Punwani not Patel

Punwani not Patel

The one thing that foreign mutual funds promised Indian investors was highly efficient service and quick turnaround. Some even promised transfer of funds and information on the phone, over a period of time. Instead, the huge inflow of money into these funds seems to be slowing them down and inefficiencies which characterised large Indian funds are creeping in. Look at what happened to D. Punwani who invested in Templeton's India Income Plan. He keeps receiving his cheques in the name of one Mansukh M Patel.

After a lengthy and angry correspondence with the registrar, Karvy Consultants confessed that the same account number had been allotted to Patel as well. They apologised and Punwani presumed that the matter would have been set right. To his surprise the next cheque was again in the name of Patel. He justifiably feels that it is no longer a simple mistake, but deliberate harassment or worse. Is an apology enough or is the Fund going to make amends for the delayed dividend and irritation? Is it also anywonder that investors continue to be so vary about dematerialisation?