Complaints to MFs fall on classification rejig

Complaints registered with mutual fund houses saw a sharp drop of 74 per cent in fiscal 2010-11 owing mainly due to changes in the classification of complaints. The total number of complaints at the end of the 2009-10 fiscal was 3.9 lakh; this declined to 1.02 lakh in 2010-11. For example, if an investor applies for redemption and follows it up on the second day to check on the status, this will no longer be deemed a complaint. Earlier any such phone call was considered a complaint, leading to an extraordinarily large number of complaints.

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