Nagpur IFA Association is a fledging group of 37 IFAs from Nagpur which is working to enhance the skills of IFAs. More than 800 investors flocked to their first event which was held in Nagpur recently. Bhavesh Khetan, member of the Nagpur IFA Association shares more details about the association.
When was the group formed? Why did you feel the need to create such a group?
We formed the group in February 2007. The idea was to come up with a common platform for interaction and exchange of ideas between IFAs. Initially, there were some members who were not active in mutual funds. Now we are only planning to enroll those members who get more than 50% of their revenue from mutual funds.
What is the objective/motto of your group?
The objective behind forming the association is to provide the value addition to both IFAs & investors.
How many members does your group have? Is there any membership fee to join your group?
Initially, we started with 25 members. Now 37 IFAs are affiliated with our association. Members have to pay an annual fee of Rs.1000.
How do you plan to enroll more members? Which geography does your group cover (e.g. Nagpur city, Vidarbha, entire Maharashtra/India)
As of now we only intend to cover Nagpur. We are looking to enroll mainly those IFAs who are active in mutual funds. Prospective members are examined by the President and Secretary of Nagpur IFA Association before they are enrolled.
Are you affiliated to any IFA group/association? If a national group of IFAs is formed, will you merge or be a part of such a group?
At this point , we will be working as an independent entity.
What activities does your group undertake?
It is our objective to enhance the knowledge of both investors and distributor’s investors about financial planning.
How do AMCs support you?
The support from AMCs is remarkable at various stages - training, business development, and investor education.
How do you interact with AMFI/SEBI regarding the issues in the mutual fund industry?
In 2009 the association had shared their concerns and views regarding the ban on entry loads by sending 22 members to the SEBI office. And we have been sharing our feedback regularly with AMFI.
What are your future plans for the group?
We are planning to hold investor awareness programs to increase the penetration of mutual funds among retail investors. We also plan to hold events for distributors every quarter.
