Sunil Singhania | We want to be among the few who can time the market

Fund houses probably will have to spend some more to hire a few more people to ensure that no firm, in which they have invested, is missed out, says Reliance Capital Asset Management Ltd, executive vice president Sunil Singhania.

India’s largest mutual fund (MF) house, Reliance Capital Asset Management Ltd, is not just known for its size and scale but also for its active management. Sunil Singhania, executive vice-president and one of the longest serving equity fund manager of the firm, talks about his management style and other key issues. Edited excerpts:

After a few months of net outflows, are you seeing investors returning to MFs?
Last two to three years have been very challenging. Markets crashed globally. Unfortunately, by the time investor confidence returned, the market had shot up. Then came regulatory changes, such as ban on entry loads. Though in the long term these would be very good, in the short term they’ve created a void because most distributors are not willing to sell MFs.

But there is a lot of retail investors’ unsatiated appetite for MF investing. In the last two years, Indian retail investors would have saved at least $500 billion, roughly Rs22 lakh crore. That is equivalent to 25% of household savings every year. So, in two years, you have saved 50% of India’s GDP (gross domestic product). Nothing of that has come into MFs or even directly into the equity markets. I think it’s a matter of time before investors come back to the equity market.

Why haven’t we seen leading firms, such as Reliance MF, speak up against this disparity in regulation on funds and insurance? Is it because these MFs have sponsors who also have insurance firms?
Look at it this way. When I am working for Reliance MF, I am naturally more concerned about my company. That would be true for all asset management companies. So, it is not true that the MF industry is not speaking out against competitive products. Amfi (Association of Mutual Funds in India) has been very vocal on this. You’ll read newspaper reports about other fund houses speaking out too. On the back of Sebi’s (Securities and Exchange Board of India) new rules for the MF industry, the Insurance Regulatory and Development Authority (Irda) has started taking steps, such as putting a ceiling on the expense ratio.

Eventually the investor will understand what’s good and what’s bad for him, irrespective of what the industry and/or regulators do.

You actively dabble in cash and don’t hesitate in sitting on a high levels of cash. Why?
Our cash holdings have gone down of late. People say that it is difficult to time the market and only a few can do it. We would like to be one of the few. Also, when an investor gives us money to manage in full faith, it is our duty to try and do our best.

We don’t want to say that our funds fell because the markets fell. So, as per our understanding of the market, we try to negate the impact to some extent by increasing our cash levels. That helps us in two ways. One, it protects the downside to some extent. Two, in a panic situation, cash comes in handy to buy stocks in depressed markets where there are distressed sellers, such as at the beginning of 2009. As long as we have a view that we should take a strong cash call, we’ll continue to do it. We can go up to 20% in cash, though under normal market conditions, we hold 5-10% in cash. And that is a strategy.

Reliance MF launched some diversified equity funds at a time when it had a substantial cash portion in other equity funds. What was the logic of the launches when you still had to deploy that cash?
That doesn’t matter. When our schemes have cash, the fund manager has the freedom to invest whenever we spot opportunities. In February 2009, when markets were at the bottom and when small stocks were available at throwaway valuations, we wanted to launch a small- and micro-cap fund. By the time we got Sebi’s permission, the markets and these stocks shot up 4-5 times. We did not launch the fund. But I can’t invest the cash of Reliance Growth Fund, our mid-cap-oriented fund, in these tiny companies. It is over Rs7,000 crore and too large. Or, say, in natural resources firms.

Sebi has ruled that fund managers would get more active in protecting the interests of minority shareholders. Is this going to be an operational hassle or a good move?
It’s a good initiative. In fact Irda should also make it compulsory for insurance firms. Any fund house that sees itself as a rational investor should do it. Fund houses may have to spend some more to hire a few more people to ensure that no firm, in which they have invested, is missed out. But it’s a good move.

Source: http://www.livemint.com/2010/04/11205920/Sunil-Singhania--We-want-to-b.html

SEBI Begins ULIP Crackdown; Blocks all activity on existing products

In what promises to become one of the most significant actions ever undertaken by the regulator, SEBI has blocked 14 private insurance companies from promoting and selling ULIPs, as well as collecting fresh premium payments from existing ULIP customers. This action, affected through a detailed 11-page order issued by wholetime SEBI Member Prashant Saran last night, effectively blocks these insurance companies from selling or promoting ULIPs immediately.

The action follows notices issued by SEBI to all insurers in December and January. The order analyses in detail the replies given b
y insurance companies to those notices.

