Letter written to clients
25th November, 2010
There has been a recent SEBI circular on disclosures relating to fees and charges. Jeetay has always appended the full working of fees in its letters. I’m glad that this level of transparency is now to be uniformly practiced in the industry.
I would like to make some statements that go beyond what is mandatorily required by SEBI. Jeetay has the best set of clients that any firm can hope to have – we sincerely hope that through our performance and behavior you feel the same about us. I guage the performance of Jeetay not solely on the fees that it earns, but on the satisfaction that it brings to its clients.
Experience has taught me that relationships matter more than fees – Jeetay would rather lose its fees than lose its reputation or relationships. And with wonderful people like you, commerce has to take a back seat to community.
We would like you to look at your net returns and compare them to the market over an entire cycle. If you find us failing then either our performance would have to further improve or our fees would have to decrease or both would have to happen. We would encourage you to take a long-term view of returns, because in good times fees look high, but in bad times they are negligible.
If you ever feel that Jeetay has been unfair in its charges or behavior, please do not hesitate to contact me. Your goodwill matters more to me than money. And I sincerely mean every word of that.
Our continued prosperity depends on your prosperity and we would like to be partners in your prosperity and in your pain. The principals of Jeetay have a sizeable part of their networth in the stock market. As you are all aware, every portfolio in Jeetay is not identical, but in a market decline, pain is inflicted on every portfolio.
Please read the attached documents carefully. If there are any queries or doubts, please contact me. You will have to sign every page, stating in your own handwriting that you have read and understood its contents.
There are two copies, one of which is for your records. Kindly send the signed copy back.
Thank you again for your support and good wishes.