AMCs take efforts to resolve complaints in 30 days

India Infoline News Service | Mumbai |

Union KBC MF received 148 complaints in FY12-13 and resolved all of them within 30 days

In order to provide better customer service, most AMCs (asset management companies) are ensuring that they are resolving investor complaints within 30 days.

Anil Ambani-led Reliance Mutual Fund received 13,679 complaints in FY12-13 of which it resolved 13,424 within 30 days. Over 63 complaints took up to three months for getting redressed, according to the data available on Association of Mutual Funds in India (AMFI) website.

DSP BlackRock MF received 2,025 complaints in FY12-13 out of which 2,023 were resolved within 30 days. Only 2 complaints took up to three months for getting redressed.

Tata Mutual Fund received 1,462 complaints in FY12-13 and resolved 1,443 within 30 days.

Majority complaints were related to errors in statement of accounts and relating to non-update of changes in address, PAN, bank details, nomination, etc. The non-receipt of redemption proceeds and account statement were the other major reasons for complaints.

Birla Sun Life MF got 8,870 complaints in FY12-13 and resolved 8,865 of them within 30 days.

Union KBC MF received 148 complaints in FY12-13 and resolved all of them within 30 days. Peerless MF received 18 complaints in FY12-13 and resolved all of them within 30 days.


 

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