North India based Association of Mutual Fund Distributors (AMDA) has decided to draft a white paper titled ‘Wealthy India’ which aims to suggest ideas and strategies to increase the penetration of mutual funds in India. The idea is to add 20 crore new folios in the mutual fund industry within 5 years.
The decision was taken in a recent distributor-AMC meet called ‘AMDA Conclave for Mutual Fund Distributors’ organized by AMDA.
“There was a suggestion to prepare a white paper for the government showing how over the next five years the mutual fund industry can create a wealthy India by creating 20 crore new folios in specifically designed schemes which will have lock in periods so that investors can benefit from long term returns and the money can possibly be used partly by the government to help the Infrastructure, banking and other sectors which need medium term funding,” said a note sent to Cafemutual by the association.
Over 300 IFAs and senior officials of 13 fund houses had attended this distributor-AMC meet held in Delhi. This meet was organized to initiate a meaningful dialogue among the distributors and AMCs.
On commission disclosure issue, AMC officials have assured the members of AMDA that they will convey their message to AMFI requesting to conduct a meeting of IFA associations with SEBI to discuss the commission disclosure issue, the note claimed.
Also, there was a proposal that AMDA would work towards uniting all associations to strengthen to voice of IFAs.
