The Terrible IT and Software Systems at Axis Mutual Fund (AMC) lets down the effort of their investment Team. I had complained to Milind M. Vengurlekar Senior Vice – President on 18-June-2019 and till date they have not improved the same. I’m going to write to you my horrible experience with Evidence admissible under the Indian Evidence Act along with the IT Act 2000.
Due to Terrible Performance of HDFC Mutual Fund and Pathetic Web Interface for Transaction, I pushed the EXIT from HDFC Funds. I was very excited by the consistent performance of Funds and wanted to give Axis Mutual Fund another try today.
Bug 1: As soon as they capture PAN, why can’t they Pre-Fill my Name, DOB, Address Details ? I had to manually enter the same.
After entering the same, I decided to start one SIP which will essentially create a Folio and I can keep adding as and when the market corrects. I also opted to Pay one installment immediately. Here is the First Screenshot of SIP Transaction.
Bug 2 You can opt for Online or Offline Processing of SIP. I chose to do all Online Transaction. The Rupee Symbol kept rotating in front of me for 3 minutes and Here is the Error which I got at 09:40 AM this morning.
I tried repeating the transaction again, and Rupee symbol keeps rotating in the locked screen and after 2 minutes, bingo another error as seen below.
I tried again and this time it went through to make the Payment since i had chosen immediate payment and Auto Debit from the 5th of Every month from Sept.
Bug 3: I receive two SMS stating that two folios have been created at 9:44. How can their be two folios , if error has occurred ? The folio Numbers are XX3354 and XX3384 (Actual Folio Numbers are visible in SMS)
Bug 4: I receive Three e-mails all at 09:45 staying that
Congratulations for yet again taking the right step towards planning a BOLD future. Your request to start a Systematic Investment Plan (SIP) has been initiated with following details:
and each of them have a different folio number viz – XXXXXXXXX3354, XXXXXXXXX3384, XXXXXXXXX3394
Bug 5 It then asks for the Feedback and what do you think I must have given ? Yes Single *. I’d have given them negative, because even after 12 months they haven’t been able to improve the system. After that I get only One URN Code (I don’t know what that means to be furnished in my Online Bank Account so that Auto Debit happens for the SIP.
Bug 6 Confused on what to do, I went to Dashboard to see if Folio Number exists, if so in which one of them has the money been deposited for the transaction I have made. But I don’t see any of the above mentioned 3 Folios
I called their Customer Care Number 1800 221 322 at 11:33 and after going through the Menu spoke to the Executive for 3 minutes and then he tells me their IT Systems are down and I need to call back again. I gave my piece of mind and decided to bring it to the notice of the world as they wasted so much time of mine.
Finally, Poor IT & Software Systems by Companies put the best efforts of other teams down the drain.
Aggrieved & Frustrated,
Chetan