MF company giving wrong account statement
I opened a SIP with ICICI prudential this February, I completed all legal formality for automatic transfer of SIP from my account to ICICI mutual funds. Every month for last 7 months I received e-mail from ICICI Prudential stating
" We confirm that your investment application in ICICI Prudential Focused Bluechip Equity Fund - Direct Plan - Growth under folio no. 723XXXX/XX has been processed for Net Asset Value (NAV) of 25-Jun-2015 "
Today I went online to my ICICI prudential mutual fund account and found out they have not bought any units from Feb-June, 2015 and units were bought only for last two months - July and August. When I called them, they said that my bank is not clearing their payments and that is all from their end. I checked my bank statement online, my bank has made not even single payment to ICICI prudential, even the very first cheque I gave to ICICI prudential is not encased by them. But neither ICICI bank nor ICICI MF communicated this issue to me in last 7 months.
My pain is:
1.They are communicating wrong information about my MF account. They did not even once communicated to me that my monthly SIP's not going through. infact, they send me above e-mail every month confirming the SIP's are bought.
2. Their is no accountability for the loss of last 7 months investments due to their lacking process.
3. It is a small matter, but I am concerned with the answerability these financial institutions have towards their consumers, no matter how small it is. Mistake is a mistake, and penalty should be paid for it.