News From Press Unauthorised switch leaves mutual fund investors in shock

Unauthorised switch leaves mutual fund investors in shock

Groww blames combo feature for NFO; ICICI MF says investments reverted; SEBI ‘can probe only on a complaint’

Source:BusinessLine Jul 23, 2021

Several customers of online brokerage platform Groww got a rude shock, finding their investments in liquid schemes redeemed without their authorisation and re-invested in a New Fund Offer.

Kanika Gupta, one such affected investor, said that her entire investment in ICICI Prudential Mutual Ultra Short Debt Fund Direct was switched to a new ICICI Flexi Cap fund without her knowledge on July 12.

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1 Comment

Rishabh Adukia · 2 years ago `

MFD can only help and guide in these tough situations

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