Smart People

SMART EYE

He is one among the elder statesmen of the mutual fund industry. Being elder is not the only thing he has in common with Prime Minister Atal Behari Vajpayee.

Like Vajpayee's stewardship often camouflages the misgivings of his cabinet colleagues, his immaculate leadership helps the MF industry floats above controversies.

For A P Kurian, chairman, Association of Mutual Funds of India (Amfi), an apex body for the Rs 1,40,000-crore MF industry, integrity is of paramount importance and work is worship.

Ask him about the haunting issues surrounding the mutual fund industry - late trading, which has been a cause of worry for a pretty long time, and the recent news that Prudential ICICI diverted money from provident funds to equities - he is quick to dismiss them.

"These are minor concerns. A regulatory framework is in place to ensure utmost transparency. Errors keep happening and they get corrected in due course. The recent diversion of provident fund money into equities was an error," he says.

While Amfi has been pitching for fair practices in the industry for a long time, there is a feeling that the 'association' has not really helped in putting an end to the ills in the industry. Blame on the structure of the organisation itself - it is an association 'of' mutual funds, after all, say some industry watchers.

However, Amfi has made a world of difference in the area of investor education. The mandatory Amfi certification for mutual fund sales personnel has helped immensely in improving the quality of selling.

Some of the latest initiatives taken by Amfi include a study of opportunities for individuals to deploy $2,5000 through funds, capital guaranteed products, commodity derivative funds and mutual funds selling other funds through authorisation. And Kurian's role? "I am the first among equals. What I can offer is experience that can impart certain direction," he enunciates.

Kurian commenced his career as a research officer in the economic wing of the Reserve Bank of India after completing MA in economics from Kerala back in 1961. After 13 years with RBI he joined UTI, the country's only mutual fund then, as director, credit planning, and later moved to its marketing side.

Since then till his retirement, UTI had been his home. Kurian was instrumental in coining brands like the MIP and the 'Master' series.

He is the recipient of 'Marketing Man of the Year Award' for 1987, instituted by Tata Steel. After an illustrious career with UTI, Kurian continued to work as an advisor with Apple Mutual Fund for five years before joining Amfi in 1998.

For Kurian Mumbai is 'jaan'. "Mumbai is the city of my dreams," he says. What he especially loves about the city is its vibrancy, professionalism and energy and these very much describe Kurian himself.

Kurian lives in Bandra, one of the most happening suburbs in Mumbai. College days were filled with football matches and anti-communist rhymes. A grandfather, with six grandchildren, Kurian still exudes confidence that can give the younger generation a run.

Kurian believes emphatically in the 'power of the mind': "There is constant need for self-improvisation which involves positive and harmonious thought processes." That is precisely what fund investors want him to teach the mutual fund industry at this point.