Redemption/Dividend DespatchNo. of comments:53 P. RAVI KRISHNAN, Rourkela, Krishna Fincon Services On 24-Apr-2014
All are fully aware that many investors (those especially from small towns and rural areas) have not updated their bank mandates with core banking account numbers & NEFT codes. Nowadays, it is being observed that Redemption/Dividend Warrants are being dispatched by all RTAs & AMCs through Blue Dart Courier/some other couriers to investors. AMCS & RTAs are fully aware of courier's non-availability of services in small towns & rural areas. Recently, one of our investors have got redemption cheque from Cams after the gap of two weeks (much after our several reminders to AMC). Those investors who are residing in big towns are lucky but small towns & rural investors are facing lot of inconvenience. Hence warrants are being returned undelivered to RTAs/AMCS, who keep instruments pending with them till investors/IFAs follow up with RTAs/AMCs. Moreover, AMCs always hesitate to deliver/handover cheques to IFAs who have generated business from their investors.
The best things for RTAs & AMCs is to send warrants through SPEED POST, who will reach parcels in every nook and corner of the country. May we, IFAs, request all RTAs & AMCs to despatch warrants through SPEED POST only to investors who are residing in small towns & rural areas...?