ULIPs are combined investments and insurance products that are a mainstay of the insurance companies. Generally, the investment part predominates and there is a tiny insurance part which has so far enabled insurance companies to circumvent securities laws. This point, that the insurance component is generally very small, is discussed in detail in the order.

The order applies to all existing ULIPs and future ULIPs. Some news reports, which have been widely quoted in other news media, have said that the fate of existing products is not clear. However, the order clearly applies to all existing ULIPs. Under this order, as of now, soliciting of money for fresh investments in ULIPs, promoting existing ULIPs in any way, as well as accepting fresh premium payments of existing ULIP accounts has clearly been blocked. The order is unambiguous on all these points. Here's the exact language in the order: "I hereby direct the entities mentioned in para 1 of this order not to issue any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new and/or additional subscription for any product (including ULIPs) having an investment component in the nature of mutual funds, till they obtain the requisite certificate of registration from SEBI. This order is without prejudice to any action that might be taken by SEBI in respect of offer documents or advertisements issued by these entities for products (including ULIPs) having an investment component in the nature of mutual funds launched so far."

Value Research has always considered ULIPs to be a fraud that is being pulled on ordinary Indians and welcomes SEBI's move. There is no doubt that IRDA (Insurance Regulatory and Development Authority) and the insurance companies will fight hard to keep ULIPs the way they are. However, the logic explained in SEBI's order is sound, and there's little doubt that the investment component of ULIPs should be regulated like any other investment product.

Source: http://new.valueresearchonline.com/story/h2_storyView.asp?str=101346

MFs see Rs 164k-cr outflow in Mar

Income schemes witnessed huge redemption pressure in March as banks and corporates pulled money out of mutual funds. After a gap of two months, equity schemes also saw outflows as investors booked profit after the surge in the equity markets in March.

According to Amfi data, total outflows in schemes for March stood at over Rs 1.62 lakh crore with the income schemes suffering the most. Income schemes saw redemptions of Rs 1.64 lakh crore while equity schemes saw outflows of over Rs 2,000 crore.

In contrast, inflows were seen in the money market schemes, gilt schemes and equity-linked savings schemes (ELSSs). Money market schemes saw inflows of over Rs 4,000 crore while gilt schemes witnessed Rs 267 crore coming in March.Fixed income head at Sundaram BNP Paribas Mutual Fund says, “Such outflows take place at the end of every quarter. However, it is always a huge at March-end”.

He added that the figure was large as apart from corporates, banks also pulled huge MF money, as it was a year end month. In January and February, equity schemes had seen strong inflows following improved market conditions and participation from the retail investors. After the ban on entry load by the market regulator Sebi, there had been continuous outflows from the equity schemes from August, 2009 till December 2009.

Source: http://www.financialexpress.com/news/mfs-see-rs-164kcr-outflow-in-mar/604856/

Distributors face Amfi heat; two licences cancelled

The Association of Mutual Funds (Amfi) is coming out hard on distributors indulging in malpractices. "We have suspended licences of two distributors and have issued warning letters to few other distribution houses," said HN Sinor, CEO of Amfi.

Amfi has sent letters to four major fund distributors—HSBC, HDFC Bank, Kotak Mahindra Bank and NJIndia Invest, according to industry sources. In December last year, Sebi had issued circular stating that several investors who wished to switch from an existing mutual fund distributor to another were facing unwarranted hardship. Market regulator then had asked all the asset management companies (AMC) not to compel investors to get 'No Objection Certificate' from the existing distributor if the investors wanted to switch.

Soon after, several distributors started luring big investors away from their peers. Some even offered upfront commission of over 1-1.25% to switch from the existing distributor. In return, distributors earned money in the form of trailing fees from the AMCs. Trailing fees are paid by AMCs to distributors - usually between 0.25-0.50% annually - for the period the investor stays with the fund.

Distribution business has got tougher ever since the ban was levied on entry load from August 1, 2009. These practises seem to be desperate measure to improve revenues, when the overall revenue pie is dwindling. Interestingly, distributors who have apparently got a warning from Amfi are also among top distributors in the country.

As per industry data, as on January 2010, HDFC Bank, HSBC, Citibank, Kotak Bank and StanChart were among the top distributors in terms of assets under management (AUM). As per news reports, HDFC Bank, HSBC and Kotak Bank have got a warning letter from Amfi. While HDFC Bank has AUMs of Rs 27,548 crore, it was Rs 10,614 crore for HSBC and Rs 8,837 crore for Kotak Bank. HDFC Bank, Kotak Bank and Citibank were among the distributors to show maximum growth in their AUMs. As per latest Amfi data, the overall AUM of the mutual fund industry was close to Rs 7,43,000 crore.

