Monday, April 30, 2012

SEBI to meet mutual fund distributor associations on 3rd May.

Regulator will seek suggestions to overcome the constraints relating to distribution and reach of mutual funds.

Distributor associations like Chennai-based IFA Galaxy and Mumbai-based Foundation of Independent Financial Advisors (FIFA) are set to meet SEBI on 3rd May to discuss issues relating to reach and distribution of mutual funds. The meeting will be chaired by Prashant Saran, Whole-Time Member of SEBI.

The regulator will discuss the following issues in the proposed meeting:

Issues relating to distribution of mutual funds 

Perceived constraints to enhance the reach of mutual funds beyond the top cities 

Suggestions to overcome these constraints.

Among other issues, a subject that is bound to come up for discussion is SEBI’s recent concept paper which tries to segregate the distributor community into ‘advisors’ and ‘agents’. IFAs want to avoid this segregation, because both models are followed by the trade.

HN Sinor, CEO of AMFI, admitted in a recent interview with the Economic Times that abolishing entry load at one go was not such a good idea. “We need to dispassionately review the (entry load ban) decision once again,” he said.

The introduction of transaction charge by SEBI has not done much for the industry so far.

Source: http://www.cafemutual.com/News/InnerNews.aspx?srno=1292&MainType=New&NewsType=Industry&id=21

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