How long i need to wait for Mutual Fund Dividend Or Redemption Amount? Where to Complain in case of non receipt??

Mutual fund is required to dispatch to the unitholders the dividend warrants within 30 days of the declaration of the dividend and the redemption or repurchase proceeds within 10 working days from the date of redemption or repurchase request made by the unitholder.

In case of failures to dispatch the redemption/repurchase proceeds within the stipulated time period, Asset Management Company is liable to pay interest as specified by SEBI from time to time (15% at present).​

In case you have not received dividend or Redemption Payment then you need to check the following:

1. First thing to check is your Mutual Fund Account Statement and in that check the mode of dividend or redemption payout.

2.   If mode of payout is ECS/Direct Credit (which is clearly mentioned in the account statement), check your bank account. If amount is not showing credited in your bank account  within the stipulated time period, then update your bank pass book or take the print out of bank account statement, visit the nearest Mutual Fund branch or registrar office like cams or karvy (where your mutual fund is registered for transaction)

Normally this situation arise in very rare case, but if you face this type of problem, (as after calling to customer care, they confirm that dividend/redemption payout is credited to your so and so bank and you have not received that) then visit mutual fund branch with all important documents (like updated bank account statement and covering letter, providing your name and address details, folio number, and redemption or dividend details)

3) If mode of payout is by cheque and if cheque is not received within the stipulated time period, then call the mutual fund customer care number and they will provide all the details as by which mode they had sent the cheque, normally cheque is sent by courier, they will provide you complete tracking details and courier customer care number, if cheque is returned then those details also gets updated in their system.

My experience  is very good as mutual fund houses OR Registrar understand and if any issuess, they make efforts to solve problem related to redemption and dividend payout. I never faced any such issue where i have to complain to higher authority like SEBI for this matter.

But if after following all procedure, you feel you are not getting heard, then you can contact SEBI for your complaints related to mutual fund

 

Investors would find the name of contact person in the offer document of the mutual fund scheme whom they may approach in case of any query, complaints or grievances. Trustees of a mutual fund monitor the activities of the mutual fund. The names of the directors of asset management company and trustees are also given in the offer documents. Investors can also approach SEBI for redressal of their complaints. On receipt of complaints, SEBI takes up the matter with the concerned mutual fund and follows up with them till the matter is resolved. Investors may send their complaints to:
  
Securities and Exchange Board of India,
SEBI Bhavan, G Block,
Near Bank of India,
Bandra Kurla Complex,
Bandra (East), Mumbai 400 051.
 ​http://investor.sebi.gov.in/