Net asset value (NAV)-based errors, error in charges & fees levied, faulty unit allocation and transaction errors are regarded as discrepancies in account statements. Birla Sunlife Mutual Fund, Reliance Mutual and HDFC Mutual have received close to 23,000 investor complaints relating to discrepancies in account statements.

"Many of these complaints could be because of the confusion over common account statement, which was introduced some months ago. Investors are still not fully aware of common account statement," Ramesh said, quotes ET.

Other than discrepancies in account statements, there are also a good lot of criticisms made against fund houses for not updating the changes which the investors communicate, and wrongfully switching of theirs funds to other accounts.

"Many of these complaints are insignificant. Incorrect addresses and faulty bank details may result in investors not getting their investment proceeds on time. Investors lodge complaints without even looking at their own submissions, said the marketing head of a bank-promoted fund house.