- Unauthorised switch of mutual fund ^Open

Nishant Singh filed this complaint against Aditya Birla Sun Life Insurance on Mar 13, 2020

Resolution Demanded:
Replaced
Damages

I had INR **** in ABSL Liquid fund on Feb **, which I put a switch request to ABSL Equity fund for all the units(**.*** units) and got an SMS confirmation regarding that (message attached) and after that, I put INR **,*** in ABSL liquid fund as I wanted a lumpsum amount of ***** in my liquid fund as to meed my sudden monetary demands.

But the next day all my money i.e. ***** was put in the ABSL Equity fund and there was no fund in liquid fund. I have been complaining about the same but no steps have been taken by your people. They keep saying that since I put switch for all units, the ***** that I put was also put in equity, but that isn't the sequence I did my transaction. I put money in the liquid fund because I wanted that money in liquid fund after getting the confirmation SMS for the switch request. If I wanted that money in Equity fund I would directly put it in Equity fund why would I put it in liquid fund and when I was putting that ***** in liquid fund nowhere I was warned about the process.

The logical sequence should have been to switch my **.*** units of liquid fund in equity and rest ***.*** units in liquid fund. The fault is in your system and I shouldn't be the one to incur the loss because of incorrect logic of your system. I just want my ***.*** units in liquid fund.

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