r2i forum

Folks,

I had invested some money in mutualfunds with timesofmoney.com for the last 2-3 years or so.

Recently, they closed their mutual fund service.

I can log-in to my account and see my funds there. But, I cannot get my money back from them.

Even if I issue a sell order, nothing happens. My funds are just sitting there and I cannot get them out.

I've sent numerous emails to [email protected] and get a automated reply.

I'm beginning to think I'm being defrauded here. There's quite a bit of money at stake here.

Any tips on how to proceed with this ? Anyone in the same boat ?

Perhaps a complaint with Mumbai Police Crime branch ?

Is there an internet crime branch in India ?

--DHT

There seems to be a live chat on another of their services: http://www.timesofmoney.com/aspectchat/CPChatRequest.htm
Why don't u try that and ask for the number of someone to speak to?

There was also a ph for their mumbai office: 022 - 22731530 .....

Or lookup their top dog on LinkedIn and send a blistering note.

Or get a lawyer to send a notice....

Hope it helps.

Sorry to hear. do you know the folio nos of the MFs you hold. can you contact the fund houses and explain them the situation to sell your postion.
i have also invested quite a bit via a funds platform and generally worry about this worst case scenario.
will wait for RRK's expert response.

Let us get some facts clear here.

1. OP - no reason to panic.
Time of money is only a broker and can't take your money and run away. You are looking at wrong place to get your money back. Indian regulations, SEBI are much stronger now.

2. CAMS is not in charge for all mutual funds. They are one of the RTA. ( RTA = Registrar and Transfer Agents) And there are other RTA's appointed by mutual funds.

OP,
this is what you need to do.
Check all your mutual fund statements - and also those you received from TOI.
Get them in order.
Do some home work looking at statements to see what mutual funds you have invested and how many units you have. Check this list against your bank debits to reconcile.

you need - your name, customer id or folio id, scheme name, units
from the mutual funds website, get the customer service number or RTA agent phone number
Call them one by one and ask them to send you a new statement of account, and also ask them what you need to do if you wish to change the broker.
You can write to each of them to change your broker from TOI to Direct.

You have choice - you can continue to hold the units or if you decide to sell them you can write to them and sell the units. Also make sure the accounts ( folio numbers ) are linked to your OWN BANK account and not to TOI bank account. It is important.

This way when you sell, the money goes to your bank account directly.

I see no reason to panic. Brokers getting out of business is not uncommon in India. After the scrapping of entry load, several mutual fund distributors have gone out of business. I mentioned this in my earlier blog. This is unexpected consequence of SEBI action.

It's possible to get an single consolidated statement from Karvy, CAMS and FTAMIL. You just need to give your registered email address. Check out this link.

https://www.camsonline.com/invmailback/ConsAcstmtMBreq.aspx

RRK;292593

Thanks RRK.

Let me try contacting the mutual funds directly and ask them to transfer my funds to another agent such as camsonline suggested below.

Man, this is all getting really nuts. timesofmoney is not sending me any statements. All I can see is my portfolio (number of units of each mutual funds) when I log-in to their website.

I want to hold these funds if possible. Let me try the route you suggested.

Thanks a lot fro your response.

--DHT

You can use mutual fund supermarket like fundsindia.com and transfer your existing funds.

Again as I mentioned none of these guys hold your money, your money is safe with AMC ( Asset Management Company a.k.a as mutual fund houses).

Dont worry.. Unless you decide to sell, these middlemen can't take your money away. Our regulations are good in that aspect.

disclosure:
I use Funds India and have professional partnership with them to provide fund services to my clients through Funds India.

I also hold some Mutual funds with timesofmoney. Managed to sell 3 out of 4, after contacting them. For one, I'm still awaiting money for last 6 months, but amount is small to take more headache.

I don't have any words to express my dissatisfaction with any sort of Customer service from timesofmoney. They have also done illegal activity under FEMA regulations, which I realized on trying to get my money back from mutual fund houses. We invested with them as NRI. We transferred money to their bank account and then they invested on our behalf. Now, Mutual fund houses don't know that the original payment was made from NRE account and takes a lot of efforts to get them to pay back in NRE account.

When I contacted mutual fund houses directly, they wanted to get proof of payment made from NRE account and letter saying the account is NRE account on letter head, which again is pain in ass to get from NRE departments of banks like ICICI.