Banks dominate the distribution scene in India, amassing bulk of the mutual fund AUMs and some of the distributors, as could be seen, have assets more than that of many AMCs.

"We had recently noticed that distributors are luring investors to switch distributors on a large scale" an official from Amfi said on condition of anonymity. Also, now we have threatened the distributors with cancellation of licences if this malpractices continuous."...

Source: http://www.financialexpress.com/news/distributors-face-amfi-heat;-two-licences-cancelled/602048/2

Sebi's commission order to squeeze fund house margins

Investors may gain from a rise in net asset values.

Upfront commissions in the mutual fund industry may go down further.

The Securities and Exchange Board of India (Sebi) recently asked fund houses to pay upfront commissions from reserves of the AMC (asset management company) and not from scheme expenses. This will see upfront fees going down to as low as 10-25 basis points (bps) from 100-200 bps currently.

In a communication to AMCs, Sebi said fund houses could not adjust any portion of the upfront fees from the balance available after paying the scheme-recurring expenses.

AMCs can charge up to 2.25 per cent as scheme expenses. Some fund houses were charging 1.75-2 per cent and using the balance for pay upfront commissions to distributors. Now, MFs would have to pay upfront commissions from AMC reserves. While this will limit fund houses’ ability to pay higher commissions, it will also hurt the profitability of AMCs.

“Only mutual funds with deeper pockets can afford it. Smaller fund houses will continue to languish, as there will be lesser incentive to sell their products. MFs will have to look at significant ways and means to compensate distributors. After abolition of entry loads, most would have to pay out of the exit loads,” said a distributor, who did not wish to be named.

The move will benefit investors, as money held in the scheme account will lead to NAVs (net asset values) going up. “ We will have to rework the commission structure after the new Sebi guideline. Sebi has not left any room for the MF industry to grow. While they have been finding loopholes in the industry, the insurance industry’s Ulips (unit-linked insurance plans) are the biggest competition,” said the chief executive officer of a foreign MF.

Distributors, on the other hand, have been waiting for MFs to announce the new brokerage structure. During the first week of every financial year, each MF house communicates the brokerage it would pay to distributors in the form of upfront and trail commissions.

Recently, Sebi pulled up fund houses for paying dividends from the unit premium reserve. In a slew of measures aimed at making the industry more transparent and investor-friendly, it cut the timeline for new fund offers to 30 days in case of close-ended schemes and 30 days for open-ended ones. It also extended the Asba (application supported by blocked amount) facility for NFO applications.

Sebi also tightened the role of MFs in corporate governance of listed companies. It asked MFs to disclose the actual exercise of their proxy votes in AGMs/EGMs of investee companies in terms of changes in capital structure in the company, stock option plans, social and corporate responsibility issues. Sebi barred fund houses from entering into any revenue-sharing arrangement with offshore funds, as these create conflict of interest.

Source: http://www.business-standard.com/india/storypage.php?autono=391144

Exchange-Traded funds tie up with brokers to offer SIP

Stock brokers have a solution to investors’ long-standing demand for a facility allowing them to buy exchange-traded funds through a systematic investment plan (SIP) at fixed intervals.

Mutual funds provide SIP for most equity schemes, but have been unable to offer the option for ETFs so far because the latter is traded on the stock exchanges like shares, unlike their other schemes that are usually bought or sold through application forms. Now, clients of some brokers can buy ETFs through a facility similar to SIPs.

ETFs, which reflect the returns of an index such as the Sensex or Nifty or a commodity like gold, are
popular among a section of investors because they can capture the value of the security any time during
trading hours.

So far, only Kotak Securities and Sharekhan were offering the SIP-like facility for ETFs to clients on their online platforms. Some smaller brokerages manually remind clients on a fixed date for the purchases.

The online system of brokers is a little different from the electronic SIP system of mutual funds, where investors give mutual fund a bank mandate to deduct the instalment for investment as decided in the application form.

In the facility provided by brokerages, investors set their online system in a way where it mechanically buys a certain quantity of ETFs during specified intervals, but the difference is in the trade settlement. Here, the instalment is not directly debited from the client’s bank account, but transfer the money to the broker after every purchase, which could be weekly, monthly or quarterly.

