Amfi Agm To Elect New Board Member, Uti Joins Fold

The board consists of G A Shenai, Canbank Mutual fund (present chairman), K N Atmaramani, Ashok Pradhan, A P Kurien, Vivek Reddy and Sharad Dave. Though Amfi board members said that the present form of hierarchy would continue for the coming year, sources said some new board members might also be inducted through Friday's election.

One member has to be elected in place of Sharad Dave, the former managing director of BoI Mutual Fund, sources said. Dave, it may be recalled, was transferred from the top post at BoI Mutual.

Amfi board members said that this year's AGM would be significant since Unit Trust of India has formally sent its consent to be a member of the association last week. UTI, it is learnt, has paid Rs 1 lakh as membership fee.

 

It is expected that the inclusion of UTI, the biggest player in the domestic mutual fund sector, in the ranks of the association will bolster its efforts in the near future, a board member said.

The association has collected Rs 1.5 crore for its investor awareness programme, and will soon embark on an awareness exercise with the funds collected from its 23 member asset management companies (AMCs).

The association will discuss the promotion of greater investor awareness along with various issues governing the industry when its members meet for the annual general meeting.

The association has invited representatives from Sebi for its AGM. Sebi chairman D R Mehta and executive director Pratip Kar have been invited by the association, members said.

The association will also assess the performance of the industry. The Amfi had constituted three committees to bring about changes in the segment. While the committee formulated under the chairmanship of K N Atmaramani, managing director of Tata AMC, has submitted its report, the other two committees are yet to finalise their reports.