The Association of Mutual Funds in India (AMFI) has named HDFC Asset Management Company Managing Director, Milind Barve, as its new chairman, a position which fell vacant after incumbent U K Sinha became chief of the Securities and Exchange Board of India (Sebi).
At the same time, the mutual fund industry body has named Sundeep Sikka, CEO of Anil Ambani group’s mutual fund arm, Reliance Capital Asset Management Co, as its new vice-chairman. In September last year, AMFI had named U K Sinha, then chief of UTI Mutual Fund, as its Chairman and Barve as its vice-chairman.
However, the leadership team at AMFI had to undergo a change after Sinha assumed charge as Sebi chairman on February 18. Barve and Sikka would hold office of chairman and vice-chairman, respectively, till the next annual general meeting of AMFI, which is expected to take place in September.
In addition to being an industry organisation, AMFI also serves as a self-regulatory body for the mutual fund companies. It interacts with Sebi, which regulates the mutual fund space, and represents to the government, Reserve Bank of India and other organisations on all matters relating to the mutual fund industry. Its responsibilities include implementation of various regulatory requirements for the mutual fund companies, distributors and investors.
