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Please help me as HDFC Bank has routed my HDFC Prudence direct application under their ARN

I submitted an application form around 26th July for purchase of HDFC Prudence Mutual Fund and mentioned clearly that the application is for direct plan but they gave me regular plan. I had given the application to HDFC Bank and they told me it will be sent to HDFC MF for action. After that there has been no word from them in this regard, not even a mail confirming what has been the allotment details. Today my wife received a mail from NSDL giving details of all her holdings and from there I came to know thy have allotted her units under regular plan meaning the commission has gone to HDFC Bank. What can I do about this. I feel I have been cheated by HDFC Bank. Kindly advise if I can go to SEBI with this complaint. Your considered response will help us make a move in the right direction?

Aug 9, 2016 by Anis Mohiuddin, Kolkata  |   Mutual Fund

At the first place, we could not understand how you gave your DIRECT application of HDFC Prudence fund to HDFC Bank? HDFC Bank is a mutual fund distributor and maybe you have taken the application form from them. If it is so, then the chances are that their ARN code will be affixed on it.

Did you check that? Merely telling them that they should put your application under Direct will not do. As an investor you yourself should have checked and filled DIRECT in the column meant for writing ARN No.

Since we do not know how the entire thing happened, we would not like to comment on why and how HDFC Bank did this?

But as investor, you can always share your grievances with HDFC Bank as well as HDFC Mutual Fund. We suggest that you should write to HDFC Mutual fund, first. The communication details are as follows –

Email Id – cliser@hdfcfund.com

Address to – Mr. John Mathews

If you do not get any reply from them in a reasonable period of time, then only you should write to SEBI / escalate the matter further. You should have also contacted and written to the Branch Manager, HDFC Bank, where you had submitted the above application.

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