Redemption warrant in mf

Hi @siva @nithin @shubhs9
Recently I redeemed one of my holding in Axis MF(outside of coin) with redemption revalidation with change of bank details and recieved the below response in sms. I didn’t quite get what it means. Can you help me understand. I reached axis customer, but they are largely unresponsive and unhelpful.

Dear Investor, your Redemption dated 05/11/2020 under folio XXXXXXXX5512 in Axis Long Term Equity Fund - Regular Growth for Rs. Xxxxxx has been processed vide physical warrant no: yyyyyyy. Consignment details will be communicated to you, once the warrant is dispatched. Axis MF

They may send you a cheque like financial instrument via post or courier instead of bank transfer. If your new bank ac no is not updated with the AMC then it may come with the old ac no… In that case you might have to go to the concerned branch to update your record and return the instrument for further action. However, there is no reason for any fear, except for few days unnecessary delay and little harassment.

Hi Sudheer

This means that the AMC has issued a cheque for the redemption and dispatched it to your physical address. But there are instances where they might send this sms erroneously. Also, verify if you have received the amount in your account as per the settlement time of the scheme.

I have informed the AMC. Someone might reach out to you soon.

1 Like

Thank you @Tapastanay and @faisr for your help and response. I have verified my bank account, I still have not received the redemption credits. As you said I will wait for the cheque delivery.

Yup… You may receive the cheque, however, as said earlier you may have to visit your bank for data update (if the cheque is not issued in favour of your new bank account no) and return the same. They will help you to credit the amount in your new account. In case of unusual delay you may send an email to the AMC providing the details including Folio no and the message you have received.

2 Likes

Redemption warrants generally nowadays not been sent to their clients. If there is any change in your KYC details or linked bank account then only fund houses will send this to you. You can submit this with any Registrar office like CAMS or KARVY else you can go to the nearest respective AMC branch.

1 Like

Hi @faisr,
As you said the SMS was sent incorrectly . Due to the pandemic they have stopped sending cheque delivery it seems. And today Axis MF has credited the amount in the new Bank account after the change.

Thanks all.

1 Like