MF investor grievances fall 21% to 485 in H1
Of these 485 complaints, 428 were received directly from investors or distributors and 57 were received via Sebi. 619 complaints were lodged in same period of preceding fiscal: Amfi
New Delhi: Mutual funds industry body Amfi on Wednesday said that the number of complaints received from investors and distributors was 485 for the half-year ended September 30, 2023, a decline of 21 per cent from the year-ago period. The consistently low complaint numbers highlight the mutual fund industry’s continuous efforts to elevate service quality and transparency. In the first half of the fiscal year 2023-24, a total of 485 complaints were received, which was way lower than 619 complaints received in the same period of preceding fiscal, Association of Mutual Funds in India (Amfi) said in a statement. For the same period, the net assets under management (AUM) increased from Rs41.62 lakh crore in April 2023 to Rs46.58 lakh crore at the end of September 2023 driven by a strong equity market, steady interest rates, and robust economic growth. “While the industry is growing at a fast clip, the data suggests that complaints against the MF industry are low,” the industry body noted. Of these 485 complaints, 428 were received directly from investors or distributors and 57 grievances were received via Sebi.