Kotak, which calls its SIP-like system AutoInvest, requires clients to transfer a fixed amount to the broker’s account every month to avail this facility.

Source: http://economictimes.indiatimes.com/personal-finance/mutual-funds/mf-news/Exchange-Traded-funds-tie-up-with-brokers-to-offer-SIP/articleshow/5772120.cms

Stock valuations ‘stretched’: Taurus MF

Stock valuations exceed the outlook for earnings growth and investors should be “cautious” for the next three months, said Taurus Mutual Fund (MF).

Policymakers from Australia to China are withdrawing monetary stimulus to avert asset bubbles and curb inflation. Benchmark BSE Sensex is at a two-year high, extending an 81% rally in 2009 even after the Reserve Bank of India (RBI) unexpectedly raised borrowing costs on March 19, a month earlier than scheduled.

“Global risks like the euro zone issues, rising prices of crude oil and stimulus withdrawal across the world” will play on the minds of investors, Mohit Mirchandani, head of equity investment, Taurus MF, said.

The Bombay Stock Exchange (BSE) Sensex trades at 17.3 times estimated earnings from 12 times a year ago, data compiled by Bloomberg showed. That makes India the most expensive after China among the biggest developing nations including Brazil and Russia, also known as BRICs. India’s valuations are also the highest in Asia after China and Japan.

Mirchandani said he will remain “cautious” on Indian stocks over the next three months as “valuations are stretched.” He’s been buying shares in Bharti Airtel and Idea Cellular, as a “contrarian call” and to build a “defensive portfolio in the short term.”

Shares of telecom operators have returned less than the benchmark index in the past year as a price war has eroded profitability. Bharti has lost 3.1% in the period.

Mirchandani said he’s “bullish” on India’s stocks in the next 12 months, and predicts earnings growth of 25% in Sensex companies by the end of March.

Drugmakers and agricultural companies will lead gains in equities as they benefit from changing global demographics, Mirchandani predicted. He holds shares in Dr Reddy’s Laboratories and Lupin Laboratories as well as Rallis India and Jain Irrigation Systems.

It’s in the interest of governments “to lower their health-care costs because the bill is on them,” and that will benefit India’s generic drugmakers, Mirchandani said. “The food habits of Indians are changing and they are eating more nutritious food.”

India’s pace of economic growth is “impressive” and may accelerate to the fastest in three years this financial year, Finance Minister Pranab Mukherjee said on April 2. The economy may expand as much as 8.75 per cent in the 12 months through March, Mukherjee said in New Delhi on April 2, reiterating a February Finance Ministry forecast.

Still, the outlook for a proposed European Union rescue plan to help Greece reduce its budget deficit may deter investors from riskier assets, such as those in emerging markets, Mirchandani said.

The Sensex index has climbed 2.9 per cent this year, following its biggest rally in 18 years. The gauge’s 14-day relative strength index, measuring how rapidly prices rose or fell during the specified period, was above 70 for two days, a level some investors see as a signal to sell.

Source: http://economictimes.indiatimes.com/markets/analysis/Stock-valuations-stretched-Taurus-MF/articleshow/5772103.cms

AP Kurian, Chairman, Association of Mutual Funds in India (AMFI)

AP Kurian, Chairman, Association of Mutual Funds in India (AMFI), has been with the financial services industry for over three decades and has held senior positions in the Reserve Bank of India and in the Unit Trust of India. He is presently on the Board of Century Textiles and Industries and the National Stock Exchange of India, and on the Executive Committee of the National Securities Depository Ltd. He is a member of the Governing Council of UTI Institute of Capital Markets (UTI ICM) and a member of the Board of Governors of the Council for Portfolio Management and Research. He is closely associated with the Securities and Exchange Board of India (SEBI) and is a member of the Mutual Fund Advisory Board, Technical Group on Derivatives and Working Group on Dematerialisation.

The Association of Mutual Funds in India (AMFI), the apex body of all registered asset management companies, was incorporated on August 22, 1995, as a non-profit organisation. As of now, all the 39 asset management companies registered with SEBI are AMFI members. AMFI functions under the supervision and guidance of a Board of Directors. AMFI is dedicated to develop the Indian mutual fund industry on professional, healthy and ethical lines, and to enhance and maintain standards in all areas, with a view to protect and promote the interests of mutual funds and their unit holders.

