The Association of Mutual Funds in India plans to launch a portal, MF Utility, next fiscal that will facilitate transactions by customers, distributors and financial advisors in schemes offered by various asset management companies on a single, unified platform.
"MF Utility is planned to commence operations by the first week of April, 2012, subject to appropriate clearances from SEBI," Indian mutual fund trade body AMFI's Chief Executive H N Sinor said while addressing the body's 16th Annual General Meeting.
The new portal will help customers, distributors and financial advisors carry out transactions in mutual fund schemes across all asset management companies (AMCs) at one place.
Various issues, including ways to encourage overall growth of the mutual fund industry and foster increased participation by retail investors, especially in smaller towns, were discussed at the meeting.
Meanwhile, Franklin Templeton AMC President Harshendu Bindal and Deutsche AMC Chief Executive Officer Suresh Soni have joined AMFI's board as directors.
In addition, HDFC AMC Managing Director Milind Barve was re-elected as Chairman and Sundeep Sikka, the Chief Executive Officer of Reliance AMC, as Vice-Chairman of the AMFI.
In order to create awareness among investors, AMFI has been conducting various advertising campaigns across the country. Till August 2011, 3,486 investor awareness programmes covering 173 cities have been organised.
"Financial literacy cannot come overnight. It is a generational game and we have to continue with this effort on an ongoing basis," Sinor said, adding that mutual fund industry can grow only if we are able to create trust within the investing public.
Sinor also said the mutual fund industry plans to create a group of respected independent individuals to look into the grievances of investors and take quick remedial measures.
Source: Economic Times
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October 7, 2011