It is very important to know one’s rights and duties in life. As investors, one has several rights and duties to follow. It is very important for an investor to be educated about these. One important right to mutual fund investors is to seek redressal. Mutual fund investors have two levels to seek redressal for their complaints. The first level of seeking redressal is with the fund house itself and the second level is to take it to SEBI.
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Where to Lodge a Complaint against Mutual Fund?
1. Redressal of Complaints with your AMC
Fund houses have a designated helpline number and a redressal grievance team to address customer complaints. One can call the number and get the problem addressed. AMC’s have a form online for investors. The form can be filled and submitted online. If one is not comfortable with these methods they can always go to the fund house office and register a complaint there.
If the complaint is not addressed within a sensible time by the redressal grievance team then the complaint can be escalated to the head of customer service department or even the top levels of the company to get it solved.
All one needs is their folio number to be identified and contact details like mobile or email for the fund house to contact you.
2. SEBI Complaints Redressal System (SCORES)
If the investor is dissatisfied with the solution given by the fund house or the complaint hasn’t been addressed by the fund house he/she can approach SEBI. SEBI has an online redressal system called SCORES. SCORES is a short form for SEBI Complaints Redress System. Investor complaints are monitored until the investor is satisfied.
All one has to do is fill a complaint form online on the SCORES website and SEBI generates a reference number and acknowledgment of the complaint and assures to solve the issue within 30 days. Investors can track the status of the complaint through the reference number given by SEBI. Once the complaint is registered, SEBI assigns it to the relevant party and who is now responsible to resolve the issue within the time given by SEBI.
If the investor is not satisfied with the way the complaint is redressed, he/she can click unsatisfied and give the reason for their dissatisfaction within 15 days of closure of complaint in the SCORES website where they have registered their complaint earlier. Then SEBI sends the complaint to the higher officer for scrutiny. If the investor is still not satisfied with the solution then they can seek legal help.
SEBI ensures investor safety by prioritising it. As investors, one has to be informed about their rights and duties. One has to make sure that they exercise their rights properly for their safety against being exploited by the fund houses.