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SEBI along with AMFI and NISM encouraged close to 100 individuals in Jammu and Kashmir to become MFDs.
As a part of SEBI’s initiative, NISM has imparted training to 100 student who cleared NISM Mutual Fund Distributor Examination. In fact, the Hon. Lt. Governor of the UT of Jammu and Kashmir, Manoj Sinha and SEBI Whole Time Member, Ashwani Bhatia handed over the ARNs to these individuals.
Apart from this, 10 AMCs have empanelled these distributors as ‘Intern MFDs’ where AMCs can give stipend of up to Rs.15,000 per month for one year under the regulatory sandbox initiative.
Further, BSE Institute and SBI Foundation imparted training to 3000 individuals on career in capital markets.
The J&K Governor appreciated the support from SEBI, BSE Institute, SBI Foundation, AMFI and the MF industry for engaging with the students and the youth. He further said that participation of mutual fund houses to empanel the successful candidates as mutual fund distributors is a step in the right direction for economic growth of the region.
Ashwani Bhatia, Whole Time Member, SEBI said that Kashmir MFDs will bring financial inclusion in the state. He said, “The Union Territory of J&K is one of the most underpenetrated markets when it comes to mutual funds. The vision of the Lt. Governor Shri Manoj Sinha to ensure skill development of Kashmiri Youth as mutual funds distributors, will go a long way in bringing about greater financial inclusion of the Kashmiri population, encouraging the residents of Kashmir to participate in the Indian growth story. Our aim to witness growth in the mutual fund assets under management in J&K will get a fillip with the addition of these young mutual fund distributors.”
NS Venkatesh, CEO, AMFI, said, "The industry and AMFI are honoured to have worked on this initiative. Such was the excitement that 10 AMCs, some of which who don’t even have a branch in Kashmir, turned up for the empanelment drive. The mutual funds industry will collectively work to ensure that these young mutual fund distributors are well-trained to become not just successful distributors, but also ambassadors of mutual funds in Kashmir.”
