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An analysis of complaint data of top 30 fund houses based on their AUM shows that they have received close to 21,000 complaints in the one-year period ending on July 2023.
The highest number of complaints i.e. 35% or 7400 complaints were related to data correction.
Transaction related grievances like failure of transaction and non updation of KYC records like change in address, bank etc. were the other categories where the industry saw maximum complaints.
Let us look at the types and number of complaint across various heads:
|
Types of complaint |
Total |
|
Data corrections in Investor details |
7370 |
|
Transaction related-SIP/STP/SWP |
5887 |
|
Non updation of changes in address, |
2855 |
|
Delay in allotment of units |
1788 |
|
Discrepancy in statement of account |
1109 |
|
Non receipt of redemption proceeds |
746 |
|
Non receipt of statement of account/unit |
625 |
|
Interest on delayed payment of redemption |
223 |
|
Non receipt of amount declared under |
149 |
|
Wrong switch between schemes |
145 |
|
Wrong or excess charges/load |
32 |
|
Interest on delayed payment of amount |
23 |
|
Unauthorized redemption |
10 |
|
Unauthorized switch between schemes |
2 |
|
Deviation from scheme attributes |
1 |
In terms of fund houses, quant MF, Axis MF and ICICI Prudential MF have received that highest number of complaints. Quant MF has received 2400 complaints in the one year period ending on July 2023. Axis MF, ICICI MF and HDFC MF have also received over 2000 complaints over the last one year.
ITI, 360 ONE (erstwhile IIFL) and DSP have received the least number of complaints.
Let us look at the table to know more:
|
Fund house |
Total number of complaints for the year ending in July 2023 |
|
quant |
2379 |
|
Axis |
2069 |
|
ICICI Prudential |
2058 |
|
HDFC |
2018 |
|
Mirae Asset |
1889 |
|
SBI |
1594 |
|
Sundaram |
1384 |
|
Kotak |
1267 |
|
Nippon India |
1117 |
|
Franklin Templeton |
938 |
|
Edelweiss |
553 |
|
PGIM India |
525 |
|
Motilal Oswal |
463 |
|
HSBC |
422 |
|
Aditya Birla Sun Life |
347 |
|
LIC |
306 |
|
Canara Robeco |
291 |
|
Union |
289 |
|
Mahindra Manulife |
198 |
|
Bank of India |
168 |
|
Baroda BNP Paribas |
129 |
|
PPFAS |
117 |
|
UTI |
112 |
|
Invesco |
92 |
|
Tata |
92 |
|
Bandhan (erstwhile IDFC) |
71 |
|
NJ |
35 |
|
DSP |
29 |
|
360 ONE (erstwhile IIFL) |
10 |
|
ITI |
4 |
|
Total |
20966 |
