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: Hello;

When a company goes into bankruptcy the chances of getting NCD investment money back is very low irrespective of the fact whether it is secured or unsecured NCD.

You should be thankful to the almighty that atleast you have received money for the 4 NCDs.

You will have to accept the settlement adjudged by NCLT/NCLAT for NCDs in case of Srei infra else your father(joint NCD holder) may approach Hon. SC for getting a return of his funds but legally it will be on a weak footing.

You may also raise complaint to SEBI and RBI in the name of your father (joint holder of NCDs) for your concerns and seek response to your queries.

Best wishes;

Ans: Your concern regarding the redemption of SBI mutual fund units is valid. Let me address it step by step to provide clarity and potential solutions.

1. Legal Documentation Requirements
SBI Mutual Fund follows strict documentation rules.

The requirement of an Aadhaar card or voter ID is standard in India.

However, NRIs with PAN and OCI cards should also be eligible.

PAN is legally accepted for financial transactions, even without Aadhaar.

2. Presenting OCI and US Passport as Proof
Your OCI and US passport are valid identity proofs.

These documents establish your identity as an NRI.

PAN card further confirms your association with Indian financial systems.

Mutual fund companies must accept these as substitutes for Aadhaar.

3. Difficulty in Personal Visits
Being in the US, visiting their office is impractical.

Mutual fund companies have online processes for NRIs.

Redemption requests should accommodate remote verification.

SBI Mutual Fund needs to update their NRI servicing standards.

4. Communicating with SBI Mutual Fund
Direct communication can resolve your issue faster.

Write to the grievance redressal cell of SBI Mutual Fund.

Clearly explain your situation and provide supporting documents.

Mention the challenges you face in visiting India personally.

5. Role of Certified Financial Planner
A Certified Financial Planner (CFP) can mediate for you.

CFPs have experience in resolving such issues with fund houses.

They can guide you on alternate processes for redemption.

Collaborating with a CFP ensures a professional approach.

6. Checking KYC Compliance
Ensure your KYC is updated as an NRI.

KYC is mandatory for mutual fund transactions in India.

NRIs must update their KYC when there is a status change.

Use KYC registration agencies to check and update your details.

7. Alternative Redemption Options
Explore other methods to redeem your mutual funds.

Contact the Registrar and Transfer Agent (RTA) for SBI Mutual Fund.

RTAs like CAMS or KFintech often provide better assistance.

Explain your NRI status and request a solution for remote redemption.

8. Legal Recourse if Needed
As a last resort, consider legal action.

Consult an expert lawyer experienced in financial disputes.

File a complaint with SEBI through the SCORES platform.

SEBI ensures that investor grievances are addressed promptly.

Final Insights
Your frustration is understandable, but there are solutions.

Strengthen your communication with SBI Mutual Fund and escalate issues if needed.

Engage a Certified Financial Planner for expert guidance.

Update your NRI KYC and use RTAs for smoother resolution.

Keep patience and follow up consistently for the best outcome.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment