ICICI Pru MF reverses some NFO applications over gaps in investor consent

Fund house says transactions reversed without any loss to customers

ICICI Prudential Mutual Fund has said it has reversed certain applications made in the new fund offer (NFO) of its Flexicap Fund following investor complaints.

Some investors complained that their NFO applications were made without their consent.

“Upon information gathered about a probable operational issue on the platform used by the select registered investment advisors (RIAs), we immediately reversed these transactions as per reversal instructions received, to our customer’s satisfaction, without any loss to the customers,” ICICI Prudential AMC Spokesperson said.

Groww was one of the platforms where the investors faced the issue. Groww said over 12,000 of its clients