Amfi's SRO named Institute of MF intermediaries

CEO says waiting for ertificate of incorporation before submission of application with Sebi

India's mutual fund industry lobby Association of Mutual Funds in India (Amfi) is in a process of filing an application for a self regulatory organisation (SRO) with the Securities and Exchange Board of India (Sebi).

The new entity will be called Institute of Mutual Funds Intermediaries (Imfi), said H N Sinor, CEO of Amfi at a MF summit organised by Confederation of Indian Industries (CII) on Wednesday.

Sinor added that Amfi is waiting for the certificate of incorporation before submission of the application with Sebi.

He said that retail participation in equities have moved up a percentage point over the kast six months.

"Incentive of 30 basis points from beyond 15 cities is a big positive for the industry," he added.

According to him, profitability of mutual funds will grow for the year 2012-2013. Results of AMCs will come in September this year.

He further added that business is growing as number of distributors making over Rs 1 crore of commission has grown from 269 last year to 332 this year.