One-third of AMFI board is due to retire by next AGM though they are also eligible for re-election.
1/3rd of AMFI Directors will be due to retire by rotation in the next AGM. However, they are eligible for being re-elected, say reliable sources privy to the development.
The following Directors are due to retire and are eligible for re-election - Nimesh Shah, Harshendu Bindal (Category A) Chandresh Kumar Nigam, Kailash Kulkarni (Category B), Jimmy Patel and Aashish P Somaiyaa (Category C). 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.
A source said that Chandresh Nigam, MD & CEO, Axis MF is expected to be elevated to Category A as Axis MF’s AUM had crossed Rs. 20,000 crore average AUM last year. Its current AUM is around Rs. 46,000 crore.
The date for the next AGM would be finalised depending on the availability of SEBI Chairman. According to a AMFI board member, the AGM is expected to be held in September.
Sources say that Directors normally nominate themselves for an extension but the board will have an election if new members apply for the post of Director. AMFI circulates the agenda of the meeting which consists the nominees for election of new Directors on board a few weeks before the AGM.
Currently, there are 14 members on the AMFI board. 44 AMCs have voting rights to select the board of directors.
