The issue of re-introduction of entry load was raised by Anil Desai of Shiv Sena during the zero hour in Rajya Sabha yesterday, says Business Standard newspaper citing a PTI report.
"I urge the government to re-introduce the entry load. It will help lakhs of distributors of mutual fund to earn their livelihood," he was quoted in Business Standard newspaper today.
He reportedly said that the ban on entry loads has affected the mutual fund industry and the income of lakhs of distributors.
SEBI had banned entry loads in August 2009. Upfront commissions are now being paid by AMCs from their own pockets. The ban on entry load has resulted in many distributors looking for greener pastures. Unofficial reports peg the number of active distributors at around 10,000 across India.
