Mumbai: HDFC Mutual fund failed to show SEBI and Trustee approval certificate to the investors of its top selling schemes . As per section 28 Of Mutual fund regulation HDFC AMC design the scheme and take approval from trustee and later send to SEBI for approval. To protect the interest of investors Under section 11 Of SEBI act 1992 SEBI give approval to mutual fund scheme . In many SEBI document SEBI confirmed that it approve the mutual fund scheme .
In the SEBI scores complaint reply HDFC mutual fund is taking money from investors but not sharing trustee and SEBI approval copy with investors. It is cheating with investors and collecting money in the name of SEBI approval . HDFC did not PRINTED in any catalog or Brochure in bold letter that this scheme in not approved by SEBI and Trustee.
HDFC AMC is making huge money in the name of approval from investors in the name of various charges and its share value is rising. HDFC mutual fund is unregulated fund and any time investors money will be lost if SEBI norms not followed . This scam is going since last 30 years in the name of SEBI approval . HDFC to upload all approvals in their website for public trust .
COMPLAINT :
HDFC Balanced Advantage Fund is the HDFC Mutual Fund scheme with the highest Asset Under Management AUM. As of August 31, 2025, the funds AUM was Rs1,01,080 crore. Other top HDFC mutual funds by AUM After HDFC Balanced Advantage Fund, the mutual funds next largest schemes are HDFC Mid Cap Fund Direct Growth Rs 83,104.80 crore HDFC Flexi Cap Fund Direct Growth Rs81,935.60 crore HDFC Large Cap Fund Direct Growth Rs37,659.20 crore HDFC Small Cap Fund Direct Growth Rs 36,294.10 crore HDFC Money Market Fund Direct Growth ₹36,066.00 crore. Aforesaid 6 funds are top HDFC Mutual fund scheme.
As per Section 28 and others of MF regulation act 1996 the schemes to be approved by trustee and SEBI. In prospectus no such certificate uploaded and HDFC website is also silent on such approval copy. SEBI to check the approval copy of trustee and Board of all scheme of HDFC MF. If no approval found then Seize their fund and return money to investors with action under section 15 HA of SEBI act and others . If no action is taken then complainant has right to file appeal before SAT as per Supreme court order. Take action in the interest of investor as per section 11 of SEBI act.HDFC Balanced Advantage Fund is the HDFC Mutual Fund scheme with the highest Asset Under Management AUM. As of August 31, 2025, the funds AUM was Rs1,01,080 crore. Other top HDFC mutual funds by AUM After HDFC Balanced Advantage Fund, the mutual funds next largest schemes are HDFC Mid Cap Fund Direct Growth Rs 83,104.80 crore HDFC Flexi Cap Fund Direct Growth Rs81,935.60 crore HDFC Large Cap Fund Direct Growth Rs37,659.20 crore HDFC Small Cap Fund Direct Growth Rs 36,294.10 crore HDFC Money Market Fund Direct Growth ₹36,066.00 crore. Aforesaid 6 funds are top HDFC Mutual fund scheme. As per Section 28 and others of MF regulation act 1996 the schemes to be approved by trustee and SEBI. In prospectus no such certificate uploaded and HDFC website is also silent on such approval copy. SEBI to check the approval copy of trustee and Board of all scheme of HDFC MF. If no approval found then Seize their fund and return money to investors with action under section 15 HA of SEBI act and others . If no action is taken then complainant has right to file appeal before SAT as per Supreme court order. Take action in the interest of investor as per section 11 of SEBI act.
Interaction - (010-053-800)
Interaction History
Resolved with Email Response to Contact Sapan Shrivastava .in by User Priyanka Tendulkar on September 26 2025, 04:51 PM
From: HDFC Mutual Fund (hello@hdfcfund.com)
To: Sapan Shrivastava ;
Cc:
Date: 26-09-2025 16:53:27
Subject: RE:'HDFCMF=010-053-800' SEBI Complaint - SEBIE/MH25/THAN/038540/1 - Sapan Shrivastava
Dear Mr. Sapan Shrivastava,
Greetings from HDFC Mutual Fund!
This is in reference to your communication to SEBI via email on September 20, 2025, regarding non-availability of scheme-related certificates
on the HDFC Mutual Fund website.
We wish to inform you that following is the Procedure for launching of schemes as given in Regulation 28 of SEBI (Mutual Funds)
Regulations, 1996:
28. (1) No scheme shall be launched by the asset management company unless such
scheme is approved by the trustees and a copy of the offer document has been filed with the Board.
(2) The mutual fund shall pay the minimum filing fee specified in the Second Schedule to
the Board while filing the offer document under sub-regulation (1).4
(3) The mutual fund shall pay the balance filing fee calculated in accordance with the
Second Schedule to the Board within such time as may be specified by the Board (SEBI)
We confirm that we have abided by the above and other applicable requirements for launch of schemes. The draft Scheme Information
Document (SID) is filed with SEBI for its comments before launch, along with copies of AMC and Trustee Board approval, as required.
Further, towards the end of the SID, we mention :- "The <<Scheme>> was approved by the Trustee on ______.
Additionally, the “Due Diligence Certificate” forms part of the SID and is filed with SEBI along with the SID issued to the public.
We assure you that all our schemes, including those mentioned in your note, have followed the due process and regulatory requirements as
mandated by SEBI.
We would further like to inform that while we are committed to ensure resolution to your query to your satisfaction, if you are still not
satisfied with the response from SCORES, you may access the Securities Markets Online Dispute Resolution (ODR) to raise your grievance by
visiting https://smartodr.in/login
For any information with regards to our products and services, please feel free to write to us or call us on 1800 3010 6767 or 1800 419 7676.
Sincerely,
Client Services
HDFC Mutual Fund
| Sr. No. | Action | Remarks | Supporting File | Date | Action Taken by | Auto Assigned to |
|---|---|---|---|---|---|---|
1 | Complaint Lodged | Please refer to complaint details above -- | 20-09-2025 | Sapan Shrivastava | ||
2 | Auto Assigned To Entity | -- | 20-09-2025 | Sapan Shrivastava | Hdfc Mutual Fund (morgan Stanley Mutual Fund) | |
3 | Copy Mark to Designated Body | -- | 20-09-2025 | Sapan Shrivastava | Avni Mehta (association Of Mutual) | |
4 | ATR submitted to Investor | Please find the attached response sent to the investor. -- | 29-09-2025 | Hdfc Mutual Fund (morgan Stanley Mutual Fund) | Sapan Shrivastava | |
5 | First Level Review | The HDFC MF failed to show the approval certificate of trustee and SEBI of its top mutual funds running since long period . AMC should get schemes approved from SEBI and there in no where written that SEBI approval is not mandatory. As per SEBI MF regulation 1996 SEBI approval is mandatory in each step of launching scheme with final approval. HDFC failed to share such approval and quoting law for academic purposes. Kindly take action as per Section 15 HA of SEBI act 1992 . As Per SC Order in Ashok dahiya case if Scores complaint is rejected then complainant has right to file appeal before Honble SAT under 15 T. -- | 29-09-2025 | Sapan Shrivastava | ||
6 | Auto Assigned To Designated Body | -- | 29-09-2025 | Sapan Shrivastava | Avni Mehta (association Of Mutual) | |
7 | ATR submitted to Designated Body | Response enclosed -- | 03-10-2025 | Avni Mehta (association Of Mutual) | Association Of Mutual Funds In India |
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