The Association of Mutual Funds in India (Amfi) is considering a common platform for mutual funds (MFs), which would enable investors, distributors and registrar and transfer agents (RTAs) to access and transact in products of all fund houses. “We are working on a concept which will bring investors, RTAs and distributors on the same platform,” said Amfi Chairman A P Kurien, on the sidelines of a FICCI conference here today. An Amfi committee is working on finalising the system, he said, declining to divulge details.
In yet another initiative, Nimesh Shah, CEO of ICICI Prudential Mutual Fund, said that asset management companies (AMCs) would have to come together to penetrate Tier III and Tier IV towns. He said that while a large number of applications came from smaller towns, mutual funds have not been able to create a branch presence in such places.
Shah further said that the presence of some large private banks in these towns has been a huge advantage for mutual funds. A large portion of the systematic investment plans come from these small locations.