New Delhi, May 27 -- To enhance transparency in the system, the mutual fund industry has started publishing quarterly reports of mis-selling by MF distributors and the action taken against them.

A review of the statutory disclosures provided by the top 20 asset management companies (AMCs) in the country shows that only four fund houses-HDFC AMC, Nippon AMC, Kotak AMC, and Axis AMC-reported six cases of mis-selling by MF distributors for the January-March period. Other companies marked the field as 'NA/Nil'.

"Six reports of mis-selling cases among crores of investors seem like a drop in the ocean. A huge number goes unreported. However, it's good for a start," said Kavitha Menon, RIA and founder of Probitus Wealth.

Five of the six cases...