Madhabi Puri Buch, whole time member, SEBI will address MF officials at the annual general meeting (AGM) of AMFI scheduled to be held on September 25, said three AMFI members.
Among her responsibilities include the investment division, which covers mutual funds
An AMFI board member said that the industry expects SEBI to give direction on TER rationalization. “Recently, SEBI has rationalised TER on mutual funds. However, we do not know if it is to be implemented with immediate effect or a later date. Also, there are grey areas such as what would happen to the TER structure of existing close end funds and reward programs of distributors.”
In the AGM, members will elect the new board of directors since 1/3rd of AMFI board is due to retire by rotation. Sources say that directors normally nominate themselves for an extension but the board will have an election if new nominations are received.
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.
Sources privy to the development told Cafemutual Prathit Bhobe, CEO, Tata Mutual Fund and G Pradeep Kumar, CEO Union Mutual Fund have filed their nominations to become AMFI board members.
