The Foundation of Independent Financial Advisors (FIFA) aims to take up the views of distributors with policymakers and regulators; says it will enrol advisors across the country and encourage regional associations of IFAs to become members.
Some of the leading Mumbai-based IFAs have come together to form a pan-India, not-for-profit body called the Foundation of Independent Financial Advisors (FIFA).
Besides educating IFAs, the entity will take up the views of distributors with policymakers and regulators to facilitate the development of balanced regulations governing distribution of financial products and investment advice. FIFA will help its members understand the implications of new regulations and help them to adapt to the new rules.
The directors of this group are Yogesh Sharma, Roopa Venkatakrishnan, Mazhar Najmuddin Arif, Dhruv Mehta, Lalit Gianchandani, Ganesh Shanbhag, Sangeeta Jhaveri and Asit Bhansali. FIFA has also made suggestions to both SEBI and AMFI in connection with recent distributor regulations.
“IFAs play a critical role in transformation of the large pool of savings into productive investments, leading to capital formation. The foundation will function as a knowledge-sharing platform for IFAs. It will proactively engage with all stakeholders—the government, regulators, manufactures and investors—for a healthy development of financial markets leading to favourable investor outcomes. The foundation will develop a code of ethics and act as the voice of the IFA community. Subsequent to its incorporation, FIFA board members have had interactions with SEBI, AMFI and CEOs of leading mutual funds and all have emphasised the need for such a platform and have welcomed this initiative. On behalf of FIFA, I would like to thank them for their support and guidance and look forward to regular interaction,” said Dhruv Mehta, Chairman, FIFA.
Twenty-six distributors have become members of this group. FIFA will charge an enrolment fee for membership. The fee depends on the type of member that an IFA wishes to become.
“AMFI welcomes the initiative of setting up a Foundation of Independent Financial Advisors and appreciates the need for such an organisation. Such an organisation would augur well for the industry. AMFI would look forward to having regular interactions with FIFA,” said H. N. Sinor, Chief Executive Officer, AMFI.
The foundation will aim to enrol IFAs across the country. The entity will encourage regional associations and local bodies of IFAs to become members of FIFA. The foundation has submitted a detailed response to SEBI on the concept paper issued by the market regulator.
To know more about FIFA, visit their official website: www.fifaindia.org
