvy Goa, Templeton sent another cheque payable in Goa with my name and OBC account number. It took approx 1 month for me to receive the money in my account in OBC.
Due to all the above I asked Templeton for compensation and to pay me Rs.10,000 towards
1) Delay in payment by them,
2) Financial difficulty incurred by myself due to delay,
3) Templeton used my money without my permission for 1 month
4) I had to take loan on interest to fulfill my financial commitments
I had complained to consumer forum www.core.nic.in . They could not solve the matter and told me to contact District Consumer Forum.
Templeton contacted me and is trying to close the matter asap. Templeton is willing to pay me Rs.238 only. Templeton was trying to do direct deposit in my account at OBC of Rs.238. I told my bank not to accept. I have refused to accept this payment from them in my email to them. Even then Templeton has sent a cheque to my residence address by registered post two days ago. I have not opened the document.
How can Templeton pay me only Rs.238 after causing me so much problem due to negligence on their part. If I pay Templeton Rs.238 as interest will they give me a higher NAV of 1 month later or earlier ? What Templeton is trying to do in my case IS NOT FAIR AT ALL. They are telling me as per SEBI they owe me only Rs.238. What about justice to me ? Does SEBI not care about investors and their grievances ?
Pls advise what to do.
Thank you
Regards
Clara
982277-8791