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% |
