Karvy denies payment of maturity value of IDFC bonds

I have purchased the IDFC bonds in Nov 2010 for Rs. 20,000 for which the buy back date is 13th Nov 2015, I contacted Karvy team for Buy back of band on 15th Nov 2015. Here I have been informed about the process to submit the original band certificate along with application and pan card copy and allotment letter via post. I told them that I didn’t received any original bond certificate from IDFC, hence the call Centre person told me to mention the same in my application. I did so and forwarded my request to Karvy. I did check with Karvy team on receipt of my mail and the payment process and I have been told that my request mail is received and my payment is under process and I will get paid by end of Dec 2015.

In meantime I did checked with Karvy team to know the status, always it has been told to me that, my case is under process and I will get paid on 31st of Dec 2015. I also checked in the afternoon of 31st of Dec with Karvy team and I have assured from them that I will get paid by end of the day.

But when I didn’t received the payment of 31st Dec 2015, I did escalate the case at high level and was come to know the new process. The process advised by Karvy Team earlier was not correct.

Now Karvy Team asked me to submit the Indemnity Bond to request for duplicate bond certificate and cancelled cheque . I asked them why this was not asked me to do earlier, they doesn’t have answer, I ask them for apology letter which was not received to me and after three days Karvy Team called me to submit soft copy of Indemnity Bond and cancel cheque to release the payment, I did so immediately on 20th Jan 2016, on that letter I go the response on 23th from Karvy that my Buy Back request is process is accepted and I will get paid on 1st week of Feb 2016. I got relaxed.

But on Monday, 25th Jan 2016 I got another email from Karvy saying they are unable to process my request as buy back period is off and I now I have to wait for another 5 years.

Here I expect stick action on Karvy Team for this delay which is happen from their end, also then need to punish for mis-communication and mis-guiding to customer about the process and cases and lastly please help me to get me my money back ASAP, Thanks

Let me know in case you require any further information or email from from Karvy, Thanks in advance.

Ashwinikumar Patil
Mira Road East, Thane 401107, Maharashtra
Email: axxxxxxxxxx7@yahoo.co.in / 25/01/2016 / 12:22 pm

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