HDFC Securities users report mutual fund NAV glitch; portfolios show losses of up to 70 pc
New Delhi, Aug 20
HDFC Securities platform on Thursday witnessed discrepancies in the Net Asset Values displayed for their mutual fund holdings with customers' portfolios showing losses of up to 70 per cent.
Speaking to IANS, an investor said that upon checking their mutual fund portfolio in the morning, it showed a loss of around 30 per cent, amounting to nearly Rs 1 lakh. The entire portfolio had been in profit until Wednesday.
The investor said the portfolio consisted of two mutual funds. While the NAV of one fund was displayed normally, the NAV of the other had fallen by around 50 per cent, resulting in the overall portfolio showing a loss of around 30 per cent.
The investor also said that upon opening the HDFC Securities app, a message appeared stating that the company was working on an issue related to mutual fund NAVs.
"Important Update...We are working on the MF NAV issue...Thanks for your patience," showed on the platform, according to HDFC Securities customers.
However, several HDFC Securities customers also reported similar problems on social media platform X. One user said the NAV of their Nippon Multicap Fund held through HDFC Securities had fallen by 71 per cent.
Similarly, another social media user reported that the NAV of Nippon India Small Cap Fund - Growth in their HDFC Securities portfolio had suddenly fallen to 111.1869 from around 185, causing the portfolio to show a return of nearly minus 30 per cent.
The user questioned whether the decline was due to a technical issue or a problem with the NAV being displayed and sought clarification from the brokerage.
HDFC Securities is among India's leading brokerage firms. According to information available on the company's website, its platform has more than 5 million customers.
— IANS
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