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Help, PIN FUND is threatening legal action and blocking withdrawal for failing to pay for IPO allotment!

Milind Vadjikar |1048 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Feb 21, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Anchal on Feb 20, 2025Hindi

Money

Good morning sir I am investing with an institution namely PIN FUND. they have their own app to invest . They offer to apply for an ipo at only 10 % of mkt value also at more dinsconted price . In starting my assistant told me that you have to apply as much as you can because you will be allocated only 10-20% of shares applied for . But each time they rise the percentage of allotment and forced me to add funds . Somehow I arrange funds till last allotment but this time they allot 90% of shares applied by me and asking to add funds of around 500000 but I can't arrange fund . Now they are forcing me add funds and telling that their will be legal proceedings against me and my available fund will not be available to withdraw. Kindly guide me asap.

Ans: Hello;

This seems like a pure con job.

Have you verified their credentials?

Do they have any approval from Sebi?

Report to the Police and SEBI/RBI.

Do not fall for such gimmicks.

Best wishes;

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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