Himadri Buch Moneycontrol News
The top fund houses received about 17,569 complaints from investors in FY17, an increase of 40 percent from the previous financial year largely on the back of increase in folio numbers.
According to the Association of Mutual Funds of India or AMFI, top 5 mutual funds--ICICI Prudential MF, HDFC MF, Reliance MF, Birla Sunlife MF and SBI MF collectively received 17,569 investor grievances last fiscal as against 12,579 complaints in FY16.
These complaints largely pertain to data corrections in investor details and non-updation of changes about address, PAN (Permanent Account Number) details and nomination, among others.
Mutual funds attributed the number of complaints to increase in the folio base or investor accounts.
Besides, illegible data provided by investors as well as errors made by investors while filling up application forms helped in raising the number of grievances, they added.
The folios -- numbers designated to individual investor accounts, though one investor can have multiple folios -- grew to 2.72 crore from 2.23 crore during the same period.
Among the top fund houses, SBI MF saw the biggest rise in investor grievances last fiscal, with complaints growing four-fold to 6,924. It was followed by Birla Sunlife MF, which saw complaints rising by 51 percent to 1,831 and ICICI Prudential MF witnessed an uptick of two percent to 4,648.
However, HDFC MF witnessed 24 percent decline in the number of complaints at 2,857, while Reliance MF saw a drop of 10 percent to 1,309.
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