ICICI Prudential AMC — B01-Transaction incorrectly captured/processed

Below is a misleading response from customer care. Simple query was Swich out processed in two different dates i.e. 11-Aug-2022 and 12-Aug-2022 however Switch In processed in same date i.e. 18-Aug-2022! When asked, the response below and confirming that Switch has been processed as per rules / regulation. I am confused, it transpired to me that there NO delay in processing. Please read below email chain. I am reacheable @[protected] to answer for any query/clarification.

==================
[protected]@icicipruamc.com
To:
[protected]@yahoo.com

Fri, 26 Aug at 9:48 am

Dear Investor,

Greetings from ICICI Prudential Mutual Fund!

This has reference to recent email communication regarding switch transaction made under folio. 6873584

In this regards, we would like to re-submit information as under:

we would like to assure you that the switch transaction was processed appropriately as per the regulatory guidelines and there is no deviation in the same.

Kindly note as per the guideline applicable from 1-Feb-21, which state that irrespective of transaction amount for purchase/switch NAV in target scheme would be applicable based on realization of clear funds in schemes account.

We would like to re-state that the aforesaid transaction was processed accordingly as per the process which is followed across industry level.

Further, we wish to inform that switch transaction is as good as redemption in one and purchase in another, for purchases/switch transaction the NAV applicability in target scheme will be based on realization of clear funds in scheme’s account.

We have emailed the Account statement enlisting current valuation and transaction details to the folio registered email id separately for your kind reference.

Thank you for writing ICICI Prudential Mutual Fund. We hope the above stated information has been useful to you and we wish you a good time ahead. Kindly revert if you have any further query for assistance.

For accessing host of Service Options in digital mode please click on the link https://www.icicipruamc.com/NFTServices.html

In case you require any further assistance, (1) you can get in touch with your financial advisor OR (2) write to us at [protected]@icicipruamc.com OR (3) contact on our customer care helplines[protected]from MTNL/BSNL) and[protected]Others) between 8 a.m. to 8 p.m. on Monday to Saturday and on Sunday 9 a.m. to 7 p.m.

We wish you, your family & friends a safe and healthy environment.

Sincerely,
Nupoor Makare,
Customer Service Executive
For ICICI Prudential Mutual Fund

"Please note, as per the recent SEBI guideline, allotment of mutual fund unit will be based on the fund realization, with effect from February 1, 2021."

[protected] Original Message[protected]
From: [protected]@yahoo.com
Sent:[protected]
To: [protected]@icicipruamc.com
CC:
Subject: Re: Request # 21378207: In Switch Transaction Switch Out has been processed but Switch In pending for Long

External Email Warning: Do not click on attachment or links/URL unless
sender is reliable.

Hi Sir/ Ma'am,
Thanks for the prompt response. My response below with open question
marked in red.

ICICI Prudential Nifty 50 Index Fund-DP Growth-(source scheme)
ICICI Prudential Savings Fund - DP – Growth-(Target scheme)
Trade date: 11-Aug-2022 and 12-Aug-2022
Amount: 10, 000.00
===
Swith In Transaction date (Value date) of Icici Pru Savings fund
(Target Scheme) is same for both i.e. 18-Aug-2022. For 11-Aug-2022
Switch Out, Switch In date (value date) of Target Scheme should have
been 17-Aug-2022 (considering T+3). Please advise..

ICICI Prudential /Equity&Debt Fund DP Growth-(source scheme)
ICICI Prudential Savings Fund - DP – Growth-(Target scheme)
Trade date: 11-Aug-2022 and 12-Aug-2022
Amount: 10, 000.00

====
Same as mentioned above. For 11-Aug-2022 Switch Out, Switch In date
(value date) of Target Scheme should have been 17-Aug-2022 (considering
T+3). Please advise.

Instead of Switch Out, If I have redeemed the same amount on
11-Aug-2022, I would get the redeemed amount one day later than
expected, which is NOT good. Please advise.

Warm regards
Ashis Kumar Mandal
Mob#[protected]

On Saturday, 20 August, 2022 at 05:00:56 pm IST,
[protected]@icicipruamc.com wrote:

Dear Investor,

Greetings from ICICI Prudential Mutual Fund.

This has reference to the email communication regarding switch
transaction made under folio no. 6873584

ICICI Prudential Nifty 50 Index Fund-DP Growth-(source scheme)
ICICI Prudential Savings Fund - DP – Growth-(Target scheme)
Trade date: 11-Aug-2022 and 12-Aug-2022
Amount: 10, 000.00

ICICI Prudential /Equity&Debt Fund DP Growth-(source scheme)
ICICI Prudential Savings Fund - DP – Growth-(Target scheme)
Trade date: 11-Aug-2022 and 12-Aug-2022
Amount: 10, 000.00

In this regards, we wish to inform that the switch transaction has been
processed and registered in the above folio and the units have been
allotted.

In this regard, we wish to inform that switch transaction is as good as
redemption in one and purchase in another, further for purchases/switch
transaction the NAV applicability in target scheme will be based on
realization of clear funds in scheme’s account.

We have emailed you the account statement enlisting details of the
investments to the folio registered email Id separately for your
reference.

We hope the above information clarifies your query.

For accessing host of Service Options in digital mode please click on
the link https://www.icicipruamc.com/NFTServices.html

In case you require any further assistance, (1) you can get in touch
with your financial advisor OR (2) write to us at
[protected]@icicipruamc.com OR (3) contact on our customer care helplines
[protected]from MTNL/BSNL) and[protected]Others) between 8 a.m.
to 8 p.m. on Monday to Saturday and on Sunday 9 a.m. to 7 p.m.

We wish you, your family & friends a safe and healthy environment.

Sincerely,
Customer Service Executive
For ICICI Prudential Mutual Fund

"Please note, as per the recent SEBI guideline, allotment of mutual
fund unit will be based on the fund realization, with effect from
February 1, 2021".

[protected] Original Message[protected]
From: [protected]@yahoo.com
Sent:[protected]
To: [protected]@icicipruamc.com
CC:
Subject: In Switch Transaction Switch Out has been processed but
Switch In pending for Long

External Email Warning: Do not click on attachment or links/URL unless
sender is reliable.

Hi,
This for the Portfolio 6873584/90.

Please advise on below Switch Transaction where Switch In is pending
(For 11-Aug & 12-Aug) when Switch Out already processed.

Inline image

Warm regards
Ashis Kumar Mandal
Mob#[protected]

This message (including any attachments) is intended only for the use
of the individual or entity to which it is addressed and may contain
information that is non-public, proprietary, privileged, confidential,
and exempt from disclosure under applicable law or may constitute as
attorney work product. If you are not the intended recipient, you are
hereby notified that any use, dissemination, distribution, or copying
of this communication is strictly prohibited. If you have received this
communication in error, notify us immediately by telephone and (i)
destroy this message if a facsimile or (ii) delete this message
immediately if this is an electronic communication. Thank you.

This message (including any attachments) is intended only for the use of the individual or entity to which it is addressed and may contain information that is non-public, proprietary, privileged, confidential, and exempt from disclosure under applicable law or may constitute as attorney work product. If you are not the intended recipient, you are hereby notified that any use, dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, notify us immediately by telephone and (i) destroy this message if a facsimile or (ii) delete this message immediately if this is an electronic communication. Thank you.
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