• Non refund of MF amount

I have placed orders for 3MF's on 14th July but ICICI direct stated that the orders were rejected due to a change in SEBI guidelines. After waiting for over 3+ weeks, I still have not got the amount of >10L. I have spoken to customer support but they have failed to give me with a reply. What should I do?
Asked 2 years ago in Consumer Law

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9 Answers

Send them a legal notice and approach consumer court or ombudsman

Prashant Nayak
Advocate, Mumbai
32794 Answers
209 Consultations

Issue legal notice to iCICi direct to refund your money 

 

2)if company fails to pay file complaint against company before consumer forum and seek orders to refund your money with interest 

 

3) also claim litigation costs and compensation for mental torture undergone by you 

Ajay Sethi
Advocate, Mumbai
97412 Answers
7872 Consultations

You can try sending an email to the grievance cell of the bank. If they do not address your grievances even then, you can serve a legal notice to them for recovery of your funds. Do try to read the latest SEBI guidelines before initiating any legal action against them.

Siddharth Jain
Advocate, New Delhi
6386 Answers
102 Consultations

You may better send a notice to the MF manager to whom you had sent this money and demand refund of the same.

failing to get reply within a week's time, you can drag them to civil court with a suit for recovery of money due to you.

 

T Kalaiselvan
Advocate, Vellore
87612 Answers
2352 Consultations

You should file a complaint with tye banking ombudsman immediately as the amount is huge. If no reply is forthcoming from the bank then file a complaint against the bank in the consumer forum immediately.

Rahul Mishra
Advocate, Lucknow
14107 Answers
65 Consultations

You can file a complaint in Consumer Commission for getting the refund as well as for compensation in lieu of unfair practicing on part of the bank. 

Nikhil Gupta
Advocate, Yamunanagar
146 Answers
1 Consultation

Send them a legal notice seeking immediate refund of your corpus.

 

If they do not process the refund despite the Legal Notice, file a complaint against them in the district consumer court.

Vibhanshu Srivastava
Advocate, Lucknow
9686 Answers
312 Consultations

- Since, the orders have been rejected by the owner due to SEBI Guidelines , then that company is bound to refund the amount with interest .

- Send a legal notice to the said company/firm for claiming the refund of the deposited amount. 

- If no response, then file a complaint before the SEBI and also before the Court /Consumer Forum. 

Mohammed Shahzad
Advocate, Delhi
14727 Answers
224 Consultations

If the MF investment is declined for some reason, your bid should be refunded without any demur. Lodge a written complaint. Issue a legal notice if there is no response and take further steps for recovery of money in consultation with a lawyer.

Swaminathan Neelakantan
Advocate, Coimbatore
2953 Answers
20 Consultations

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