Analysis of SEBI data shows that mutual funds have received 24,190 complaints against them as on July 5, 2019.
However, majority of these complaints have been resolved with only 175 remaining open. Typically, SEBI Complaints Redress System (SCORES) mechanism resolves investors complaints within 30 days.
In SCORES, investors can file complaint under the predefined categories such as delay of dividend payment, non-compliance with the promised attributes, delay in the redemption process, not giving a patient ear and so on. In case their complaint does not fall under any of these categories, another option is provided to investors to share his grievance.
Highest number of complaints have been received against the oldest fund house UTI MF (3913). Typically, fund houses having higher number of folios tend to see higher complaints. Consequently, UTI MF has the highest number of folios in the industry.
Reliance MF, SBI MF and HDFC MF follow UTI MF with over 2,000 complaints, shows SEBI data.
Among larger fund houses, DSP MF (609) and Kotak MF (588) have recorded relatively lower complaints.
Surprisingly, investors have registered 149 complaints against mutual fund trade body AMFI. All these complaints were resolved.
Entity Name |
Received |
Pending Actionable |
UTI Mutual Fund |
3913 |
17 |
Reliance Mutual Fund |
2701 |
12 |
SBI Mutual Fund |
2196 |
28 |
HDFC Mutual Fund (Morgan Stanley Mutual Fund) |
2093 |
13 |
ICICI Prudential Mutual Fund |
1797 |
7 |
Birla Sun Life Mutual Fund (Alliance Capital Mutual Fund/ING Mutual Fund) |
1735 |
8 |
Franklin Templeton Mutual Fund |
1251 |
17 |
Sundaram Mutual Fund |
789 |
10 |
Axis Mutual Fund |
784 |
11 |
L&T Mutual Fund (Fidelity Mutual Fund) |
689 |
9 |
Canara Robeco Mutual Fund |
642 |
0 |
Tata Mutual Fund |
632 |
2 |
DSP BlackRock Mutual Fund |
609 |
5 |
Kotak Mahindra Mutual Fund |
588 |
9 |
Principal Mutual Fund |
525 |
3 |
IDFC Mutual Fund |
446 |
5 |
JM Financial Mutual Fund |
353 |
0 |
CRB Mutual Fund |
251 |
0 |
LIC Mutual Fund Asset Management Limited Previous Name LIC Nomura Mutual Fund |
244 |
0 |
Mirae Asset Mutual Fund |
196 |
4 |
HSBC Mutual Fund |
170 |
0 |
Taurus Mutual Funds |
163 |
1 |
Motilal Oswal Mutual Fund |
156 |
3 |
The Association of Mutual Funds of India |
149 |
0 |
Sahara Mutual Fund |
133 |
2 |
Invesco Mutual Fund / Religare Mutual Fund |
133 |
1 |
BNP Paribas Mutual Fund |
108 |
1 |
Baroda Pioneer Mutual Fund |
94 |
1 |
IDBI Mutual Fund |
84 |
1 |
JP Morgan Mutual Fund |
70 |
0 |
Deutsche Mutual Fund |
68 |
0 |
Edelweiss Mutual Fund |
50 |
1 |
Indiabull Mutual Fund |
49 |
1 |
Pinebridge Mutual Fund (formerly AIG Global Investment Group Mutual Fund) |
43 |
0 |
Escorts Mutual Fund |
42 |
0 |
BOI AXA Mutual Fund |
40 |
3 |
DHFL Pramerica Mutual Fund Previous Name Pramerica Mutual Fund |
39 |
0 |
Goldman Sachs Mutual Fund (Benchmark Mutual Fund) |
37 |
0 |
IIFL Mutual Fund |
37 |
0 |
Quantum Mutual Fund |
16 |
0 |
Essel Mutual Fund |
14 |
0 |
Bharti AXA Mutual Fund |
13 |
0 |
Union KBC Mutual Fund |
13 |
0 |
ICICI Securities Fund |
10 |
0 |
MAHINDRA MUTUAL FUND |
8 |
0 |
PPFAS Mutual Fund |
8 |
0 |
IIFCL Asset Management Company Limited |
3 |
0 |
AEGON Mutual Fund |
2 |
0 |
KJMC Mutual Fund |
2 |
0 |
Shriram Mutual Fund |
2 |
0 |
Total |
24190 |
175 |