Unexpected money I got thanks to SEBI

Who hasn’t faced a money crunch from time to time?. Few weeks back I was in one such phase. I was dreaming I will hear from the estate of a diseased Uncle who was forgotten and get a windfall. (For records I tried and elders in my family could account for all our Uncles & Aunts for last 3 generations Smile).

Just then an email came from eCAS_MutualFunds at manipaltechnologies.com. Thinking it is the regular reminder emails for some payments due, I was about to delete the email without reading it. Just then the words “Non Transacted Folios” caught my eye. In the preceding week I liquidated all the few Mutual Fund investments I had, so there is no way there were any account without transactions. Got curious I read the email, required two readings as was in usual Financial Limbo-Jumbo.

Dear Investor, Attached is your Common Account Statement (CAS) containing Unit Balances in case
of Non Transacted Folios (folios having no financial transactions) in last six
months. As you are aware, SEBI mandated Asset Management Companies to issue unit holding
statement where no transactions have taken place during six months consolidated
based on PAN of unit holders, on a half yearly frequency. <snipped non relevant portions by author of this blog> In case of any clarifications or feedback regarding eCAS, kindly revert to
respective RTA or mutual fund within 10 days of receipt of this email.

Thank You,
Issued by all Mutual Funds in India

The attached statement with the email listed that I had a good amount of money shown as balance in two funds and I had no remembrance of investing on these. I had trawled all my accounts for funds few weeks back, so I was sure it was some mistake. Doubtfully calling both the fund houses, to my surprise they confirmed the listed balance and they were available for redemption. Asking more details of the folios I realized I had made the investments in 2007 (those were the heady days, pre USA recession!) with my local bank branch manager who had canvassed for these two funds, then forgetting about them completely. Surprisingly all these 7 years I never got a single email or statement from the fund houses, even though my details in the folios were correct (Bank Account Number, Email ID & Mobile #).

piggy-bank

Downloading the redemption form and dropping it in their office in Nungambakkam, Chennai I got the redemption money credited to my bank account from both the folios in few days. Getting this unexpected money was very helpful for me during that week.

If it wasn’t for this “Non Transacted Folios“ email I would have lost this money unclaimed. Thanks to a SEBI policy announced in 2011, Mutual funds are required to send this email, kudos to them.

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