Amfi Plans Compliance Manual For Members

In another significant step, the current Unit Trust of India executive trustee, P J Nayak has been appointed as the new Amfi director. He succeeded Sharad Dave, who was recently transferred from BoI Mutual to the parent bank.

Senior Amfi board members told Business Standard yesterday that the compliance manual will be prepared by Amfi with help from the Securities and Exchange Board of India (Sebi).

The manual would look into AMCs complying mutual fund regulations, proposed by the market regulator.

According to the proposal, it will be mandatory for every asset management company to employ one compliance officer, who would be responsible for monitoring compliance with the Sebi regulations.

 

The meeting was attended by Sebi executive director Pratip Kar. "The officer will report directly to the chief executive of the AMC and the formulation of the compliance manual will be done in accordance with internationally practised norms," sources added. Commenting on his election, P J Nayak said he is looking forward to greater participation between UTI and the rest of the mutual fund industry in the coming months.

G A Shenai of Canbank Mutual, who was re-elected as the Amfi chairman, said the inclusion of UTI in Amfi as well as the appointment of Nayak would be beneficial for the industry. In the association's annual report for the period ended March 31, 1996, it has been reported that Amfi has registered an income of Rs 20.37 lakh.