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Majority of top fund houses said that they are willing to launch apprentice MFD program but have been awaiting clarity on certain aspects from AMFI.
While AMFI had set target of launching this program on May, 6 out of top 10 fund houses say that they will be able to roll out this program by July first week if they receive clarity from AMFI soon.
In March, AMFI suggested 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.
