After Nippon India AMC and NJ India, a few distributors associations in the MF Industry have made meaningful contribution to support the fight against the novel coronavirus.
Recently, three distributors associations - Odisha Mutual Fund Association of Advisors, Mutual Fund Distributor Association Bhopal and Independent Consultant and Advisor Association have either made contributions to the government funds or distributed rations among underprivileged people affected due to nationwide lockdown.
Odisha Mutual Fund Association of Advisers (OMFAA) has contributed Rs.3.40 lakh to the Chief Minister Relief Fund of Odisha to fight against the pandemic Covid-19. Apart from association members, the association has collected contributions from employees of AMCs and RTAs across the state. Over 200 individuals have contributed to support the cause.
In a note sent to Cafemutual, the association said, “The world is fighting this pandemic, which is becoming dangerous with each passing day just like a world war. Our central and state government have all geared up to fight this situation together and it's now the responsibility of every individual to come forward and contribute.”
Similarly, Mutual Fund Distributor Association of Bhopal contributed Rs.1.50 lakh to PM Cares Fund. In addition, the association has been distributing essential ration packets comprising 5kg of flour and rice each, pulses, edible oil, salt and sugar to the needy. So far, the association has distributed over 50 such packets among affected daily wagers due to lockdown like tea sellers, roadside vendors, hawkers and drivers.
Meanwhile, West Bengal MFD association, Independent Consultant and Advisor Association (ICAA) has been distributing essential food items among fellow MF distributors. Rajesh Koradia, President, ICAA believes that many distributors have been going through tough times due to reduced income. He said, “These distributors have household expenses and EMIs to pay. Hence, we have decided to extend support to distribution community first.”
