In an effort to expand its
reach in smaller cities and strengthen its existing distribution force, SBI Mutual
Fund is planning to train its sponsor, SBI’s existing and retired staff by
tying up with NISM. SBI MF will conduct mutual fund distributors’ certification
examinations at select learning centers of SBI.
An SBI MF spokesperson told Cafemutual that 56
aspirants had given NISM test during the inauguration of programme at Panchkula,
Chandigarh on May 18. These aspirants were employees of SBI and its associated
banks. In each batch, a minimum of 50 students were required to conduct this
examination, the spokesperson added.
Acting in line with the
SEBI’s guideline on new cadre of distributors, the SBI MF will also impart
training to retired teachers, bank employees, banking correspondent, retired
post office employees and other through this programme.
Initially, SBI MF will
provide two day training at around 30 centres located in B-15 cities. In the
second phase of this program, SBI will impart trainings in 100 centres across
the country, informed D.P. Singh, Chief Marketing Officer, SBI MF. At present, more than 20 percent of SBI MF
assets come from B-15 cities.
SBI Mutual Fund has enabled select learning centres
(SBLCs) of State Bank of India including four SBLCs of associate banks to
conduct the MFD certification examination for the benefit of State Bank Group
(SBG) employees, including the retired employees. SBI and its associate banks
are the largest distributors of SBI Mutual Fund schemes.
Deepak Chatterjee, Managing
Director & CEO of SBI MF said,
“An efficient, well-informed and customer-centric distribution network is the
best way to tap potential investors in Tier II and Tier III cities. Through
this initiative we aim to achieve the objective of increased acceptance of mutual
fund schemes amongst the bank’s customers.”
Sandip Ghose, Director NISM said,
“The alliance is expected to provide twin benefits of
increasing the number of MFD certified employees in the State Bank group and
also widen the reach of NISM in terms of creating capabilities for distribution
of Mutual Fund products in different geographies across the country. It will
thus help to further the common objectives of SBI MF and NISM, i.e. to spread
capital market education and increase the number of well informed and learned
distributors of mutual fund products.”
Other AMCs too are in the process of enrolling
new distributors. UTI has recently roped in over 500 under the new cadres of
distributors to expand its reach in Tier II and Tier III cities. HDFC and ICICI
Prudential are looking at retired bank employees and postal agents across
India.
