SEBI has asked AMCs to start giving one basis point of their AUM to AMFI from April 2016 for conducting investor awareness programs.
SEBI has sent a diktat to fund houses that they should start giving one basis point of their AUM to AMFI for investor awareness programs from April 2016, confirmed two senior officials. This circular was sent to fund houses about two weeks back.
“SEBI has told us to set aside one basis point of AUM to allocate to AMFI,” said the CEO of a large fund house.
Sources said that AMCs have to give the unspent IAP money till March 2016 to AMFI. “From April 2016, AMFI will start getting one basis point of IAP corpus,” said a senior official from a large fund house.
According to rough industry estimates, the industry has Rs. 150 crore which is unspent.
Some MF officials are unhappy with this diktat as they think it is not an effective solution.
