By a sheer coincidence, Karnataka Association of Mutual Fund Advisors (KAMFA) was officially set up in 2009 just three days after the ban of entry load came in to effect though the preparatory work had started two years earlier. Gurusimha, President, KAMFA shares his vision for KAMFA with Cafemutual
When was the group formed?
KAMFA (Karnataka Association of Mutual Fund Advisors) was established on 4th August 2009 as a co-operative society by a group of 14 members. The spade work for setting it up had started two years earlier. The society was set up so that the IFAs in Karnataka have a common platform.
How many members does your group have?
We have around 140 IFAs and financial planners registered with us. 90% of Bangalore IFAs are already our members. Since the inception of this group, we have been enrolling 10 to 15 members every month. We are trying to enroll members from other parts of Karnataka as well. Currently, we have 12 core committee members.
Is there any membership fee to join your group?
Yes. We charge a minimum fee of Rs 1,000 and annual renewal fee of Rs 1,000.
What activities does your group undertake?
We run KAMFA Learning Academy which conducts regular knowledge enhancement programs. We have already conducted 13 knowledge seminars in Bangalore. KAMFA and AMCs decide the theme and organize these events together.
A major activity is the publication of a quarterly newsletter ‘KAMFA Quest’. We have come out with two issues so far. The next ‘KAMFA Quest’ will be out soon. We circulate the magazine to all the fund houses locally and to their head offices and to our group members. We have been printing 500 copies so far and plan to take it to 3,000 copies in the future.
We take up the grievances of our group members with the concerned bodies like RTAs and AMCs. We have provided group accident and road accident care medical benefit policy of Rs 1 lakh for each member.
What is the objective/motto of your group?
Our group is the voice of IFA fraternity in Karnataka. KAMFA is striving to present the IFA view and perspective so that IFAs contribute to the industry/regulatory decision making process.
How do you interact with AMFI/SEBI regarding the issues in the mutual fund industry?
We give direct feedback to the people who are in touch with regulators. We also look forward to direct interaction.
If a national group of IFAs is formed, will you merge or be a part of such a group?
KAMFA supports such united action and we want an All India Federation to be set up.
How do AMCs support you?
Fund houses sponsor our events and advertise in our quarterly newsletters. The cash generated from such ads is used for welfare activities.
What are your future plans for the group?
We would like to enroll 500 members by the end of next year. We are also planning to hold an award ceremony in a couple of months. So far, we are holding knowledge seminars on a quarterly basis but we would like to organize such events more frequently.
We are planning to send out the articles published in the magazine through a newsletter which will reach everyone’s inbox. Also, we want to launch an official site of the group so that more IFAs in Karnataka come to know about KAMFA activities. We wish to have strong relationships with all the stakeholders of the industry.
