Wednesday, November 05, 2008

Run away Mutual Fund Broker : MF Service

Today I see this message on MF Service website :

Check the website : to see what they are saying.

You can imagine the fate of the Mutual Fund Investors with They are left with no choice but watch good portfolio at and sell their funds later when it reaches in profit or their objective is fulfilled. The Website no longer updates the latest NAV value.

This is pathetic customer service behavior by Times Group by saying "As part of our business strategy".

They need to be more sensitive to their customers. They should have at least have the NAV updates happening to make sure that the investors are not left with other methods to figure out their portfolio value in order to transact. Now the investors are left with following options :

  • Maintain portfolio at Moneycontrol or Valueresearchonline
  • Sell MF from timesofmoney at earliest opportunity
  • Always do business with AMCs directly.
  • AMCs have much better transition plans if they change their business strategy !
Do you have anything to say ?



Anonymous said...

I need to know how to invest in MF through SIP from USA? I have Suvitha account in Citi Bank in India. Will it be possible to buy through the account? How will i be able to submit the Pan Card details? Or do i need to get the NRE account? Please suggest in detail about this. Iam new to this and need help. Is this the right time to start MF(SIP)?Any particular fund?Please kindly suggest.Thank you so much....

Vidooshak said...

What most people don't realize about the "A Times of India Company" tag is that TOI has no real interest in these companies. It is merely a strategy by TOI to buy stake in some lallu companies-- purely as an investment-- using advt space instead of money as currency. So TOI manages to get good shares for almost no cash outflow and same time have 100% ad-space sold out. The small company enjoys TOI name for a few months, gets good ad exposure in all TOI media and is sold off to another sucker when it becomes a liability.

Unfortunately, other media houses like Hindustan Times, Business Standard and TV18 are also following the same trend. I am not aware of a single buyer who is happy after transacting with Indiatimes shopping or using I was flooded by SMS spam from real-estate companies 2 days after registering on Magic Bricks!!

This was a good expose. I hope it makes people aware to trust only specialist companies for such needs and not be lured by fancy offers on fly-by-night websites.

HARI said...

I made some investment through this website long back. Later found that they have stopped business, now I wanted to convert my MF broker from TOM to direct. I tried to contact them over the phone numbers given in their web site. But nobody replies. Nowhere I could find their telephone numbers. Even in the new website for the new business, they had not given the phone numbers. They don't want to care for customers. If any body have their phone numbers, (other than waht is in their wenb site) please post it here.

Sandeep said...

Hi Hari,

I don't think you can change the MF broker from TOM to Direct. But what you can do is take the MF statement of your respective MF and goto CAMS or AMC directly and do the transaction henceforth. Although Timeofmoney is claiming that you can still do the SELL transaction, I have not tried it yet.

Let me know the outcome.