I had invested in SBI mutual fund L159D SBI Tax Advantage series 1-dividend in Sept.2008. Lock in period was 3 years. Why they fix a lock in period, I don't understand. For holding our money in lock in period they must justify to add some dividend then and there. But they did not make any dividend for the investment even though they had named it Dividend series.
Now after three years having locked up my money for no big returns, I found an NAV of 10.36 on 14th Nov.2011. when I gave my letter for redemption. They had sent me a letter of redemption as they had made it on 15th Nov.2011. The NAV found in that letter was 10.13 and the price they had put in INR is 9.76 and they had put a note for payment as Rs.97536.00 for 10000 units. I feel I am utterly cheated by the SBI mutual fund. They attract innocent people by advertising of offering huge returns. I was also misguided towards it. After 3 years of investment, I could get back only less than my investment amount. Where they had made the investment and how my money is lost is unknown to me?
Can any one can explain me.