How do you complain about a mutual fund distributor?
Key facts
- Start with the AMC or its registrar's investor grievance channel, quoting your folio and the transaction.
- Distributor-conduct issues can be raised with AMFI, which administers the distributor Code of Conduct.
- Unresolved complaints can be escalated to SEBI through the SCORES platform.
- Keep a written record of the folio number, dates, what you were told, and by whom (the EUIN helps here).
Complain about the right thing
A complaint lands better when it is about conduct or service, not about the market. Losing value because a scheme fell is ordinary risk. Being mis-sold, poorly serviced, or subjected to a broken rule is a grievance worth raising. Be clear which one you have.
The escalation path
- The AMC or registrar first. Most fund houses have a named investor grievance channel. Put your complaint in writing, quote your folio number and the transaction, and keep the acknowledgement.
- AMFI for distributor conduct. If the issue is how a distributor behaved, for example a promised-return pitch or churning, AMFI administers the distributor Code of Conduct and can be approached.
- SEBI SCORES if unresolved. If it is still not resolved, escalate to SEBI through the SCORES platform, which tracks the complaint and the response.
Please verify: the exact current escalation timelines, the SCORES filing steps, and whether the Online Dispute Resolution (ODR) route applies should be confirmed against the latest SEBI and AMFI guidance before you rely on it. These processes change, and this page must not state a stale procedure.
Have this ready
Before you file, gather your folio number, the dates, what you were told and by whom, and any messages or documents. The EUIN identifies the individual who dealt with you, which makes a conduct complaint much easier to pursue.
If you would like help working out whether you have a genuine grievance and where to take it, talk to us. We will be honest, even if the answer is that nothing was done wrong.
Frequently asked questions
Where do I complain first?
Start with the AMC or its registrar. Most fund houses have a named investor grievance channel. Quote your folio number and the specific transaction or interaction, and put it in writing so there is a record and a response timeline.
What if the AMC does not resolve it?
If it concerns distributor conduct, you can raise it with AMFI, which administers the Code of Conduct for distributors. If it remains unresolved, you can escalate to SEBI through the SCORES platform.
What should I keep as evidence?
Keep your folio number, the transaction details, dates, and any messages, emails or documents. The EUIN identifies the individual who dealt with you, which strengthens a conduct complaint considerably.
This is general information, not a recommendation for your situation. If it would help to talk it through, we are happy to. Talk to Nico Wealth.
The information on this website is general and educational. It is not financial, tax, or legal advice, and not a recommendation for your situation. We try to keep it accurate and up to date, but it may contain errors or become outdated. Please verify important details from official sources, and consider your own circumstances, before acting.
Sources
- AMFI Master Circular for Mutual Fund Distributors, AMFI/MFD-CIR/32/2025-26 (14 January 2026) · Code of Conduct (Chapter 7)
- SEBI SCORES (SEBI Complaints Redress System)
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