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The SEBI Board met today and took the following decisions to re energize the Mutual Fund industry.
SEBI Board took note of the lack of penetration of mutual fund products, inadequate distribution network, need for greater alignment of the interest of various stakeholders, regulation of distributors and issues concerning investor protection, and has decide to take some immediate steps
SEBI has also decided to develop a long term policy including financial inclusion and tax issues for mutual funds to deal with the public policy objectives of achieving sustainable growth of the mutual fund industry and mobilisation of household savings for the growth of the economy.
1. To accord flexibility and bring cost effectiveness, fungibility of Total Expense Ratio (TER) is allowed.
2.? To energize the distribution system and to increase the 'feet-on-street' in distribution, it was decided to:
i.? Simplify the distributors' registration process and increase base of mutual fund distributors by including postal agents, retired officials from government, banks, retired teachers etc. for distribution of simple products.
ii.? Introduce varied levels of certification and registration depending on products & services offered.
iii.? Reduce fees for NISM certification and AMFI registration.
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