MFs cool to Sebi chief's expansion idea

To Sinha's suggestion that the Jan Dhan approach has clear lessons, fund houses say factors like strict KYC norms make implementation tough

Last week, U K Sinha, head of the Securities and Exchange Board of India (Sebi), impressed by the success of the Pradhan Mantri Jan Dhan Yojana, suggested a similar approach to enhance mutual funds' reach across citizens. At the inauguration of Mutual Fund Utility, the single platform for all MF transactions, he said, “We should take some lessons from what is happening around us and try to expand the reach and role of the MF industry. If 13 crore (130 million) Jan Dhan accounts can be opened in such a short time, obviously the MF industry should give itself a target to reach ...