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[Resolved]  Axis Bank Equity Fund - New IPO — Consultation Charge-Mutual Fund

Axis Bank has recently initiated one mutual fund in which they are charging Rs.250/- per application. While SEBI has clearly stated that no charges would be levied at the entry for any mutual fund.

Therefore I feel it is unjustified and calls for SEBI/or any relevant authority's attention. Some innocent public who are not aware of these rules have already given that money. Moreover, it is not clear in theirfund offer what sort of consultation they would provide in a new fund?

Guess how much money the Axis bank would earn on a 1 million application (2.5 crores !!!) just for nothing....
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Aug 14, 2020
Complaint marked as Resolved 
Complaint comments  2 CommentsShareTweet

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When SEBJ has already stated not to charge any Levy, it is not only unethical but illegal to realise an amount of Rs.250.00 per application from the public by AXIS BANK for which, they have no authority.Amount so realised should be refunded.

Gita Choudhury.
who charged you this money? I invested through moneyvriksh.com. They didn't charge anything from me. I have already got statement from Axis mutual fund
So, it is for sure that axis doesnt charge any 250 rupees. It must be your broker who has charged consultation fee.

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    Axis Bank
    Customer Care Service
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    Axis Bank Limited Corporate Office, Bombay Dyeing Mills Compound, Pandurang, Budhkar Marg, Worli, Mumbai, Maharashtra, India - 400025
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