General Secretary of AKIFAA has appealed to the
associations to participate in the meeting and form a pan-India body
representing IFAs across the country.
With a view to unite all the decentralized IFA association of the country, All Kerala IFA Association (AKIFAA) will hold a meeting for the discussion of formation of all India level IFA federation in Cochin on May 11.
The General Secretary of AKIFAA Suresh Nair told Cafemutual that AKIFAA had taken this initiative so that the voice of the IFA community is presented before the government and the regulator in a unified manner. At present, there is no independent national level association in India. There are only 25 registered IFA associations throughout the country out of which many represent only single cities, he added. Therefore, to strengthen the existing model, AKIFAA along with a few top level associations like IFA Galaxy, DFDA, Ask Circle and KAMFA have decided to come up with the national level federation for IFAs.
Suresh said “For this, we had organized a meeting in Chennai last month to discuss the roadmap of the upcoming meeting. We have sent modified bylaws to all the associations of the country. So far, we have received approvals of 7 associations. In the forthcoming meeting, we will decide the structure and objective of our association. The federation will be registered with SEBI and AMFI and it will start functioning within a month. The association might be called as All India Mutual Fund Distribution Association (AIMFDA) but a final decision on the name will be taken at the Saturday meeting.”
Besides presenting a unified voice of IFAs to government and regulators, the key objective of the association will be to uplift the IFAs by empowering them with professional training and education. The association also intends to create financial awareness about significance of mutual funds and insurance policies among people throughout the nation.
Suresh Nair has appealed to all the associations to come forward and participate in the meeting and help in the constitution of the unified IFA federation in the country.
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