Publishing Investor Charter and disclosure of Investor Complaints by Mutual funds on their websites and AMFI website
Summary
This circular mandates Mutual Funds to disclose investor complaint details on their websites and the AMFI website on a monthly basis. It requires funds to publish an Investor Charter detailing services, rights, and grievance mechanisms for public awareness. The disclosure requirements include providing direct complaint links on websites and apps, with provisions effective from January 1, 2022. This section outlines the reporting structure for complaints received through SCORES, categorizing them by type and resolution status. It includes a template for tracking the monthly trend of complaint disposal, detailing carried forward, received, resolved, and pending counts. The document concludes with an Investor Charter for Mutual Funds, defining its vision, mission, and description of business activities. This section details the specific timelines for providing non-financial and financial services to investors, including account statements and payout processing. It outlines the grievance redressal mechanism involving mutual funds, Investor Relations Officers, and SEBI's SCORES portal. Additionally, it lists mandatory disclosure requirements with their respective deadlines and provides
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all the Mutual Funds shall disclose the details of investor complaints on their respective websites as well as on AMFI website on a monthly basis... within 7th of succeeding month.
SEBI has prepared an Investor Charter for Mutual Funds... detailing the services provided to Investors, Rights of Investors... Grievance Redressal Mechanism which is placed at Annexure ‘B’.
Mutual Funds are advised to bring the Investor Charter for Mutual Funds to the notice of their unit holders... through disclosing the Investor Charter on their websites, making them available at prominent places in the office, etc.
Mutual Funds are advised to display link/option to lodge complaint with them directly on their websites and mobile apps. Additionally, link to SCORES website/ link to download mobile app (SEBI SCORES) shall also be provided on their website.
The provisions of this circular shall come into effect from January 01, 2022.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996...
Report on complaints received through SCORES, categorized by complaint code (IA to IV) and type, tracking numbers pending at beginning, received during period, resolved within specific timeframes, and pending beyond 12 months.
Trend of monthly disposal of complaints (including complaints received through SCORES), recording SN, Month, Carried forward from previous month, Received, Resolved, and Pending.
Trend of annual disposal of complaints (including complaints received through SCORES), recording SN, Year, Carried forward from previous year, Received during the year, Resolved during the year, and Pending at the end of the year.
To develop the Indian Mutual Fund Industry and bring a high degree of professionalism transparency and ethics by enacting regulations to govern the functioning of mutual funds in order to enhance and maintain standards to protect and promote the interests of unit holders of mutual funds.
To support the development of a vibrant, transparent, ethical and globally competitive asset management industry; enact and enforce rules and regulations that promote the maintenance of high professional and ethical standards; work closely with the mutual fund industry to recommend good business practices; recommend standardized operational processes; undertake nationwide investor awareness programmes; and protect the interest of investors/unit holders.
To offer investment opportunities to the investors through various schemes; pool money by issuing units to the investors at the applicable Net Asset Value (NAV); Deploy the monies pooled from investors in various securities and manage the portfolio in accordance with objectives as disclosed in offer document and in compliance with all applicable regulations; Disclose various information including NAV on daily basis, Risk-o-meter of schemes, portfolio of the schemes, performance of the schemes, annual report or abridged annual report etc.; Pay redemption proceeds, dividends etc. to the investors; Process investor’s financial and non – financial transactions / service requests.
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Source: SecMarx — Publishing Investor Charter and disclosure of Investor Complaints by Mutual funds on their websites and AMFI website. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.