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.
News Source – BUSINESS LINE.
NEW FUND LAUNCH
ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) ICICI Prudential Capital Protection Oriented Fund – Series III – 36 Months Plan, a close ended capital protection oriented fund. The NFO opens for subscription on July 1, 2011 and closes on July 15, 2011.
News Source – LIVE MINT.