New Delhi, July 1, 2024
As multiple customers juggled to validate their Groww portfolio on mutual fund transfer agencies CAMS and Kfintech amid concerns, the financial services platform on Monday said some of the customers are not able to see all their investments because there are different registrar and transfer agents (RTAs) for different funds.
To verify all their mutual fund investments, customers should verify their holdings both with CAMS and KFintech or can either check MFCentral (investor services hub) or get a consolidated account statement for both RTAs, the company informed.
Groww came under backlash on social media last month after a customer’s relative alleged in a social media post (now deleted) that her sister faced fraud after investing via the financial services platform.
Groww replied, saying the customer never made the said investment and no money was deducted from her bank account.
“The customer was seeing a different entry which was folio details of another transaction. This folio did not belong to that customer. There was no debit from the customer’s account. When the issue was flagged to us, we reconciled the entry, found the issue with the duplicate Order ID handling and revised the customer’s folio,” the company clarified.
Groww said it does not create any folio numbers and all folios are created by the fund house/RTAs when an investment is made and the Groww app aggregates this information to show customers their portfolio.
Groww serves more than 1.5 crore customers across the country.
The trading platform said it is not involved in the payment process for investments.
“Money moves directly from our MF customers’ bank accounts to the exchange’s clearing houses, who then pass it on to the fund house. Since Groww does not hold any money in this entire process, we have nothing to gain from delaying orders,” it further clarified.
Even though no money was debited from the customer’s account, “the amount was sent to the customer only to allay any fears that the customer had”, it added, reassuring its customers that their investments on Groww are safe.(Agency)
