[Resolved]  ICICI Prudential AMC — Commission paid icici bank in direct investment

Address:	New Delhi, Delhi, 110085
Website:	Icicipruamc.com

Dated: 18.04.2017

Sub: Cheating by ICICI Prudential and ICICI Bank
Sir,
i was retired from CPSU 31st August 2016. I decided on my own to invest my PF amount in mutual fund. After selecting two numbers of mutual fund schemes of ICICI Prudential on internet i.e. Value discovery fund and Balanced Advantage Fund, I decided a sum of Rs. 5 lacs in each fund to purchase online
During my visit to my home branch of ICICI Bank at Prashant Vihar Delhi to make FDs, I met Mr.Abhishek Sharma Branch Manager. I disclosed him about by investments in mutual funds, so that 10 lacs may be free from FD to invest in mutual funds. I planned to invest mutual funds direct on line. Mr. Sharma Told me that I may invest. in mutual funds decided by me. There will not be any loading and commission. Mr. Divesh Gupta RM of ICICI Prudential Barakhamba Road, New Delhi was also in Bank.
Accordingly I paid him Rs. 10 Lacs electronically on 08.09.2016 and signed blank form of investment in good faith. Mr. Sharma gave the form to ICICI Prudential representative in my presence. Now I was surprised to see the statement of NSDL for March ending indicating under the head Total expanses ratio and commission paid, where Rs14343.51(7089.70 + 7253.81) is shown as commission paid to ICICI Bank as Agent for both mutual funds.
I have been Privilege customer of ICICI Bank since last many years. There have been average balance of 30 lacs plus in saving and FD.
I met Mr. Sharma today who told me that he was not aware of that and this happened due to his lack of knowledge.
I failed to understand why suck a large bank is misleading there own customers.
Both the holdings were initially in physical form and later converted in demat. I called ICICI Prudential customer care who told that these charges are for demat.
Kindly look into the matter and reverse these charges, otherwise I will aproach high authorities like RBI, SEBI, IRDAI.
Regards
Ompal Singh
A 46 SITA Apartments sector 14 Rohini
Delhi-110085
mobile; [protected], [protected]
PAN; AUTPS4578A
EDWRG / Balanced Advantage Fund Growth Folio 8605837/ 09
Value Discovery fund folio 8606497/66