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Ramalingam

Ramalingam Kalirajan  |6501 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Sep 19, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Asked by Anonymous - Sep 18, 2024Hindi
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Sir my son in 2009 invested in Mutual fund rs.5000/- and again rs.5000/- another in 2011 total rs.10,000/- with Reliance mutuval funds later this company changed in the name of Nippon India private limite. My son at the of investments he had Old PAN no. Later on job purpose gone abroad and settled. He came in 2019 and submitted redeem his units say 2250 units currenly valued rs. 50,000 above . His application was rejected at first Old PAN Card not surrendered so he surrendered same with original attached with NRE status PAN and submitted agiain who they says You have to link his Aadhar card. He is not in a position to obtain this because he may get citizenship. I referred to SEBI and RBI to intervene but no response from them Please guide me how to redeem and get my son’s investments which I require for my ailing age of 78. Thanks in advance If you require his PAN no surrendered and obtained new NRE status PAN no.

Ans: Since your son cannot link his Aadhaar due to his NRI status, the best approach would be to reach out directly to Nippon India Mutual Fund and explain the situation. You can request the redemption process based on his NRI PAN and KYC status without Aadhaar linking.

Here's what you can do:

Contact Nippon India: Explain that your son is an NRI and cannot obtain an Aadhaar card. Request guidance for an NRI-specific redemption process.

Submit an NRI KYC Update: Ensure that your son's new PAN and NRI status are updated in the KYC records with the fund house. This can be done via the KYC Registration Agency (KRA) or CAMS for mutual funds.

Alternative Contact: If there is no response from the fund house, consider contacting AMFI or SEBI again, providing all necessary documents.

These steps should help you resolve the issue and redeem the units without requiring Aadhaar linkage.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Sir I am Sundararajan lives in Chennai invested FDRs in Royapettah Benefits Fund in 1989 One Lakh for one year suddenly the closed without intimation and ran away to Other countries. The CBI case is still pending meantime they captured few assets and paid to individuals Bank say 40% only balance no idea on that when I contacted the respective police commissioner dept they are not answering And when I personally went to their office No posting to that and no update whether I can get my balance. Currently I am aged 78 and doubt I get this in my life time . Please guide me. This RBF having some more assets and the directors are is linked with political and cine field roaming in South India. They gave top Cine field actors who did films and escaped without returning the capital etc can they trapped and attach their properties in India and abroad including freezing their bank account etc Similarly one Devi Gold House which started in 1989 . Attatracted specially offering better interested closed their show in LB road near Adyar police station now that building with some other company medical clinic ruining their also many old people invested heavy amounts. No show of recovery case is pending past 34 years. Please guide me. Thanks in advance
Ans: You may seek legal recourse to try and get your balance money back although it looks difficult now but their is NO harm in trying.

If you know group of other affected investors then it would be better to fight the case legally as a group.

My best wishes!!

..Read more

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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