Dear all Yesterday we had a meeting with AMFI, CEO, Mr. Sinor and his team regarding various developments that is taking place in the industry MF Utility We discussed the status of the progress Mr. Ramesh is heading the team which is overseeing the MF Utility and the trial run is likely from JULY AMFI Expects the MF Utility to be in place by 1 st week of AUGUST SRO Consequent to a case filed against granting approval to IMFI AS SRO SEBI WILL DECIDE GRANTING APPROVAL after the next hearing scheduled on 1 st july SEBI HAS GIVEN TIME TILL FIRST WEEK OF AUGUST TO AMFI to form SRO SAT will discuss and give its verdict and then we will see the progress. In the meantime directors selection is in progress and AMFI has given 4 names - Two from their side including and two from distributors side to SEBI MUTUAL FUND PROGRESS AMFI is happy that post election scenerio is quite healthy for the industry and we are moving towards a good period While they are concerned that folios are shrinking the gross sales from retail category has crossed Rs. 10,000 cr in May AMFI has given its suggestion to finance ministry for enhancing ELSS schemes from Rs. 1 lac to Rs 2 lac They are also pitching for Capital Gains schemes to include mutual fund schemes like REC and national high ways They are also pitching for retirement plans in mutual funds having separate limit of Rs. 50,000 in the overall RS 2 lac limit They have asked govt to simplify Rajiv Gandhi Scheme so that all RETAIL INVESTORS CAN participate WITHOUT CONDITIONS ATTACHED of course the name will undergo a change consequent to change of GOVT. AMFI feels GOVT may try to regulate banks to moderate from selling INSURANCE products in an aggressive manner which is determintal to the investors. So it is clear banks will continue to sell mutual fund products as their reach is a case in point Financial Literacy is an important tool which everyone has to use to bring retail investors back to market. Major thrust is being by SEBI and AMFI thro AMCS to give exhaustive coverage The distributors should visit the website of AMFI to check where and when awareness programmes are held and participate in the programme and invite their investors as well to make it successful We also raised the issue simplification of bank change procedures of customers and signature variation rejection cases and they have promised to look in to these matters Mr Balakrishna Kini has joined as EXECUTIVE VICE PRESIDENT WHO WILL BE THE PERSON TO LOOK IN TO PROCEDURES AND OPERATIONS he is a vetron from MF INDUSTRY and I am sure his experience will strengthen AMFI hands HE HAS HEARD US ALL AND PROMISED TO SPEED UP PENDING ISSUES AS PER AMFI THERE ARE 85,000 REGISTERED ARN HOLDERS WHILE 52000 OF THEM ARE ACTIVE We are sure distributors and advisors will be benefited by the actions of AMFI IFA Galaxy Executive Committee
Posted on: Sat, 07 Jun 2014 07:23:44 +0000
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