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MF News Fund houses resolve complaints speedily: AMFI

Fund houses resolve complaints speedily: AMFI

Most complaints are regarding investor data correction
Shreeta Rege Jun 7, 2018

The latest AMFI data shows that most AMCs were able to resolve investor complaints within 30 days. Of the 32,206 complaints received during the year, only 570 complaints were unresolved after 30 days. 

An analysis of AMFI data reveals that investors have generally raised complaints regarding data updation, correction in investor details, or discrepancy in statement of accounts.

In line with previous trends, most investor complaints were resolved within 30 days. These complaints were largely regarding investor related data though some were regarding non-receipt of dividend. 

Among AMCs, SBI MF received the highest number of complaints (7,576), followed by HDFC MF with 5,749 complaints and ICICI Prudential MF with 5,134 complaints. Shriram MF, Mahindra MF and IIFL MF received the lowest number of investor complaints largely due to a smaller number of folios.

Among the top 10 fund houses, Axis, DSP, Reliance and UTI also had the lowest numbers in terms of percentage of complaints against folios, which is indicative of the AMC’s customer service efficiency.

Fund House

Complaints pending at the beginning of the year

No. of Complaints received during FY 2017-2018

Complaints resolved within 30 days

Percentage complaints against folios

Aditya Birla Sun Life Mutual Fund

30

1751

1779

0.03%

Axis Mutual Fund

8

382

368

0.01%

Baroda Pioneer Mutual Fund

0

344

342

0.10%

BNP Paribas Mutual Fund

5

252

254

0.09%

BOI AXA Mutual Fund

0

278

278

0.46%

Canara Robeco Mutual Fund

0

209

209

0.03%

DHFL Pramerica Mutual Fund

0

9

9

0.01%

DSP BlackRock Mutual Fund

0

435

435

0.01%

Edelweiss Mutual Fund

0

20

20

0.01%

Escorts Mutual Fund

NA

NA

NA

 

Essel Mutual Fund

0

20

20

0.04%

Franklin Templeton Mutual Fund

66

2055

1944

0.06%

HDFC Mutual Fund

30

5749

5753

0.07%

HSBC Mutual Fund

2

99

99

0.07%

ICICI Prudential Mutual Fund

41

5134

5121

0.08%

IDBI Mutual Fund

0

804

804

0.25%

IDFC Mutual Fund

NA

NA

NA

 

IIFCL Mutual Fund (IDF)

NA

NA

NA

 

IIFL Mutual Fund

0

2

2

0.01%

IL&FS Mutual Fund (IDF)

0

0

0

0.00%

Indiabulls Mutual Fund

NA

NA

NA

 

Invesco Mutual Fund

0

317

317

0.08%

JM Financial Mutual Fund

3

36

36

0.03%

Kotak Mahindra Mutual Fund

2

544

542

0.03%

L&T Mutual Fund

3

1020

861

0.04%

LIC Mutual Fund

0

19

10

0.01%

Mahindra Mutual Fund

0

2

2

0.002%

Mirae Asset Mutual Fund

0

74

70

0.01%

Motilal Oswal Mutual Fund

1

85

69

0.01%

PPFAS Mutual Fund

0

317

317

1.67%

PRINCIPAL Mutual Fund

0

450

450

0.09%

Quantum Mutual Fund

0

33

33

0.05%

Reliance Mutual Fund

11

1173

1135

0.01%

Sahara Mutual Fund

0

13

13

0.08%

SBI Mutual Fund

283

7576

7835

0.11%

Shriram Mutual Fund

0

0

0

0.00%

SREI Mutual Fund (IDF)

NA

NA

NA

 

Sundaram Mutual Fund

13

1715

1727

0.10%

Tata Mutual Fund

4

438

430

0.03%

Taurus Mutual Fund

4

11

15

0.01%

Union Mutual Fund

0

92

92

0.05%

UTI Mutual Fund

0

748

748

0.01%

Source: AMFI

Compared to last year there has been an 11% increase in the overall complaints. However, not all AMCs saw an increase in complaints.

