The Hindu : Business : Shift focus to client needs, mutual fund industry told

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Thursday, Jun 19, 2008
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Shift focus to client needs, mutual fund industry told

Special Correspondent

MUMBAI: Securities and Exchange Board of India (SEBI) Chairman C. B. Bhave on Wednesday asked the mutual fund industry to give paramount importance to investor’s interest.

“Shift of focus to client’s needs would be in the interest of the mutual fund industry,” Mr. Bhave said while addressing the Fourth Mutual Fund Summit 2008, organised by the Confederation of Indian Industry (CII) here. “All the players in the industry are competing for savings of investors. Thus, to attract more investors and grow, it is pertinent to overcome challenges. Challenges in terms of investor’s education and cost effectiveness must be faced,” Mr Bhave said.

Mr Bhave also detailed the initiatives of SEBI towards investor protection and awareness. Re-look at mutual fund regulations and mandatory board of trustees for mutual funds was being looked at. He also mentioned that an advisory committee for mutual fund was being set up which would provide a platform to discuss and debate on issues and policies.

U. K. Sinha, Chairman, CII Mutual Fund Summit 2008, and Chairman and Managing Director, UTI Asset Management Company Pvt. Ltd., suggested that the Government could consider softening or removal of inter-regulatory arbitrage and pension sector reforms to place the mutual fund industry at a level playing field with other industries.

A. P. Kurian, Chairman, Association of Mutual Funds in India (AMFI), specified some issues which AMFI had put forth to SEBI for consideration. “Some reforms in terms of dispensation from mandatory PAN, creation of a level playing field and empowering the industry to offer pension products are necessary,” Mr Kurian said.

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