Mumbai: Following a go ahead from AMFI, a group of Mumbai’s top distributors are planning to float an All India Federation of IFAs to take forward the issues faced by the IFA community with AMFI and SEBI.
H N Sinor, CEO, AMFI, in an earlier interview with Cafemutual had expressed his approval in forming an association of IFAs.
The group aims to be the voice of IFAs across the country. “AMC specific issues will not be a core objective of this group. It will focus mainly on industry issues. We will look at regulation, development and growth of the distribution community,” said a group member wishing to remain anonymous.
The distribution community is facing a tough time since the regulator put an axe on front loads. Small IFAs are the worst affected and many of them are said to have moved out of the industry.
The group, which is currently laying out its objectives, will be helmed by four top distributors from Mumbai. These distributors are planning to make this group an apex body which will take forward the issues with AMFI and SEBI on a regular basis. They may also have talks with the existing groups of IFAs to become a part of their pan India group. Currently, there are many groups of IFAs and financial planners across the country with varying agendas.
