Nippon India Mutual Fund looking to increase presence in UP: CEO Sikka

Nippon India Mutual Fund is looking to increase its presence, both physical and digital, in Uttar Pradesh, which is expected to be the flag bearer for the mutual fund industry, its CEO said on Monday.

Asserting that Uttar Pradesh will be the "flag bearer" of the mutual fund industry, Sundeep Sikka, the ED and CEO of Nippon India Mutual Fund said that the company remains "committed to UP".

Sikka, who was in Lucknow to inaugurate the new regional office, told PTI, "UP is the fastest-growing market in India. The national average is that the mutual fund industry has grown 17 per cent, and the UP market has grown 23 per cent in the last five years. And we believe that UP will be the flag bearer for the mutual fund industry."

"We are happy to serve 20 lakh investors in UP, and want to increase our digital and physical presence in the state," Sikka said.

The company is already present in 31 locations in Uttar Pradesh. The company is inaugurating a new regional office of Nippon Life India Asset Management Limited (NAM India), the asset manager of Nippon India Mutual Fund (NIMF) here.

"The idea is to strengthen our presence. We feel privileged, happy and honoured that 1 out of 3 mutual fund investors in India has invested in Nippon India Mutual Fund. We believe that UP has a lot of potential, and we want to give access to investors in UP to participate in the growth story of the country," Sikka added.

NIMF has a total of 19 branches in UP with a presence in 31 locations across the state. He added that the company's objective will be to further strengthen its operations in UP.

To a question about how safe the mutual fund market/industry is for an investor, he said, "Mutual fund market is one of the most secured (markets). It is highly regulated by SEBI (Securities and Exchange Board of India), and we need to give credit to the regulator for creating a very strong foundation and framework for where the industry is today (positioned). It is also about education. There is a change in the way in which the investors are maturing, they are understanding the (nuances of the) mutual fund industry.