AMFI’s efforts to deepen mutual fund penetration in India lauded.
Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), expressed her desire for household savings to be directed towards the market through mutual funds, emphasizing its significance as the preferred investment vehicle for citizens and the economy. Furthermore, she applauded AMFI’s role in strengthening the mutual fund industry and highlighted the substantial faith that regulators place in this industry.
Speaking at the inauguration of AMFI’s new office at Bandra-Kurla Complex in Mumbai, Buch commended AMFI for their sterling role, and acknowledged the industry’s impactful contributions. She further stressed the importance of the industry being equipped with all necessary measures to prevent any untoward incidents that could shake the trust of investors. The regulator also directed the AMFI Ethics Committee and fund houses to take decisive action against any instances of individual misconduct.
Mr A Balasubramanian, Chairman of AMFI expressed his views and stated that AMFI is poised to implement AMFI 2.0 by creating an inclusive investment environment based on credibility, reliability and sustainability. He also highlighted that in the age of Artificial Intelligence, mutual fund industry should also build a technology-led infrastructure to cater to the evolving investor requirements.
Mr. NS Venkatesh, CEO of AMFI, stated that AMFI 2.0’s vision is to strengthen the Indian mutual fund ecosystem, drive investor education and awareness. AMFI will work closely with industry partners to shape a brighter future for the mutual fund industry in India.
In a show of support for AMFI’s aspirations, Ms. Buch encouraged the mutual fund industry to strive towards increasing its assets under management (AUM) from Rs 40 lakh crore to Rs 100 lakh crore.
Recently, AMFI announced its monthly data for April 2023, where the number of mutual fund folios stood at a staggering 14,64,16,057 in April underscoring investors continued faith in the industry. Industry’s net asset under management (AUM) was Rs 41.62 lakh crore in April, while the average AUM was Rs 41. 53 lakh crore.