Grievance and Compliant against HDFC Mutual Fund
3 years ago
I am a 70 years old retired person. Me and my wife have been an investor with HDFC Mutual fund since September 2016 and have high regards for your Fund . I started my investment with HDFC Prudence Fund - Dividend Plan (Folio no 10947904 /03). Until 2018, the fund had been giving me consistent performance . Post SEBI circular SEBI/HO/IMD/DF3/CIR/P/2017/114 dated October 6,2017 on “Categorization and Rationalization of Mutual Fund Schemes”, HDFC Prudence was merged with HDFC Growth Fund to form HDFC Balanced Advantage Fund .
We are of the firm opinion and belief that we have been lured in a deceitful manner by the misleading information and wrong information published in the pamphlet of HDFC Mutual Fund dated 20 June 2018 promoting HDFC BAF (Balanced Advantage Fund) erstwhile HDFC Prudence Fund that HDFC –BAF retains all the attributes / features and followed the same investment philosophy as HDFC Prudence. Hence, instead of exiting at time of merger, we were lured to continue in the fund by the AMC and its distribution and marketing channels ie IFA (Individual Financial Advisor) / MFD (Mutual fund Distributor. Thereby , we incurred huge capital losses to the tune of Rs 57 Lakhs (jointly by me and my wife) due to continuous non performance and misfit fund,HDFC -BAF wrongly pushed to us by HDFC saying that it retained same attributes and investment philosophy of earlier performing HDFC Prudence Fund.
We are seeking justice and recovery of our capital and hard earned money and seek necessary guidance on how to approach the matter and relevant authorities
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Dear Sir,
The following information is exhaustive in nature
How To Register a Complaint Against Housing Society/Any other Trust/ Professionals/Builder as defined below.
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https://www.icrpc.org/icrpc.org.contact.htm
International Consumer Rights Protection Council
Consumer Court entertains consumer complaints against defective product or service. Bima Lokpal, Lok Ayukt, Lok Adalat are also places where complaints can be filed.
If you want to file complaint against builder, insurance company, housing society, bank, educational institute, hospital, doctor, railways, municipality, airlines, transport, school, college, manufacturer, dealer, etc. you can file your complaint here on this website. The process is very simple.
As they say investment (MF) subject to market risk so whether you gain out of it or loose there is nothing that you can do to the company.
In your case you can move the court or consumer forum if ONLY you are able to showcase that there has been deficiency in services or there has been unfair trade practice. So, do some homework to look for these elements and if you find then approach a lawyer to file a case against HDFC.
Mohamed Ayub Younus Shaikh
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