Amfi set to turn into self-regulatory body

The Association of Mutual Funds in India (Amfi) is all set to become a self-regulatory organisation. “In a meeting held a fortnight ago, we had discussed Amfi becoming a self-regulatory organisation. The point is to not to bother the market regulator with things we can sort ourselves,” said H N Sinor, CEO, Amfi.

He added it will take some time, but will be discussed in the forthcoming board meeting. Sinor was present on the sidelines of a CII conference on mutual funds in Mumbai.

The mutual fund regulator, Securities and Exchange Board of India (Sebi), is agreeable that Amfi mus take responsibility in its own hands by draftig a policy paper. It wantsto create a clear roadmap for the industry.

“I think Amfi should prepare the report and start the initiative rather than wait for the government or the regulator to start the work.” said Sebi chairman C B Bhave.

“We will soon start the work on the policy paper,” said Sinor “The time frame is not yet decided, the policy paper is expected to look into all elements of concern for the industry as it leapfrogs into the next decade of growth, he added.

A special Amfi committee is looking at simplifying the jargon used in the mutual fund industry. A report is likely to be submitted soon.

Amfi chairman, AP Kurian said: “Investors find key information documents and offer documents quite complex. We have simplified all the terms used in such documents and soon it will be circulated among the investors.” Recently, Amfi conducted 96 programmes covering 45 cities with 4,000 participants for investor education.

Source: http://www.financialexpress.com/news/Amfi-set-to-turn-into-self-regulatory-body/638177/