The concept of apprentice MFD will be operational within 6 weeks, confirmed Vishal Kapoor, Chairman of Committee on Certified Distributors and a member of the AMFI Board, who spearheaded this project.
Vishal told Cafemutual that AMFI has defined the broader principles of apprentice MFDs and now it is up to the AMCs to launch this initiative. “AMCs will now have to set aside a budget for this pilot project and make plans to onboard new distributors. This process may take another 6 to 8 weeks.”
Earlier this week, AMFI has introduced an internship plan to bring in new individual MFDs to increase the number of individual distributors and increase financial inclusion in the country. Under this initiative, fund houses can have exclusive partnership with an individual MFD and pay them a monthly stipend of up to Rs.15,000 for the first 12 months. During this period, fund houses will be responsible for training and development of an individual MFD.
This internship plan is introduced under a regulatory sandbox project approved by the SEBI to increase the number of individual MFDs in the country.
Over the last two days, Team Cafemutual has received a host of queries on how to go about enrolment under apprentice MFD program from interested aspirants. Since the recruitment under apprentice MFD will happen at the company level, each fund house may follow different approach. It will take a few weeks for it to be clear.
