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AMFI will launch a campaign ‘MFD Karein Shuru’ to promote mutual fund distribution as a respectable profession, said three MF officials familiar with the development.
MFD Karein Shuru will be a media campaign that aims to encourage people to become mutual fund distributors.
In fact, the trade body will launch it formally on July 12, confirmed two of them. The campaign aims to increase number of distributors from 1 lakh to 5 lakh individual MFDs.
A senior official requesting anonymity said that the campaign will encourage students, retired, financial professionals, housewives and working women to become mutual fund distributors. “AMFI will be launching an omnipresent media strategy that will include television commercial, print and web. The objective is to increase number of individual MFDs by 2025,” he added.
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.
The new campaign also aims to support this pilot project, said an MF official. Currently, a few fund houses are ready to launch apprentice MFD program to bring more individual MFDs to the MF industry.
