AMFI may see some new faces on its board if AMFI board elects new nominees in forthcoming annual general board meeting scheduled to be held on September 26. Five current board members have also offered for re-election.
In the AGM, members will elect new board of directors since 1/3rd of AMFI board is due to retire by rotation. Also, two members – Nand Kumar Surti and Harshendu Bindal have stepped down from the post of directors. This has created seven posts – three in category B and two each in Category A and C.
Currently, there are 15 members in AMFI board of which seven are from top ten fund houses and four each from mid and small sized AMCs. Further, the board comprises three broad categories – 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.
AMFI has received seven fresh nominations. Recently, AMFI had invited nominations for the post of board of directors.
In category A, Nimesh Shah, MD, ICICI Prudential MF, Chandresh Nigam, MD & CEO, Axis MF, Nilesh Shah, Managing Director, Kotak MF (fresh nomination) and Sanjay Sapre, President, Franklin India MF (fresh nomination) have filed nominations for the two posts of board of directors. Both Nimesh and Chandresh are retiring by rotation on September 26 and have offered for re-election.
Chandresh has been 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. 40,868 crore. As a result, one post has been created in Category B.
The biggest action is expected to be seen in Category B as five fresh nominations have been received by AMFI. Anthony Heredia, CEO, Baroda Pioneer MF, Dilip Kumar Mandal, MD & CEO, IDBI MF, Harsha Viji, MD, Sundaram MF, Suresh Soni, DHFL Pramerica MF and Sarojini Dikhale, CEO, LIC MF have filed their nominations for the post of Director. Kailash Kulkarni, CEO, L&T MF is retiring by rotation and offered for re-election.
No fresh nominations were received under category C, both Jimmy Patel, CEO, Quantum MF and Ashish P Somaiyaa, CEO, Motilal Oswal MF are retiring and offered for re-election.
44 AMCs have voting rights to select the board of directors.
