ICICI Mutual Fund's recently concluded Flexicap new fund offer (NFO) received a strong response. However, some investors have complained that their money invested in other schemes was moved to this NFO without consent.
One such scheme where the money moved is ICICI Pru's Ultra Short Term Fund where the money inadvertently shifted to the NFO.
There is an industry practice that if there is an ongoing mutual fund NFO and you don’t want your money to lie ideal for about 10-12 days, while this offer is open you can park that money in a liquid fund or an Ultra Short Term Fund so that it earns some return.
CNBC-TV18 has learnt that ICICI Pru Mutual Fund received complaints from two specific investors. They have alleged that this was not voluntary and this is not something that they had signed up for.Watch the accompanying video for more.