Mutual fund
Not able to sel MF bought throgh ICICI

I had purchased "Kotak Global Emerging Market Fund (closed)" in Sept. The scheme became open ended on September 27 as per Kotak AMC website and their e-mail. However the ICICIdirect site still showing the scheme as "closed ended". I contacted them and provided them all info including the e-mail from Kotak and their scheme details sheet that is posted online on Kotak site. However, ICICI direct has not taken any action.

I spoke to a person by one Mr. Yatin (ICICI support), who told me to write to nri@icicidirect.com. On 16th Oct one Mr. Bhosle called me and told me to get said MF details at AMFI site updated by contacting Kotak registrar! Later I called ICICI again and spoke to a person from their call centre Mr. Hardik, who in the middle of our conversation told me hold me as he has another call. He did not mute the MIC. I could clearly hear him joking and chatting with some lady. After few minutes, he came back. On questioning his rational of keeping me waiting on an international call, he started giving excuses, and later hanged the phone. Long live ICICI (direct and bank!)

As per them the AMFI site is still showing the fund as closed ended. Hence I cannot sell. I asked them why the investor is held hostage for some update on a website for which he is neither responsible nor concerned. They are mum on this. The matter was reported on 12th Oct to ICICI. Even a complaint is lodged with SEBI on 19th Oct. No progress. In an online world, if you stop a investor from buying / selling, can’t figure out what ICICI is up to?

Ms Kocher, will you look at this and resolve this immediately? Refer to 'ICICICARE=039-453-374'

Company: Mutual fund
Country: India
Site: www.icicidirect.com

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