Investor Complaints against
Drop by 40%
Mutual funds (MFs) received
close to about 40,000 complaints from investors in 2013-14, down 40% from the
preceding financial year.
These complaints pertain to data corrections in investor details and
non-updation of changes about address, PAN (Permanent Account Number), bank
details and nomination, among others.
As per data put up on the AMFI website, www.amfi.com the industry
received about 40,000 investor grievances in 2013-14 compared to 66,760
complaints in 2012-13.
According to MF industry experts, the complaint redressal mechanism
has become efficient at most asset management companies with the grievances get
resolved within the prescribed turnaround time.
The top 5 fund houses such as HDFC Mutual Fund, ICICI Prudential MF,
Reliance MF and UTI Mutual have witnessed complaints falling by 48% during the
past fiscal year.
Reliance MF saw the largest drop in investor grievances. They plunged
75% to 3,453 in 2013-14. It was followed by ICICI Prudential MF, which which
saw complaints tumbling to 4,353, a decrease of 67% during the same period.
Market requlator SEBI first took note of rising investor complaints
in MFs in 2011 and hauled up fund houses for not taking serious note of these
grievances.
In absolute terms, the highest number of investor complaints were
recorded against Birla Sunlife MF (6,056) in 2013-14 followed by HDFC MF
(6,023).
Among the top mutual fund houses, UTI MF saw a climb in its investor
grievances to 4,345 from 3,372. Besides, complaints lodged against IDFC surged
to 1,644 from 988.
Mf Industry experts believe that large number of complaints are
received due to the illegible data provided by investors as well as errors made
by investors while filling up application forms.
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