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| PRESS NOTE FOR IMMEDIATE RELEASE |
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| PAN REPLACES MIN |
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MIN stands withdrawn effective March 2, 2007. Investors have to give PAN and such other Documents and information as are required to comply with Know Your Customers (KYC) under Prevention of Money Laundering Act (PMLA).
In order to help the Investors give the required Documents and Information only once, the current system of providing the Documents and information with Points of Service of CVL will continue. No new number will be issued. The PAN will be the only identification and reference number.
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Mumbai
March 01, 2007 |
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| PRESS RELEASE |
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AMFI to host 9thAsia Oceania Regional Meeting of
International Investment Fund Associations in New Delhi from March 3 - 7, 2004
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The Association of Mutual Funds In India (AMFI), today, announced that AMFI will be hosting the 9th Asia Oceania Regional Meeting of the International Investment Fund Associations in New Delhi from March 3-7, 2004. The delegates include representatives of investment fund associations and regulators from 12 countries - Australia, Bangladesh, China, Hong Kong, Japan, Korea, Malaysia, Philippines, Pakistan, Singapore, Taiwan and India. Shri G. N. Bajpai, Chairman, SEBI will be addressing the delegates in Delhi.
Speaking on the occasion, Shri A. P. Kurian, Chairman, AMFI said, "Hosting the Ninth Asia Oceania is international recognition of the status, standing and the popularity of the Indian mutual fund industry. This is the first time India will be hosting this Regional Meeting and we are delighted with the enthusiastic response we have received from the investment fund associations from the Asia Oceania Region."
Shri Kurian mentioned that the agenda and arrangements of the Regional Meeting have been planned by an organizing committee of AMFI headed by Shri S. K. Mitra of Birla Sun Life Mutual Fund and Shri Krishnamurthy Vijayan of JM Mutual Fund. Shri Mitra added that the theme of the Regional Meeting is "Share Experience, Inspire Confidence". The objective of this international meeting is to learn from each other's experience and build investor confidence in the investment fund industry. Shri Mitra said that this meeting would give an opportunity to the investment fund associations of these countries to update developments taking place in various areas such as regulations, valuation, sales and marketing, product innovation etc.
Elaborating on the agenda of the meeting, Shri Krishnamurthy Vijayan indicated that apart from reviewing the current status and issues of the investment fund industry in each participating country, several subjects would be discussed. These include fees and expenses charged by mutual funds, cut off timings for subscription, redemption and switches, risk management systems and practices. While building investor confidence is a special subject that will be discussed, it is also proposed to discuss the experience of fund industry associations functioning as self-regulatory organizations.
Referring to the Indian mutual fund industry, Shri A. P. Kurian, Chairman, AMFI, said that the Indian mutual fund industry with assets under management of over Rs. 1,45,000 crore (equivalent to US$ 32 billion) offering almost all varieties of schemes, today, operates in a strict regulatory environment and conforms to the best international standards. Shri Kurian also highlighted that the Indian mutual fund industry has also set new world-class standards.
On behalf of his colleagues from the industry, Shri Kurian, said, "We eagerly look forward to learning from other countries and share with them our India experiences, all in the interest of promoting mutual fund industry on healthy and sound lines."
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About Association of Mutual Funds in India (AMFI) |
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AMFI is a trade body of all the mutual funds in India. It was incorporated in August 1995 as a non-profit organisation to promote and protect the interests of mutual funds and their unitholders, define and maintain high ethical and professional standards and enhance public awareness of mutual funds. All mutual funds in India are members of the association. AMFI works through committees and working groups.
Over the years, AMFI has worked closely with SEBI in establishing standards that match the best in the world. It has played a significant role in introducing best practices to reinforce the growth of the industry on healthy lines and protect the interests of the investors.
One of the major initiatives of AMFI has been the introduction of certification programme for agent distributors. SEBI has mandated that all those engaged in sales and marketing of mutual fund schemes will be AMFI certified and registered. AMFI has brought out a detailed workbook on mutual funds based on which it conducts computerized testing through National Stock Exchange test centers. It also organizes written examinations in different languages. Till date over 31000 agent distributors have passed the test.
AMFI compiles and publishes data on a monthly and quarterly basis. It has a quarterly publication "AMFI update" which summarises major developments in the mutual fund industry and changes in the regulatory framework.
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For further information please call:
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Malini Mitra
Ogilvy Public Relations Worldwide, Mumbai
Tel: 022-24913890
Email: malini.mitra@ogilvy.com
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Mumbai
01 March 2004 |
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