Over the past week, Next Billion Technology or Groww, has been under immense pressure due to controversy surrounding the services provided by the trading platform. A major controversy emerged when one of the traders alleged fraud against the company while failing to complete a mutual fund transaction.
This soon percolated into a controversy online, with Groww trading on X for the better part of the day earlier this week.
Groww's Conundrum
The company later issued a clarification on the matter and said the issue had been resolved.
However, even after that, many users took to social media platforms to raise their concerns on the basis of their individual experiences, wherein they found themselves in a tricky situation.
When Free Press Journal reached out to Groww, the company sources responded by saying there is 'no fear of fraud' surrounding the company's functioning. According to the company, the value chain that facilitates the investment paradigm is complicated and these errors in transactions are being resolved if and when they come up.
According to the company, the allegation of fraud raised by many netizens is unfounded and these terms, according to them, are being liberally used.
The market regulator has yet to make a statement on the matter. | Pixabay
Finding Resolutions
The market regulator, the Securities and Exchange Board of India (SEBI) has yet to make a statement on the matter.
Groww further underscored its process and claimed that the company addresses issues as and when they arrive and finds a resolution to the matters that are raised with them.
The company claimed that it had brought about many measures to make the platform safer and also claimed that any improvement on their side is often not 'covered or noticed'.
On the question of whether the company finds any undue element at play, that may have tried to tarnish its image, they did not make any claim or allegation on the matter.