Fund House

No. of complaints received during FY 2016-2017

No. of complaints received during FY 2017-2018

Percentage change

Aditya Birla Sun Life Mutual Fund

1831

1751

-5%

Axis Mutual Fund

489

382

-28%

Baroda Pioneer Mutual Fund

732

344

-113%

BNP Paribas Mutual Fund

184

252

27%

BOI AXA Mutual Fund

NA

278

 

Canara Robeco Mutual Fund

212

209

-1%

DHFL Pramerica Mutual Fund

13

9

-44%

DSP BlackRock Mutual Fund

422

435

3%

Edelweiss Mutual Fund

11

20

45%

Escorts Mutual Fund

 

NA

 

Essel Mutual Fund

9

20

55%

Franklin Templeton Mutual Fund

2626

2055

-28%

HDFC Mutual Fund

2857

5749

50%

HSBC Mutual Fund

73

99

26%

ICICI Prudential Mutual Fund

4648

5134

9%

IDBI Mutual Fund

758

804

6%

IDFC Mutual Fund

293

NA

 

IIFCL Mutual Fund (IDF)

 

NA

 

IIFL Mutual Fund

1

2

50%

IL&FS Mutual Fund (IDF)

 

0

 

Indiabulls Mutual Fund

8

NA

 

Invesco Mutual Fund

173

317

45%

JM Financial Mutual Fund

25

36

31%

Kotak Mahindra Mutual Fund

410

544

25%

L&T Mutual Fund

330

1020

68%

LIC Mutual Fund

107

19

-463%

Mahindra Mutual Fund

7

2

-250%

Mirae Asset Mutual Fund

30

74

59%

Motilal Oswal Mutual Fund

16

85

81%

PPFAS Mutual Fund

124

317

61%

PRINCIPAL Mutual Fund

429

450

5%

Quantum Mutual Fund

23

33

30%

Reliance Mutual Fund

1309

1173

-12%

Sahara Mutual Fund

7

13

46%

SBI Mutual Fund

6924

7576

9%

Shriram Mutual Fund

0

0

 

SREI Mutual Fund (IDF)

 

NA

 

Sundaram Mutual Fund

1256

1715

27%

Tata Mutual Fund

611

438

-39%

Taurus Mutual Fund

40

11

-264%

Union Mutual Fund

41

92

55%

UTI Mutual Fund

1722

748

-130%

Source: AMFI
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6 Comments
Solomon · 2 months ago
I wonder how quick Insurance Companies resolve Customer complaints as Insurance is sold as an investment product like MFs in India.

Hope IRDA is not clueless or hiding the details.
Gandhi Makarand M · 2 months ago
I also wonder , how such can be arrived and what are the criteria to say complaints resolved..? I trade MF on NSE NMF II since 2015. But I found much problems in MF DEMAT transactions at varies stages of processing.
The purchased units are not getting credited in client demat a/c in time and mostly get credited after few months and after many reminders to AMCs. Still problem could found permanent solution even after 1or 2 years. Recently Registars / AMCs started asking distributors /clients to go to " service provider " to solve issue. Are these issues concluded in complaint resolved...?
Manish · 2 months ago
These are the investor's complaints data. And there is no data of IFA complaints against the AMC. I have made a complaint to AMFI against an AMC for non compliance and irregularities in brokerage payments but the AMC seems quiet confident that nothing will be initiated against it by AMFI despite of the fact that I have provided all the documentary evidences to prove its non compliance and unfair operational practices.

I think the IFA community should look into it very seriously and demand a special vigilance team from AMFI to address the IFAs grievances also.
Vikas Gupta · 2 months ago
I totally agree with Mr. Manish. There should be some platform for IFA complaints against the AMC/Registrar. I have a lot of problems with CAMS, Rohtak for more than a year but there is no body to resolve the issues.
Manish · 2 months ago
Then you must make a written complaint to AMFI. Although AMFI does not take any action against the AMC even if you provide strong substantial proofs against the AMC. That's my experience. But it does not mean that you keep quiet. You must raise your voice. And discuss it in the IFA forums and all other relevant places in your reach. You might get the resolution to an extent if not the full justice.
Prashant · 2 months ago
Divided we fall. IFA community? What IFA community...no unity and unity not even possible since everyone are just too damn selfish or extremely philanthropic towards AMCs. IFAs are vision less and will perish very soon if dont come together and fight against mutual fund lobby(AMFI) hands in gloves with SEBI.

JAAGO IFAs JAAGO
Reply
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