Speaking with Meenakshi Patki and Jasmine Kohli of India Infoline, AP Kurian says: “It is a challenge for Indian AMCs to comply with the reduced time period for NFOs.”

What is the status of AMFI’s online trading platform for mutual funds? What has been the experience, as you see it, following the launch by BSE and NSE? Is AMFI still planning to have its own service platform or will you provide some value-added service to the bourses?
That was our initial thought behind having AMFI’s own online trading platform. Later, we generated that thought and developed a conceptual framework for it through developing a neutral platform for enabling easy and relatively cheaper trading, both for the distributors and investors. It was a year ago that we started thinking and we formed a committee. The committee did an extensive study and research. We also studied international practices. The committee finally came to the conclusion that there can be more than one platform so that we promote competition also. We identified certain entities and then it was thought that is it necessary for AMFI to participate in that platform and be a part of it or just be a catalyst. Finally, after we discussed with different agencies like BSE, NSE, NSDL, CAMS, Karvy, etc, we came to the conclusion that it is better that AMFI, who has created the concept and the framework, should leave it to the market forces to establish and settle these platforms. In between, NSE with NSDL announced a trading platform, an order routing platform. So, in the context of these developments and our own thinking we felt that AMFI has created interest in this and has conceptualised the whole thing and various details have been worked out, but this is the time that AMFI should step back and withdraw and let the market decide.

NSE and BSE have started their own platforms, which is actually an order routing platform now that has to be developed. CAMS and Karvy has together brought out the platform. So, let the market do that, we have done our job and now we step back.

SEBI has initiated a very investor friendly move of removing the entry load. Do you support this? This step has led the distributors to abandon selling mutual funds and focus on distributing insurance products. How does AMFI plan to tackle this problem?
To a large extent, this has actually happened. So, we need to build this up and we have to wait patiently. Because removal of the load and making the investor pay directly to the distributor is a paradigm shift in the way the business of mutual funds is done. Such a shift is a major shift and it’s a major game changer. This would take time; we have seen that in the past five months. Now, it’s the seventh month and the data is not at all encouraging.

How do you view index funds and ETFs (exchange traded funds) in the Indian context?
Both Index funds and ETFs are passive funds. Therefore, they mimic the underlying indices. Their cost and expenses are very low compared to managed funds. Both, Index funds and ETF have not been very popular, as it gives what the market gives and nothing more than the market.

In ETF, we have about 12 ETF schemes and the total ETF assets are only about Rs12bn. So, it is taking time to develop this product.

How do you perceive the future of ETFs?
ETFs have a promising future. It will grow as and when people understand the advantages of ETFs. ETF is a very cost-effective way of investing in equities. Different types of ETFs have come, like banking, general, etc. So, it will take time to make this popular.

Is AMFI taking any initiatives to educate the investor?
Yes, as a trade body, right from our inception in 1995, promoting mutual funds and conducting investor education has been our top priority. Over the year we have conducted more than 1,000 workshops of investor education. We were the first to come out with an introduction to mutual funds in layman terms—spreading knowledge about mutual funds, its advantages, how it is organised, etc. We have also tied up with many organisations like ASSOCHAM, FICCI, CII and a large number of trade bodies to conduct investor education programmes.

Does AMFI have any plans to be a self regulatory organisation?
No, after a very detailed and careful study, and also after looking at international experiences, we have decided way back in 2003-04, that it is not in the interest of the industry or the regulator for AMFI to become a self regulatory organisation. We stick to this conclusion as of now.

What is the status of the real-estate mutual fund’s launch? What are some of the challenges you see here?
Real-estate mutual funds were launched two years ago and guidelines have been issued. The major issue revolving around it is the valuations issue. This is the main issue which has to be tackled.

As of now, nobody is very keen to launch real-estate schemes, as the risks are too high and real estate hasn’t recovered much after the crisis. Now, it is slowly coming up and is very volatile. It is a business which requires expert knowledge; it is not like investing in equity and debt and money market instruments. It is a different type of a ball game and fund houses are not showing much interest, as of now.

Your view on gold ETFs and other ETFs introduced in India? Can gold ETFs replace physical gold holdings? Why do you think funds have not launched some friendly SIP schemes for gold ETFs?
It is a very promising sector, though it will not replace the physical holdings of gold. It will help people to build gold assets without seeing, touching and holding gold. This is a great advantage. There are already six gold ETFs and a few more are coming and assets under the gold ETFs are more than the other ETFs. It is about Rs14.25bn as of January and for February, it is Rs15.83bn, higher than other ETFs, which are only Rs13.42bn. As of now, there is no SIP for gold ETF. It is still being worked.

