Unauthorised switch leaves mutual fund investors in shock

Unauthorised switch leaves mutual fund investors in shock

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. Incidentally, the NFO of ICICI Flexi Cap closed the same day.

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