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Private Banks find another way to defraud IFAsNo. of comments:8 Ashok Thakwani, Kolkata, 7743 On 23-May-2015

One of my clients recently took a housing loan from a so called reputed private bank. The mutual funds held by the client was taken on lien as security. However unknown to the client they also took a change of broker letter along with other documents and the entire AUM of the client was shifted to the bank. This is to warn my friends to beware of another such unethical behaviour by private banks to defraud IFAs.

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Comments Posted

Sunil B. Kapadia ARN NO :ARN-13665 Pune, 08 Jun 2015

Thanks for sharing. Very Unfortunate !! It is an old saying "Bigger entity usually have more muscles, frequently indulge into this sort of "unfair practices" and many a times get away freely, as "they can afford to hire services of Legal expert", which normal and small IFA CANNOT think even.

Charanjit Singh ARN NO :14510 Panchkula, 08 Jun 2015

While transferring the Mutual Fund investments into D.Mat A/c I.C.I.C.I.Bank is also taking change of broker letter along with other documents without taking the consent of the investor as a result the entire AUM of individual broker is shifted to the Bank which is unethical.

Bibhu Mohapatra ARN NO :9551 Bhubaneswar, 06 Jun 2015

Please name the bank & inform to amfi & amc to take necessary action.

Crescore ARN NO :32972 NEW DELHI, 06 Jun 2015

Please name the bank & defame them rightaway.

DULI chand garg ARN NO :62623 sriganganagar, 06 Jun 2015

please send notice to bank asking for base of change in broker. if the bank has not given any valuable suggestion to the client or it is not established that client is not dissatisfied with the old broker, you may place your complaint with amc & amfi. Then let''s wait for the result.

Nagaraj BG ARN NO :80075 Mysore, 05 Jun 2015

Dear Ashok, Please name that Private bank so that we can educate our clients about the malpractices of such a bank.

Madhu M S ARN NO :2352 Adoor, 05 Jun 2015

If its just a change a broker code only. both distributors do not get trail brokerage also. Only AMC benefit.

Ranjan ARN NO :0195 Bangalore, 03 Jun 2015

RBI should immediately bar all banks to sell mutual fund schemes.Because it is not their core business.They should be attentive only to their core business so that NPA will not rise.