Mutual fund industry body AMFI today appointed Sundeep Sikka, CEO of leading fund house Reliance MF, as its Chairman for the second consecutive year.
At its AGM held this evening, the Association of Mutual Funds in India (Amfi) also appointed A Balasubramanian, Chief Executive Officer & CIO of Birla Sun Life Asset Management Co Ltd as its Vice Chairman, sources said.
Balasubramanian replaces Sandesh Kirkire of Kotak Mahindra Asset Mgmt as Vice Chairman.
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Nimesh Shah Managing Director & CEO of ICICI Prudential Asset Mgmt Co was also in race for the Vice Chairman post.
Sikka and Balasubramanian were elected by the Amfi members at today's AGM and would hold their respective positions for the period up to the next Annual General Meeting in 2015.
Amfi, an industry association of mutual funds, interacts with market regulator Sebi regarding mutual fund related issues and also represents the industry to government, RBI and other organisations. It also serves as a self-regulatory body for mutual funds.
The collective AUM of 45 fund houses currently stands at over Rs 10 lakh crore, up from about Rs 8 lakh crore at the end of 2013. The total total asset base of mutual funds is expected to reach Rs 20 lakh crore in the next four-five years.
