Mutual fund industry being vilified baselessly, says AMFI

Association of Mutual Funds in India (AMFI) has said the industry is being vilified baselessly as the segment has the lowest customer complaints in the entire financial market space, as it follows the most transparent and disclosure-based reporting. The global funds tracking body Morningstar ranks India on top of 26 countries, when it comes to regular monthly fund disclosures, according to AMFI chief executive NS Venkatesh.

AMFI gets complaints from investors as well as distributors directly and also through the regulator Sebi, he added.

On the basis of the type and nature of complaints, these are broadly classified into routine and serious complaints, he said.

Routine complaints include non-receipt of dividends, non-receipt of account statement, non-receipt of commission and non-updating of record.

Serious complaints are manipulation in application forms, malpractices followed in marketing units, funds and serious deficiencies in services provided by distributors, among others.