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Abhay Datar

I submitted application for closure of NSS account in Post Office on 4.4.24. Cheque for the closure amount was issued on 22.4.24. When I asked for reason for delay it was stated as due to technical issue at the end of post office. When I asked for interest for the intervening period, postal authorities replied that they are not liable to pay for technical issues. My NSS account was in a place named Kakinada in Andhra Pradesh. I want to file a case in district consumer court in Andhra Pradesh for interest and compensation for losing opportunity to invest the amount in alternative investments. Consumer complaints

A technical error may be beyond the control of the post office; however, denying some interest to make good the loss of 18 days does not look proper. Generally savings interest @4% per annum is paid... Read More

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Dear Sir / Madam, 1. I am a sole holder in few Mutual Funds with non demat / SOA folio. 2. I want to add Joint holder in all the folios of all the Mutual Funds having non demat / SOA folios. 3. Accordingly, I have requested M/S SBI Mutual Fund to add my wife as Joint Holder in my folio of SBI Small Cap Fund. 4. M/S SBI Mutual have processed my request and added my wife as a Joint Holder in my non demat / SOA folio of SBI Small Cap Fund. An application along with PANs and CKYC of both the holders were sent in physical form to SBI Mutual Fund Registrars &Transfer Agent Computer Age Management Services Ltd. 5. However, my request for addition of Joint Holder in non demat / SOA folio of Nippon India Index Fund - BSE Sensex Plan has been rejected by M/S Nippon India Mutual Funds. 6. Further, Regulation 37(1) of SEBI (Mutual Fund) Regulations, 1996, stipulates that unless otherwise restricted or prohibited under the scheme, mutual fund units shall be freely transferable by act of parties or by operation of law, and the spirit and intention of the said regulation is not to prohibit transferability of units as a general rule or practice. In view of the regulation, addition of the joint holder as done by M/S SBI Mutual fund could have been done by M/S Nippon India Mutual fund also because nowhere in the entire SID free transfer of the unit(s) by act of parties or by operation of law is restricted or prohibited under the scheme. 7. Since both the AMCs are being regulated by SEBI there is no reason to have different operating procedures. 8. I request your legal opinion in this matter. Regards. Pradeep. Gopal Amraotkar. Mob : XXXXXXXXXX Consumer complaints

It is not clear from the mail as to why Nippon MF rejected your request. In my opinion, it may not be related to registering the joint name, but something else. SEBI circular no. SEBI/HO/... Read More

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Shirish Shanbhag Shirish Shanbhag has an MSc in Organic Chemistry, Diploma in Higher Education, a Diploma in a French and has completed his LL.B. in first class, in 2021. Before his retirement, he was a junior college teacher at Patkar College from July 1980 to May 2012, where he taught theoretical and practical chemistry. Post retirement in 2012, he started providing guidance and counseling to people on several issues, with a specific focus on co-operative housing society related matters. Adv Shanbhag has a kee

AV Shenoy AV Shenoy hold degrees in both Mechanical and Electrical Engineering from VJTI, University of Bombay and a Post Graduate Diploma in Industrial Management from Jamnalal Bajaj Institute of Management Studies. Worked as a Design Engineer in Electrical Business Group of Larsen & Toubro Ltd. at Powai from October 1969 to September 2001 and retired as Dy. General Manager. Also worked as a Facilitator/Trainer for implementation of Total Quality Management (TQM) and ISO 9000 in the organization. Since r

Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.

Shailesh Gandhi Shailesh Gandhi is a former Central Information Commissioner for the Right to Information Act. He is a successful RTI activist and a regular speaker at Moneylife Foundation.

Dr Rajendra Ganatra Dr Rajendra M Ganatra, was a banker for two decades and is now a registered Insolvency Resolution Professional, restructuring consultant and visiting faculty for MBA. He has more three decades of experience in project finance, asset reconstruction and financial restructuring. He is a Registered Insolvency Professional and has been the former MD & CEO of India SME Asset Reconstruction Co. Limited

Samir Zaveri An extraordinary activist who has dedicated his life to the cause of railways, with a mission to help every rail commuter and accident victims, and improve Railway safety.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on legal, RTI, and consumer issues

Sucheta Dalal Trustee - Moneylife Foundation

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