Most AMCs have been able to resolve investor complaints within the first 30 days of the grievance received.
The latest AMFI data shows that 98% of the total complaints received in the MF industry were resolved quickly. Of the 13,926 total complaints, 13,690 were resolved within 30 days.
Meanwhile, only 114 complaints were pending at the industry level at the beginning of the current financial year.
An analysis of the data shows that majority of the investor complaints were regarding redemptions proceeds, non-debit of SIPs, data updation, discrepancy in account statement and correction in investor details.
Among fund houses, HDFC MF has witnessed the highest complaints in FY 2021 (3,159) although the number of complaints has reduced from FY 2020 (5,293). Next in line was ICICI Prudential MF with 2,145 complaints followed by L&T MF with 1,553, Axis MF with 1,530 and SBI MF with 1,069 complaints.
DP Singh, ED & CMO (Domestic), SBI MF said that many complaints were on account of SIP transactions.
We have excluded BNP Paribas, BOI AXA, IIFL, Kotak Mahindra and Sundaram due to unavailability of data.
Investor complaints in each fund houses:
|
Name of the fund house |
No of complaints pending at the beginning of the year |
No of complaints received in FY 2020-21 |
No of complaints received in FY 2019-20 |
Complaints resolved within 30 days |
|
HDFC Mutual Fund |
9 |
3159 |
5293 |
3092 |
|
ICICI Prudential Mutual Fund |
10 |
2145 |
2340 |
2144 |
|
L&T Mutual Fund |
3 |
1553 |
2864 |
1533 |
|
Axis Mutual Fund |
33 |
1530 |
962 |
1525 |
|
SBI Mutual Fund |
13 |
1069 |
1125 |
1066 |
|
Nippon India Mutual Fund |
10 |
1015 |
1119 |
1013 |
|
Franklin Templeton Mutual Fund |
16 |
958 |
1228 |
857 |
|
Motilal Oswal Mutual Fund |
1 |
377 |
200 |
369 |
|
Edelweiss Mutual Fund |
0 |
336 |
29 |
334 |
|
Canara Robeco Mutual Fund |
0 |
246 |
158 |
246 |
|
Principal Mutual Fund |
0 |
225 |
415 |
225 |
|
Mirae Asset Mutual Fund |
4 |
164 |
73 |
151 |
|
Union Mutual Fund |
0 |
159 |
108 |
159 |
|
IDFC Mutual Fund |
5 |
136 |
297 |
136 |
|
Aditya Birla Sun Life Mutual Fund |
4 |
131 |
201 |
131 |
|
Tata Mutual Fund |
0 |
108 |
191 |
97 |
|
Mahindra Manulife Mutual Fund |
0 |
106 |
80 |
105 |
|
DSP Mutual Fund |
2 |
74 |
79 |
74 |
|
Quantum Mutual Fund |
0 |
66 |
94 |
65 |
|
UTI Mutual Fund |
0 |
66 |
227 |
66 |
|
Baroda Mutual Fund |
0 |
61 |
148 |
61 |
|
LIC Mutual Fund |
2 |
59 |
80 |
59 |
|
HSBC Mutual Fund |
0 |
42 |
54 |
41 |
|
Indiabulls Mutual Fund |
0 |
41 |
19 |
41 |
|
PGIM India Mutual Fund |
0 |
40 |
62 |
40 |
|
Invesco Mutual Fund |
0 |
24 |
54 |
24 |
|
PPFAS Mutual Fund |
0 |
18 |
24 |
18 |
|
IDBI Mutual Fund |
0 |
13 |
9 |
13 |
|
ITI Mutual Fund |
0 |
2 |
3 |
2 |
|
JM Financial Mutual Fund |
2 |
1 |
0 |
1 |
|
Shriram Mutual Fund |
0 |
1 |
0 |
1 |
|
YES Mutual Fund |
0 |
1 |
0 |
1 |
|
Total |
114 |
13926 |
17536 |
13690 |
Meta tags: investor complaints, hdfc, sbi, axis, icici pru, fy21, mutual funds, amcs, cafemutual
