The All Kerala IFA Association (AKIFAA) feels that their group is truly representative of Kerala IFAs as it has participation from all the zones in Kerala. Jagadeesh Pai, President Central Zone of the Association articulates the vision of the group for contributing to the development of the mutual fund industry.
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When was the group formed?
Initially, the All Kerala IFA Association (AKIFAA) was formed on July 15th 2009 with representation of two zonal groups. But it completely got established on July 2nd 2011 with the participation of the third zone.
How many members does your group have?
Association has a federal structure with independent units with state level control. There are overall 200 members covering all three zones - southern zone, northern zone and central zone in Kerala.
Is there any membership fee to join your group?
Yes, we charge people to be a part of the association. A life membership fee costs Rs 1000.
What activities does your group undertake?
We conduct monthly IFA meets in which we focus on product knowledge, skills development and deeper understanding of our business. We arrange these sessions to make IFAs more professional in their approach.
What is the objective/motto of your group?
The association would endeavor to co-ordinate with all AMCs in their efforts in the development of business which would ultimately result in the growth of the industry.
How do you interact with AMFI/SEBI regarding the issues in the mutual fund industry?
We haven’t still interacted with them. But we are planning to interact with AMFI/ SEBI in writing or through e-mail regarding various issues.
If a national group of IFAs is formed, will you merge or be a part of such a group?
Of course, the need of the hour is to have a pan India federation of IFAs. Hence, we would be happy to be a part of such a group.
How do AMCs support you?
Earlier, AMCs were supporting IFAs based on the business they generate. But of late, we have seen the power of unity with the formulation of IFA association. AMCs have started recognizing IFA fraternity by closely associating with us in many activities that we plan for the development of skills and knowledge of IFAs or for conducting investor awareness program etc.
What are your future plans for the group?
Our ultimate aim is to develop a powerful association of quality IFA professionals by empowering them with appropriate skills and knowledge so that they are capable of selling any complex financial products by adhering to ethics and transparency.
Once we have a strong state/ national presence we would like to be a part of decision making process while framing any new regulations/ policy decisions affecting the mutual fund industry.
We would try to educate more and more people and thereby try to increase the penetration level of mutual fund for the ultimate growth of the industry.