Why are mutual funds apprehensive of participating in interest rate futures?
Well, they are not apprehensive; it’s just recently been launched. Mutual funds have to understand and appreciate the advantage of interest rate futures and are still in their learning curves. This is chiefly the main reason for its slow pace and aggression.

What is the importance of AMFI, especially post the 2008 economic crisis?
AMFI continues to play its role; we are a trade body and we interact with all authorities like RBI, SEBI, etc. We take the views of the members and collate them. We formulate the industry view and approaches on many aspects. We then convey this to the regulator. We are the eyes and ears of the industry. We continue to play our role.

During the crisis, AMFI was the one to take the matter to the RBI, the government and SEBI. We worked hand in hand in order to see that the impact of the crisis is well managed.

Resource mobilisation in 2008-09 was around Rs-5.55bn. What level of growth rate do you expect to be restored?
During the crisis period, around September-December 2008, there was a definite fall. From September-October 2008 till about April 2009, there was a monthly fall in the growth. It was in the negative terrain, but in May 2009 the growth resumed. For 2009-10, we have grown 56% over the year. In February, our assets have grown 56% over the year, and have resumed our growth path.

What are your policy prescriptions for mutual funds, which in your capacity you dreamt of having?
(Laughs) I don’t know how to answer that. We have constantly tried to upgrade the industry in terms of standards, disclosure; in terms of transparency and in terms of best practices. We have done all this continuously, along with investor education. This is our dream and it is being carried out. There is no end to our efforts.

How do you see the penetration of mutual funds in Tier-II and Tier-III cities and rural areas? In your opinion which measures could help increase penetration?
We need to have more distributors; we need to have more branches. These days more fund houses are establishing franchise and opening branches, and all these efforts are undertaken to reach out to the Tier-II and Tier-III cities.

Your take on ASBA being introduced for mutual funds?
AMFI welcomes this move of SEBI. Now people can give their cheques through ASBA and on the last day they can debit the amount.

How prepared are Indian AMCs for the reduction in time period for NFOs?
Yes, it is a huge challenge for Indian AMCs and fund houses to comply with the reduced time period for NFOs. The fund houses will have to plan the launch well in advance and do their marketing efforts well in advance.

Despite AMFI’s strict directives, the mis-selling of mutual fund products is increasing day by day. Does AMFI have any way out for this?
Mis-selling is an issue, but there are strict rules about this. When it is reported and importantly, when it is proved, we certainly take action. Merely by saying that some mis-selling has taken place is of no use. If there is no proof, no action can be taken. It is two-way traffic and just reporting mis-selling is not the way out. It is a misnomer, we have to be careful while talking about mis-selling and we have to prove it. We have to have adequate proof of mis-selling. This is the challenge we have.

What are your retirement plans? To what extent will you miss AMFI?
As of now I have not firmed up on my retirement plans. I will cross the bridge when I come near it. Well, AMFI has been a part of me. It is my 35th unbroken year in AMFI. I will adjust to that…. life must go on.

What is your greatest achievement as part of AMFI?
We have been able to set many milestones, and I would consider many things which we have been able to establish. We contributed to setting international standards in diverse fields. Among the most important things, which I personally feel very happy about is the introduction of AMFI certification examination—getting them registered, giving them a qualified status for the distributor community. I feel extremely satisfied that AMFI provided, for the first time in the world, a common platform, the AMFI website, to host the NAVs of all the schemes. That’s one place where you can get all the NAVs. Similarly, we were pioneers in promoting benchmarks indices for debt schemes, money market schemes and balanced schemes. So, I would only say that we have served the industry. I tried to do my best for the industry.

Do you have any unfulfilled wish during your term in office?
No, nothing as an unfilled wish. It’s an ongoing thing and I don’t have regrets.

The name AP Kurian and mutual fund are synonymous. Any message for the industry and the investors of mutual funds?
It’s so early; you will have to wait till September. Don’t retire me so soon. I think mutual funds are a good medium for the common man to build wealth. Everyone should look at mutual funds because it is well regulated, strictly complied with and the cheapest way to build wealth over a longer period of time. So, it is an instrument and an asset, which every saver of this country should have in their portfolio.

Source: http://www.indiainfoline.com/Research/LeaderSpeak/AP-Kurian-Chairman-Association-of-Mutual-Funds-in-India-AMFI/9915675