<p>Bengaluru: A Bengaluru consumer court has ordered an asset management company to compensate a senior citizen for the inconvenience caused by a 45-day delay in providing him with a correct account statement of investment.</p>.<p>The court awarded SM Ramesh, a resident of Sanjaynagar, Rs 15,000 in compensation and Rs 5,000 for legal expenses.</p>.<p>Ramesh had invested in the UTI Unit Linked Insurance Plan (ULIP) scheme since 2012 and held 56,454 units worth Rs 18,75,781 as of February 2023. In April 2023, he requested a detailed account statement from the asset management company UTI Mutual Fund on his investment’s current market value, but received an incomplete response the next day with missing information about his units, investment cost, and market value. He even claimed his holdings were displayed as zero.</p>.<p>Dissatisfied with the response, Ramesh wrote to the company, lodged complaints with SEBI and the Prime Minister's Office, alleging negligence. After 45 days, a final statement arrived, clarifying his investment amount as Rs 11,09,862.47 with a portfolio value of Rs 18.75 lakh. The delay upset Ramesh, who accused the company of committing deficiency in service by delaying the process and neglecting his repeated pleas.</p>.<p>Ramesh approached the Bangalore 1st Additional District Consumer Disputes Redressal Commission in June 2023, claiming "mental agony, panic, harassment and inconvenience" due to the delayed and incomplete statement. He named the managing director and CEO of UTI Mutual Fund in the complaint.</p>.<p>While the bench hearing the case dismissed Ramesh’s claims that the zero holding value given by the UTI as “not genuine”, it acknowledged the "significant" delay as an unfair trade practice.</p>.<p>The bench directed UTI Mutual Fund to pay Ramesh Rs 15,000 compensation with 10% interest and Rs 5,000 for legal expenses within two months.</p>
<p>Bengaluru: A Bengaluru consumer court has ordered an asset management company to compensate a senior citizen for the inconvenience caused by a 45-day delay in providing him with a correct account statement of investment.</p>.<p>The court awarded SM Ramesh, a resident of Sanjaynagar, Rs 15,000 in compensation and Rs 5,000 for legal expenses.</p>.<p>Ramesh had invested in the UTI Unit Linked Insurance Plan (ULIP) scheme since 2012 and held 56,454 units worth Rs 18,75,781 as of February 2023. In April 2023, he requested a detailed account statement from the asset management company UTI Mutual Fund on his investment’s current market value, but received an incomplete response the next day with missing information about his units, investment cost, and market value. He even claimed his holdings were displayed as zero.</p>.<p>Dissatisfied with the response, Ramesh wrote to the company, lodged complaints with SEBI and the Prime Minister's Office, alleging negligence. After 45 days, a final statement arrived, clarifying his investment amount as Rs 11,09,862.47 with a portfolio value of Rs 18.75 lakh. The delay upset Ramesh, who accused the company of committing deficiency in service by delaying the process and neglecting his repeated pleas.</p>.<p>Ramesh approached the Bangalore 1st Additional District Consumer Disputes Redressal Commission in June 2023, claiming "mental agony, panic, harassment and inconvenience" due to the delayed and incomplete statement. He named the managing director and CEO of UTI Mutual Fund in the complaint.</p>.<p>While the bench hearing the case dismissed Ramesh’s claims that the zero holding value given by the UTI as “not genuine”, it acknowledged the "significant" delay as an unfair trade practice.</p>.<p>The bench directed UTI Mutual Fund to pay Ramesh Rs 15,000 compensation with 10% interest and Rs 5,000 for legal expenses within two months.</p>