Independent Financial Advisors (IFAs) have come together to form a pan-India body called Foundation of Independent Financial Advisors (FIFA). FIFA has been incorporated as a section 25, or not-for-profit company, under the Companies Act.
Dhruv Mehta, Chairman of the Foundation, said the body would function as a knowledge sharing platform for IFAs.
"It will proactively engage with all stakeholders: the government, regulators, manufactures and investors for a healthy development of financial markets leading to favourable investor outcomes. The Foundation will develop a code of ethics and act as the voice of the IFA community," Mehta said.
Independent Financial Advisors or IFAs include professional such as CAs, MBAs, CFAs, CFPs, who offer independent advice on financial matters to their clients by keeping their client’s interest uppermost and recommend suitable financial products covering a broad range including mutual funds, bonds, deposits, equities and insurance. They also provide the necessary execution services.
H N Sinor, Chief Executive Officer, Association of Mutual Funds in India said, “Amfi welcomes the initiative of setting up a “Foundation of Independent Financial Advisors" and appreciates the need for such an organisation. Such an organisation would augur well for the industry. Amfi would look forward to having regular interactions with FIFA."
