a complaint from a reader. Really scary if u are a NRI…
Recently I wanted to redeem of my MF-DY SIP portfolio. When I had submitted request, HDFC MF asked me to submit bank statements as proof of verification that funds are drawn from my account. This was a bit shocker to me because all my investments are done through net banking of the same HDFC bank.
I live abroad and it was painful for me that I need to recoup bank statements from first SIP investments onwards. Being a privileged customer of the bank, I could download the bank statement of last 3 years and could furnish. As a result, my redemption amount got delayed by 3 days. I would have screwed up if I linked this payment to any urgent requirement such as admission fee or medical etc..
But then wondered, if SIP would have continued for 10 years, I would have found difficulty in getting or downloading the statement. The redemption could have gone into tailspin and complex web costing me high price.
Even while India is reeling under rupee depreciation and trying to attract flows from NRIs, let me reiterate that none of the equity investment rules for NRIs got simplified. On the top, they are harassed with arbitrary requirements.
I am really scared to put my investments in India on any of the asset class except FDs.
– See more at: http://www.subramoney.com/2013/11/where-is-the-indian-retail-equity-investor/#comments
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