Alarmed at the increase in the number of complaints by investors against mutual fund houses and brokerage firms, market watchdog the Securities and Exchange Board of India (Sebi) said these grievances should be taken up at the senior management level.
"There is an increase in the number of complaints by investors. However, they are handled by staff at the lower level in funds and brokerages. For effective redressal of investors' complaints, they should be taken up at the senior management level," Sebi Executive Director - Market Intermediaries Regulation and Supervision P K Nagpal said at the India Securities Forum here today.
The Sebi has also asked all asset management companies (AMCs) to disclose investor complaints on their respective websites, as well as in their annual reports, to protect investors' interests and bring in more transparency.
Nagpal said that as many as 60 per cent of the complaints were against the top 20 brokers.
"These brokers have a large retail base and they generate the highest volumes. So the number of complaints from these brokers is also higher. Thus, they need to be addressed in a more efficient manner," Nagpal said.
