Tale of a switch request #poorcustomerservice #kotakAMC

Of late, I have been switching all my funds with various fund houses to "Direct"  mode.

I have been mailing my switch request forms through speed post and have had no hitches in getting the switch completed by the fund houses except for one.

I hold an investment in one of the equity funds of Kotak ( Thank God, it was only one). As usual , I sent a switch request form to CAMS ( investor service for Kotak).

Nothing happened for a long time and when I  got in touch with Kotak AMC , they requested me to resend the form to CAMS.

I did so, a week back and have'nt seen the switch happen. So, called up Kotak AMC an hour ago

Me: Hello Kotak AMC

KAMC : Yes sir

Me: My folio xx, need to know the status of switch request.

KAMC : Sir, No request is received yet.

Me: I sent it by speed post to CAMS and the online tracker says the letter is delivered.

KAMC : Then you should ask CAMS and not us .Please call CAMS.

Me: Is this a responsible answer ?? I will withdraw my funds from your AMC.

KAMC : Ok sir, thank you.

<<end of first call>>

Second call placed to CAMS Chennai

Me: Hello CAMS

CAMS: Yes sir

Me: My Kotak folio number is ####, Please let me know status of switch request sent by post.

CAMS: We don't have access to Kotak system, Please call Kotak.

Me: Oh they asked me to call you and you are asking me to call them#%^*

CAMS; Yes sir

Me: Can you please help me

CAMS; Call Kotak, we cant help!

I had no choice but to bang my head on the phone and disconnect. 

Wonderful service for the 2.5%charge that I have paid every year to Kotak for the last several years. !!


Vinit said...

Well, good you have posted it online, will certainly help us to decide in future what to do in such cases. Hope you get it transferred soon, keep us updated.


Anonymous said...

Dear Sir,

Sorry to hear that. We would be glad to assist you, hence request you to kindly provide your concerns to solutions.bank@kotak.com along with your contact / Mutual Fund Folio number enabling us to reach you at the earliest and address all your concerns to your satisfaction.

Assuring you of our best services at all times.

Thanks and regards,
Kotak Team.

Kotak Team said...

Dear Sir,

This has reference to your above referred complaint regarding your switch transaction. We would request you to kindly mail us your folio number and other investment details on mutual@kotak.com to investigate the complaint & revert on the same.

Thanking You.

Warm Regards,
Investor Services Team @ Kotak Mutual

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