Dear Mr.Ashutosh.
You may not be able to take any action against
the PMS managers , but you can question the basis of their investment at
that point of time.It is unfortunate that good
number of PMS manager, have their brokerage rather than investors interest
in mind.They take advantage of stiff regulations to run PMS.Any way you can
bring it to the notice of SEBI,
with out expecting any financial relief.
Thanking you.
Zahid latif
On Wed, Mar 25, 2009 at 9:48 PM, deepak bakshi <[email protected]> wrote:
> Dear Ashutosh !! If you do not need the money now, I think you should give
> the PMS another year, last year was a mess. If you pull out now, you would
> have booked the loss & possibility of recovery shall be lost. Last Oct the
> market (sensex) fell 27%+ in a month, and shall not stabilize before the
> Elections/monsoons are not behind us. Mid 2010 is when you should recover
> your losses & the exit load shall also not be there. Regards, Deepak bakshi.
> PS : As it is a contarctual thing , SEBI will not do anything, if you take
> the Brokering house to Court, proving that they did not try their best,
> shall be very difficult to prove.
> On Wed, Mar 25, 2009 at 7:55 PM, Ashutosh Ojha <[email protected]>wrote:
>
>>
>> --
>> Dear friends
>> I am an Junior army officer having lot of domestic commitments,have
>> joined the PMS –Bluechip of Angel broking selling my numerous mutual
>> funds expecting the better returns compared to my previous mutual fund
>> holdings on 28 July 2008. The total money committed after all hard and
>> badly sqeezed all resources was Rs5.5Lac.
>> In appropriate investment-The portfolio manager invested all my money
>> in mid cap and large cap on any time and not actively managing my
>> portfolio , which is evident by eroding my capital to more than 36 %
>> in last 06 months.
>> Performnace-They have invested in 17 scrips ,out of which 03 scrips
>> such as Tech Mahindra,Sunil Hitech and PVR have come down less than
>> 35% of the cost of purchase.
>> The other scrips Bharti Shipyard is down by49%,Motilal oswal
>> by41%,Tata Consultancy by40%,Pantaloon retail by36%, L&T by 34%,
>> Network 18 by33%,Infosys technology by24%,HDFC bank by19%, IVRCL
>> projects by11%,Sun Pharma by11% ,ICICI Bank by 1%.
>> Only 02 scrips out of 17 scrip ie Cipla and Relience Industries are on
>> marginal gains hardly 1-2 %.
>> My whole capital is eroded by more than 36%, out of my 5.5 Lacs ,I am
>> left with merely 3.86 lacs.
>> Difficult to Exit-Even to get out of the PMS before I year they are
>> charging 2% exit load.
>> The level of inactivity by PMS manager can be understood by the fact
>> that he had done only 40 transactions in all the periods even not put
>> in effort to average, timely exit, re-entry , hedging and other
>> methods used to protect the value of the investor money.
>> questionable transparency-I have asked them if they are reflecting the
>> true picture of all tradings done for me from pool account they say
>> ,all things are alright while it unbelievable that a professional
>> manger can do the same.
>> Not giving quarterly audited report even on payment of copying
>> charges-In spite of repeated requests to provide the audited quarterly
>> audited report of the scheme ,even on payment of copying and any
>> incidental charges ,they are not giving.
>> Suggest solution- I request the experienced blog readers to suggest me
>> a soloution ,should I exit the scheme losing another 2% AS EXIT LOAD,
>> ,Can SEBI help me out . I am waiting your reply ,please do suggest and
>> help
>> ashutosh
>>
>>
>>
>
>
> --
> Thanks & Regards
>
> Deepak Bakshi
>
>
>
> >
>
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