AMFI announces to launch 'MF Utility' at the recently held AGM
Key Highlights: - 'MF Utility' to commence operations by April 2012 - Two new Directors join AMFI Board - Chairman and Vice-Chairman re-elected - 20,000 enquiries received in the eight days Advertising campaign, Mutual Funds - Saving Ka Ek Naya Tareeka.
Tweet-- The Association of Mutual Funds in India (AMFI) hosted its 16th Annual General Meeting in Mumbai on September 28, 2011. The occasion was graced by SEBI Chairman, Mr. U. K. Sinha along with Mr. S. Ravindran, Executive Director, SEBI. 31 out of 44 AMCs attended the Annual General Meeting.
Mr. U. K. Sinha, Chairman SEBI, during his address urged the Industry to expand geographically thereby give thrust to the development of the Industry. He further expressed his happiness over the initiatives of the Industry towards investor-awareness/customer education.
Addressing the members, the Chairman of AMFI, Mr. Milind Barve called upon the members to ensure compliance of Regulations issued by SEBI. He however, said that as an Industry we will endeavour to support any initiative taken by SEBI particularly on the initiative which focuses on investor's orientation. During the proceedings, Mr. H. N. Sinor, Chief Executive, AMFI addressed two main issues - to encourage growth in the Mutual Fund Industry and to foster more retail participation, particularly in smaller towns.
Mr. Sinor further added that IFA (Individual Financial Advisor) community plays a major role in reaching out to the vast network of investors. Keeping this in mind, he announced that a separate group is working on creating a front-end portal called "MF Utility" to facilitate efficient and cost effective transaction processing. This facility will help customers, distributors and financial advisors to transact Mutual Fund schemes across all AMCs, at one place. 'MF Utility' is planned to commence operations by first week of April 2012, subject to appropriate clearances from SEBI. Emphasizing further on the investor-awareness initiative conducted by AMFI particularly, on the recent Advertising Campaign, Mutual Funds - Saving Ka Ek Naya Tareeka.
Mr. Sinor informed that within a short period of eight days of this campaign, close to 20,000 enquiries have been received. He commended the sterling efforts of the AMC members in conducting more than 10,000 awareness campaigns in a short span of around one and half years, covering 300 cities and over 5,00,000 people. Going forward, he said "financial literacy cannot come overnight. It is a generational game and we have to continue with this effort on an on-going basis". Mr. Sinor further mentioned of a plan to create a group of respected independent individuals to lookinto the grievances of investors and take quick remedial measures. He concluded the welcome address by saying that Mutual Fund Industry can grow only if we are able to create trust within the investing public.
The Annual General Meeting also held an election to elect members in the Board of AMFI and Mr. Harshendu Bindal, President of Franklin Templeton AMC and Mr. Suresh Soni, Chief Executive Officer of Deutsche AMC have joined the Board as the new Directors. Mr. Milind Barve, Managing Director of HDFC AMC and Mr. Sundeep Sikka, Chief Executive Officer of Reliance AMC were re-elected as Chairman and Vice-Chairman of AMFI respectively.
Notes to Editor
ABOUT AMFI:
AMFI, the apex body of all the registered Asset Management Companies was incorporated on August 22, 1995. As of now, AMFI has 44 Asset Management Companies as its Members. AMFI functions under the supervision and guidance of a Board ofDirectors and has Non-Executive Chairman and Vice-Chairman who are elected from its members. AMFI has developed a unique style of carrying out its activities through various Committees
The Association of Mutual Funds in India (AMFI) is dedicated to developing the Indian Mutual Fund Industry on professional, healthy and ethical lines and to enhance and maintain standards in all areas with a view to protecting and promoting the interests of Mutual Funds and their Unit holders.