Union Finance Minister Arun Jaitley appreciated the emergence of mutual funds as a counter balance to foreign portfolio investors. He was speaking at the SEBI board meeting held in New Delhi recently.
SEBI data shows that while FPIs have pulled out close to Rs.26,000 crore in April-February 2016, mutual funds have poured in Rs.75,000 crore in equity markets in the current financial year so far.
Further, Jaitley urged SEBI to expand the MF investor base by simplifying KYC process through the use of technology. He said that with the passing of legislation on Aadhar, the KYC process should be expedited. In fact, SEBI has also deployed funds to simply KYC process by leveraging technology.
Besides, Jaitley was apprised of the recent trends and the emerging external risks in the securities market. He advised SEBI to remain alert on the supervision of the market keeping in mind the impact of global developments.
