MFs prompt in redressing investor complaints

Non-updation of address, bank details, PAN, and discrepancies in account statements are the most common complaints received by AMCs. Most complaints were resolved within 30 days.

As per the latest AMFI data, most AMCs were able to redress investor complaints within 30 days. AMCs received maximum complaints relating to non-updation of changes like address, PAN, bank details, nomination and discrepancies in account statements.

Industry officials say that error or omission on the part of investors while filing up application forms is one of the main reasons for such complaints. Apart from mistakes made by investors, some errors are also made by data entry operators at the R&Ts.

DSP BlackRock and Religare did not have any pending complaints in the financial year 2012. Both AMCs resolved all investor grievances within 30 days, as the below table indicates.

Among the top 14 AMCs, Religare received the least complaints (256), followed by Kotak Mutual Fund (569). Birla Sun Life AMC received 10100 complaints, out of which 7843 complaints were regarding discrepancies in account statements. UTI Mutual Fund received 6384 complaints, out of which 6311 were resolved in 30 days.

The extent of complaints also depends on the investor base of the fund house. For instance, Reliance MF which has over 70 lakh folios received the maximum number of complaints (23,633).  It resolved 98% (23,168) of complaints in 30 days. (See the table below)

Complaints redressed by AMCs