ICICI Prudential reverses certain NFO applications

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 application was 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,” an ICICI Prudential AMC spokesperson said.

Groww was one of the platforms that faced the issue. Groww said over 12,000 of its clients invested in the NFO.

“A similar situation was faced by customers on other platforms as well. No customer was impacted. All these cases were reversed the moment Groww and the AMC got to know about this issue," the company said.