AMFI is likely to appoint its new Chairman soon. Sources privy to the development said A Balasubramanian, CEO, Birla Sun Life MF may become the new AMFI Chairman. Sources said that another top official from a public sector fund house is also in the race for the post of AMFI Chairman.
The final decision will be taken by the AMFI board members in the AGM scheduled to be held on September 29.
Traditionally, AMFI board appoints the Vice Chairman of AMFI as the Chairman. In 2013, Sundeep Sikka, CEO, Reliance MF, was appointed as the Chairman of AMFI after replacing Milind Barve, MD, HDFC MF. Barve was appointed after UK Sinha joined SEBI. Both Sikka and Barve were the Vice Chairmen of AMFI.
A few board of directors to whom Cafemutual spoke to said that they will extend their support to the current Vice Chairman (A Balasubramanian) for the position of AMFI Chairman.
However, all these members are keen to see who will become the next Vice Chairman. These members want someone from mid or small sized fund house to become the next Vice Chairman and subsequently the Chairman of AMFI board.
The CEO of a private fund house said, “I would like to see a new face from mid or small-sized fund house as the new Vice Chairman of AMFI. So far, no one from a small fund house has become Chairman or Vice Chairman of AMFI board.”
Another CEO of a mid-sized AMC said that he would also like to support a candidate from the small fund house for the post of Vice Chairman.
Currently, there are 15 members in AMFI board of which seven are from top ten fund houses and four each from mid and small sized AMCs. Further, the board comprises three broad categories – category A represents directors from large fund houses (top ten fund houses), category B has directors from mid-sized fund houses and representatives of emerging fund houses fall under category C.
In the AGM, the election will be held for the post of Chairman, Vice Chairman, Chairmen of various committees and board of directors – two from category A and one each from category B and C.
Recently, AMFI had invited nominations for the post of board of directors.
In category A, Milind Barve, MD, HDFC MF and Leo Puri, MD, UTI MF have filed nomination for the two post of board of directors. Both are retiring by rotation on September 29. Similarly, Saurabh Nanavati, CEO, Religare Invesco MF (retiring by rotation) and Lalit Vij, MD Principal MF (fresh nomination) have filed nomination for the one post of category B.
Under category C, Vikaas M Sachdeva, CEO, Edelweiss MF (retiring by rotation), Rajiv Shastri, MD & CEO, Peerless MF (fresh nomination) and Jisang Yoo, CEO, Mirae Asset have filed their nominations for one post of director.
After the board members are selected, they will in turn elect Chairman, Vice-Chairman and Chairmen of various committees. Typically, AMFI holds such an election immediately after election of board of directors. Board members can file their nominations on the spot for these posts.
44 AMCs have voting rights to select the board of directors.
