ICICI Pru MF's Nimesh Shah elected as new chairman of industry body Amfi

ICICI Prudential Asset Management Company Managing Director and Chief Executive Nimesh Shah has been elected as the chairperson of industry body Amfi, senior officials said.

Shah has replaced A Balasubramanian, chief executive officer of Aditya Birla Sun Life MF, who took over as Amfi chairman in 2016.

Kailash Kulkarni, CEO of L&T Mutual Fund, continues to be the vice chairperson of the Association of Mutual Funds in India (Amfi), they added.

The decision was taken at the industry body's board meeting on Friday.

Shah joined the mutual fund industry in July 2007, having been appointed as MD and CEO of ICICI Prudential AMC that has assets under management of Rs 3.1 trillion.

With 41 active players, the mutual fund industry manages assets to the tune of Rs 22 trillion.