Assistance with Unreceived Mutual Fund Redemption Amount

97°
Like Magnet
VR_Rahman

I am creating this thread  to seek your assistance regarding a Quant Small Cap mutual fund redemption amounting to ₹33,000 that I sold in April. My HDFC account is set as the default account in Groww, but I have not yet received the funds in my bank account.

Despite multiple emails to both Groww and HDFC, the issue remains unresolved. Can you guys please suggest where to launch a complaint for resolution?

Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
16 Comments  |  
10 Dimers
  • Sort By
Deal Cadet Deal Cadet
Link Copied

Have you tried to escalate it through their GRIEVANCE REDRESSAL MECHANISM?

Like Magnet Like Magnet
Link Copied
I contacted Groww and HDFC only.
View 2 more replies
Critic Critic
Link Copied

I have heard such cases many times. It seems that there is something fishy about the broader Indian mutual fund industry. Seems like a large scheme of trapping public money.

Benevolent Benevolent
Link Copied

After hearing recent case with grow I rechecked my investment with kuvera, and turns out even they made a duplicate entry in their system and showed me inflated units becz of that, no money loss for me but that duplicate entry is still there dated jan 2023 joy

( say I did 12 sips in a year but somehow kuvera showing 13 purchase money deducted for 12 sip though and in amc site it's 12 purchase )

View 2 more replies
Commentator Commentator
Link Copied

Try contacting the AMC directly or logging in to their website

Finance Mentor Finance Mentor
Link Copied

Technical or coding error many might have faced at groww... That's why I use zerodha coin , mf in demat mode, I can correlate demat holding at cdsl... I get sms from amc too for every investment and also from cdsl...

Best of all, zerodha free tax filing from quicko imports all mf trades alongwith share trades, very easy to file IT...

* most people like SOA holdings, but I prefer demat for shares and MF, explained above , why.. *

Like Magnet Like Magnet
Link Copied
I'm planning to switch to Zerodha. Groww CS is the worst.
Deal Cadet Deal Cadet
Link Copied

1. check in cams statement - whether that amount is really there

as MF apps sometimes creates duplicate or false portfolio numbers even though that amount failed in transaction 

to check in cams statement

https://www.camsonline.com/Investors/Statements...

select detailed statement.

select specific period and select few years

select with zero balance portfolio

you will get statement in mail. open it and see that portfolio and fund statement

if that portfolio number is not there. then check bank statement whether there was refund when in the month in which you bought the portfolio

2. contact quant - call or mail them, mention portfolio number and date of buying and selling

https://quantmutual.com/QuantTransaction/quant-...

duplicate transactions are common in some apps. so i use cams statement and import cams statement to my portfolio app and double check transactions

Like Magnet Like Magnet
Link Copied
Thanks a lot for the reply. I'll follow the steps.
View 1 more reply
Deal Subedar Deal Subedar
Link Copied

I'm hearing such cases from groww, is grow that bad?

Tax Wizard Tax Wizard
Link Copied

Pls pm me ... will help you out .  A ca here and we distribute mf too . So can check it out.  

replyuser
Click here to reply
Reply