The Association of Mutual Funds in India (Amfi) is working to create a front-end portal called ‘MF Utility’ to facilitate efficient and cost-effective transaction processing. The facility would help customers, distributors and financial advisors transact mutual fund schemes across all AMCs at one place.
MF Utility is likely to start operations by the first week of April 2012, subject to Sebi clearance. The announcement came during Amfi’s 16th annual general meeting. Chief executive H N Sinor stressed on encouraging industry growth and fostering greater retail participation, particularly in small towns.
Elections were also held for appointing Amfi’s board members. Franklin Templeton AMC president Harshendu Bindal and Deutsche AMC CEO Suresh Soni joined the board as the new directors. HDFC AMC managing director Milind Barve and Reliance AMC chief executive Sundeep Sikka were re-elected as chairman and vice-chairman, respectively.
