Industry body Association of Mutual Funds in India (AMFI)
today decided to waive registration fees, estimated at Rs 3,000, for first time
distributors for a period of five months beginning February 1.
The initiative is aimed at enlarging distribution network
and attracting new cadre of distributors or Independent Financial Advisors
(IFAs) for selling mutual fund products, AMFI said in a release here.
AMFI has "decided to waive registration fees for all
registrations of first time distributors for a period of five months from
February 1, 2013 to June 30, 2013."
The objective is to create larger number of 'feet-on-street'
to distribute mutual fund products, AMFI Chief Executive H N Sinor said.
In November last year, AMFI had slashed registration fees to
Rs 3,000 for three years per distributor from Rs 5,000.
The distributors registering under the category of
individuals, including senior citizens and new cadre of distributors, need not
pay the registration fees during the five-month period, the release said today.
After two years of successive decline, the mutual fund
industry managed to register rise in assets base nearing Rs 8 lakh crore with
an increase of about Rs 2 lakh crore in 2012.
As per industry data, the total assets under management
(AUM) of all the fund houses put together rose by 30 per cent on strong inflows
in fixed income, gold schemes and liquid funds.
Market regulator SEBI last year introduced a new cadre of
distributors, who have been allowed to sell units of simple and performing
schemes to increase the strength of mutual fund distribution network.
Source: http://www.indianexpress.com/news/amfi-to-waive-registration-fees-from-first-time-mutual-fund-distributors/1060214/0
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7 comments:
Wow! This is great news! I would surely inform my friends about this. Great post!
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Wow! This is great news!
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