AMFI is holding its annual general board meeting on August 24, said sources.
Sources said that SEBI Chairman Ajay Tyagi will address fund officials during this meeting.
In the AGM, members will elect the new board of directors since 1/3rd of AMFI board is due to retire by rotation.
The following Directors are due to retire and are eligible for re-election – Category A (A Balasubramanian, CEO, Birla Sun Life and Sundeep Sikka, MD and CEO, Reliance MF), Category B (Saurabh Nanavati, CEO Invesco MF).
Sources say that Directors normally nominate themselves for an extension but the board will have an election if new members apply for the post of Director.
While Kailash Kulkarni, CEO, L&T MF and Ashish Somaiyaa, MD and CEO, Motilal Oswal MF have been upgraded to category A and category B respectively following the growth in their AUM, three posts of the Directors are vacant after the exit of S Naganath and Vikas Sachdeva exit and G PradeepKumar’s retirement from the board.
Currently, there are 15 members in AMFI board of which seven are from top fund houses having AUM of Rs.60,000 crore and four each from mid and small sized AMCs. The board comprises three broad categories – category A represents directors from large fund houses, category B has directors from mid-sized fund houses and representatives of emerging fund houses fall under category C.
