Sebi Chairman U K Sinha met heads of select fund houses here on Wednesday to get suggestions on how to increase mutual fund penetration.
Chiefs of 16 fund houses attended the pre-lunch closed-door meeting. Currently, there are 44 such players in the country. The chairman and chief executive of the Association of Mutual Funds in India (AMFI) also attended the meet.
The MF industry has a penetration of just 7%. Sebi wants to double it in the next 3-4 years. Meanwhile, Sebi is learnt to have asked MFs to transfer 50% of their unutilised funds for investor education and awareness initiatives to the industry body Amfi from the next month.
