A few days back Safalniveshak posted a comment saying his friend’s father was cheated by an agent who had sold him 192 schemes in 192 folios. He called it bad and disgusting.
Let us look at the whole process. A mutual fund or a life insurance company gets a LICENSE to do business in their respective businesses. They then create products which are cleared (specifically not saying approved because SEBI does not like that word). They appoint and TRAIN agents – either independent or tied.
So an approved and trained salesman sells an approved product to a client. If there is a defect in the product OR in the method of selling, who is to be blamed? I do not know.
Look at it from the client side. Either he knows and understands what he buys, or he runs the risk. WHERE THE HELL WAS the head of the company who SAW WHAT WAS HAPPENING?
Surely the higher ups knew what was going on…..or did they not?
Very easy to blame the people………………..
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