[Resolved]  Paisabazaar.com — Complaint against PAISABAZAAR

Axis Long Term Equity Fund - Direct Plan [protected] which is long term fund. When I have taken this MF on September 2018 the executive has informed me that this MF is in 3 years lock-in period and after completion of 3 years i can redeem this fund. Now, when 3 years were about to complete one fine day i called on their customer care number regarding redemption procedure so that i can take action well in advance but now a new term came into light i.e. ELSS funds each instalment is in 3 years lock in period that means you pay for 3 years then weight for another 3 years means after completing 6 years you can finally withdraw your whole money. And to add on this they won't even provide you the telephonic communication held with their executive stating that its beyond their policy. But they forget that if 2 persons come into an agreement its their whole responsibility to provide the verbal communication agreement to the 2nd party also.

And would like to mention that their executives don't share full information with their customers they only try to make people fool as once you have invested you won't go anywhere as you are not aware about their fraud.

And they are making it practice and I should say that it is the fault of the company as they are not providing proper training to their Executive and they only know to cheat their customers. So, I have already started communicating to my friend circle and friends that don't invest through Paisabazar or Policy Bazaar they both are frauds
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Oct 18, 2021
Complaint marked as Resolved 
Paisabazaar.com customer support has been notified about the posted complaint.
Verified Support
Sep 15, 2021
Paisabazaar.com Customer Care's response
Dear Customer,

You had invested in Mutual Funds with Paisabazaar and in September, 2018. We would like to inform you that Paisabazaar is an execution only platform for investment in mutual fund schemes. Further upon any transaction on the platform, AMC in usual circumstances share the required information about the scheme with the customers along with a purchase report in the folio. Generally the purchase report also contains locked units in the context of ELSS schemes.

Given the concern is about the basic feature of an ELSS (or for that matter any tax saving schemes under section 80c of the Income tax act) which have a lock in as per the provisions of Income tax, we regret we cannot help much in this regard for incomplete understanding of the product feature.

The customers are advised to go through the details of the schemes prior to investing, which we reiterate through the terms and conditions on the platform. Point 14 of our terms and conditions also advise you to seek appropriate professional advice before dealing with any realized or unrealized gain/ loss reflecting in the investments, portfolio and statement.

Paisabazaar Team
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