Onboarded Dhan with high hopes and was happy too with all great features in app, but the information provided to me made me losses of around 5000 on the very first day.
Here, how it happened
I tried to bring my external mutual funds to Dhan app with the plan to use Dhan app only for all my mutual funds SIP along with stocks.
For that i invested in same AMC on Dhan app for which new folio number generated, so i did consolidation of my external mutual fund of same AMC to this folio which was made on Dhan.
But to my surprise this was not enough. Dhan app information says that u can’t get your external fund details as internal and can’t do redemption of external fund even after consolidation.
So, this disappointing thing made me redeem all units of the investment done on dhan folio in just 1 day keeping in mind that i will stick to my external fund broker to avoid this discrepancy.
But,
The real problem yet to come
The redemption took place and it redeemed all units even that also which was in external mutual fund considering it as one folio,
i made a huge loss of around 5000 due to the wrong information provided on Dhan that I can’t redeem external fund even after consolidation.
My intent was never to redeem my all units which I invested with my hard earned money under a long period of time that too when the market reached a new low on 28th of November.
Who is going to pay back my loss??
Dhan should have clearly mentioned that redemption is applicable for all units even outside invested money of same AMC.
I need my money back . I came here to join considering Dhan as emerging broker and I would be a major contributor in their journey but at the very first day i was misinformed and made me loose money.
I truly love this app features and want to be here as a long term investor but Dhan should consider my loss and help me getting out of negativity at the earliest.
Hoping for the best.
Check account statement from your amc site or download mf central.
checked, confirmed and then only i posted here, my all units redeemed at lower NAV , which i never meant to do
Hi @dr.abhishek Welcome to Dhan and thank you for your kind words and also concerned with your feedback.
Please note that the situation mentioned by you is not specific to Dhan but I am guessing that this is how the underlying systems in RTA work. If a folio is mapped to platform, and the request is sent to RTAs for redemption of all units - it will redeem all units in that folio.
This is why Dhan creates new folios for investments, and stays away from folio management. I wish I could have done more, but there is no separate segregation available at platform end; it is considered as an folio redemption request.
Not an issue with how RTA works and how it takes all units without segregation but I have an issue with Dhan platform that provided me wrong information “THAT IT CAN’T REDEEM EXTERNAL FUND”,
i wouldn’t have done that redemption if I was provided correct information by Dhan.
I have lost almost near 5000 rs as of now and if u see in longer period that would have been much much more.
You guys can’t get away citing it as an exceptional case or so.
I have shared all screenshots through mail and I need resolution.
For your information read the wrong information still available on Dhan
Hi @dr.abhishek Had the folios not mapped to the folio, this wouldn’t have happened. As mentioned, the order placed was to redeem all units.
Additionally, this is for MF held in demat format externally.
I feel the information provided on our FAQs here is fine, but I understand that you may not agree with this. Our team will review this if you have raised the same.
Please do not cover up by using wordplay. i have statement of transaction that was sent from DHAN that clearly states how many units ordered for redemption and also how many units i was holding before.
try to accept and rectify the issue and do corrections in your FAQ, so that others don’t lose their hard earned money due to your technical glitch.
i already told you that i admire the features of DHAN and want to stay invested here but covering up your faults is never going to help me and other people who are wiling to join you.
i have high hopes with this platform and i have migrated from the top notch broker , so kindly don’t spoil my enthusiasm.