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can citibank offer gifts and transfer AUMNo. of comments:6 vikas batra, mohali, 6574 On 12-Jul-2014

one of my customer was approached by citibank and offered to transfer his AUM of more than 25 lacs to them and he will be given citibank world debit master card, which offers at 400+ hotels and resorts, lounge access at domestic & international airport and monthly two tickets of movie. this all amounts to rebating as even when i asked acting as customer they said just to deposit 50000/- and transfer the AUM, HAS SEBI allowed rebating or is RBI also allowing the same

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Comments Posted

j.krishnamurthi ARN NO :41050 banglore, 26 Jul 2014

voilating code of conduct, amfi &sebi has to view issue seriously already banks spoiled mf industry.

vikas batra ARN NO :6574 mohali, 25 Jul 2014

thanks everybody for feedback on the same, and i have all the proof and i also went to the bank posing as a customer and i want them to take the first step of transfering the AUM, then i can apporach the SEBI/AMFI

B CH SWAMY ARN NO :73552 VISAKHAPATANM, 25 Jul 2014

Dear Batra, don''t leave them. Thanq for sharing in the Forum. All the Best.

Bikesh Ojha ARN NO :82228 Patna, 24 Jul 2014

Dear Mr Batra, asking to transfer whole sum of a client is technically change of broker and it might be done immediately for tracking the funds and later to switch or reshuffle the fund and thus make money out of it,actually bank employees show as total relationship value per client this way and thus in future it can be churned to make money. Would be good if sebi office is informed through client with the proposal given by bank RM to the customer.and only u can draft a good letter with all that has been proposed by bank to the customer and ask/intimate sebi if bank is right or wrong. This will actually create fear in the mind of bankers to not do mid selling for the shake of their job. Bank bank employee both has to penalised.bank for promoting this type of things and employee for doing unethical and pass back case.

Navin Kumar ARN NO :83441 Patna, 24 Jul 2014

Dear Mr Vikash Batra, please do complain to SEBI and AMFI. It is totally comes under the category of rebating. If you do not take pain to complain you will do un justice with yourself and fellow distributors. Wake up.

Sam Koshy ARN NO :5727 KOLLAM, 23 Jul 2014

The case mentioned is clearly rebating or gifting which is totally against the SEBI/ AMFI guidelines. My friend Vikas, you have every resources with you to proceed this issue with SEBI. As an office bearer of the National IFA Association , you have to take this issue upto SEBI to arrive into conclude the justice. Let other small IFAs know how to crack this situation.