Advice needed: Axis Direct is not releasing the cash I have in my own trading account

General
1

Hi guys, I have a trading account with Axis Direct and from last 1 week I have placed 4 funds payout request with them. But what I am seeing is they are continuously deleting my requests from the app and even upon sending them emails and calling them, they are promising that they will transfer the money, but they are in fact not transferring any money.

I have all the screenshots, call records, etc.

I have a family emergency at home, and hence we needed the money very desperately. And this attitude of Axis is really getting me worked up.

I want a fast resolution and don’t think complaining to SEBI will solve the problem quickly. Is there any faster solution there, can I lodge a FIR with the police.

Have you any guys faced this problem before. Can you please suggest something so that I can get back my money faster.

I have an account with Zerodha as well and I have never faced any such issues with them. In fact Zerodha pays out within 24 hours. Never thought such a big brand Axis will do such thing with customers money.

Any suggestions please

2

@Bhuvan sir,
How can we deal with those issues in mutual fund as they are not listed on exchange

3

This problem is very common with 5paisa . Now it is happening with axis direct. Feeling helpless.

4

@Suneel1 MF issue? Didn’t quite understand what you meant.

1 Like
5

Sir,
In the first message of this thread the person saying that broker is cancelling the order without executing it.
If it is shares/etfs/some bonds we can transfer to another demat account and sell them in exchange as they are listed there.
Mutual funds are not listed so how can we sell them?
(I know we won’t place these type of problems with zerodha,but asking to know)

7

Sorry to hear your plight! First n foremost complain it with NSE and SEBI, do not delay. May i know the amount, asking this out of curiosity. Find out from other axis direct clients if they are able to withdraw. They might be blocking your money for any pending issues etc.

8

@Praksy Please call to SEBI Toll Free No. 1800 266 7575 or 1800 22 7575

13

You can execute the transaction on the AMC site but in case of MFs, brokers don’t have much control to stop transactions.

1 Like
14

I redeemed (online) MF 4 days back from Axis direct, within 3 days money was in my account, not faced any issue.

15

If you are holding MF in your demat account, I believe not much can be done immediately. SEBI/NSE will take atleast 30 days. My experience is it takes few months. SEBI SCORES is just a post office.
If you have MF units held by SoA(statement of account), then you can also transact at CAMS/Karvy or AMC on your own using folio no, PAN or other number combinations.