Mumbai-based Balakrishnan had made a partial redemption request for 2,000 units in an open-ended equity fund. However, when he received the account statement, he realised that the AMC had redeemed only 400 units, worth Rs 2,000, not the 2,000 units worth Rs 1 lakh he had asked for. In the meanwhile, the market crashed, eroding the NAV of the scheme he had invested in. He lodged a complaint with his distributor, who, in turn, brought it to the notice of the AMC. After a few days of heartburn and exchanging mails, the AMC corrected its mistake and redeemed the differential units at a historical NAV. Delhi-based Anannya, however, was not so fortunate.
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