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As part of its initiative to create awareness among investors, Association of Mutual Funds in India (Amfi) today launched a 'district adoption programme', under which 200 districts will be adopted in the first phase by 31 fund houses.
"As part of the initiative to spread investor awareness, 200 districts will be adopted by 31 asset management companies in the first phase," Amfi Chief Executive H N Sinor told reporters here.
As per the association, these 200 districts have been chosen taking into account income distribution. The allotment of district will be on the basis of the presence of fund houses in the region.
Under the programme, around 5,000 investor awareness campaigns are likely to be conducted by the end of the fiscal.
Sinor said the objective of the programme, which will involve voluntary participation of MFs, is to spread awareness, which will result in higher penetration of financial products like mutual funds in under-served markets.
A recent PwC report said top five cities contribute around 74% of the total Assets Under Management (AUMs) of MF industry, while remaining 26% is coming from other cities.
"Our objective is to expand the overall reach of the industry in tier-II and III cities," Amfi vice chairman Sundeep Sikka, who is also the president & chief executive of Reliance MF, said.
