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A Land Mark in the History of Indian Mutual Fund Industry

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For private circuation ony A Newsetter of The Association of Mutua Funds in India Apri - June, 2000 Vo : I. Issue : VIII A Land Mark in the History of Indian Mutua Fund Industry Shri D.R. Mehta Chairman
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For private circuation ony A Newsetter of The Association of Mutua Funds in India Apri - June, 2000 Vo : I. Issue : VIII A Land Mark in the History of Indian Mutua Fund Industry Shri D.R. Mehta Chairman SEBI aunching the AMFI Mutua Fund Certification Programme for distributors and empoyees From the Chairman s Desk Agent distributors pay a significant roe in promoting mutua fund industry and in protecting the interest of investors. They not ony motivate the investors but they are aso the ink between mutua funds and investors, providing reevant information, guiding and serving them. AMFI has aways been conscious of the need for buiding a cadre of trained and tested distributors. It was in recognition of this need, that AMFI took the first initiative of deveoping a we-structured training programme, which was aunched in Apri This is an ongoing programme, and so far we have covered 13 cities and a arge number of agent distributors. The second major step taken by AMFI in this area is to aunch the much needed certification programme for agent distributors and empoyees. For more than a year, a specia committee of AMFI has been working on the certification programme and we are happy that it has been fagged off by the Chairman, SEBI. With the support of a our members, the community of agent distributors, banks and others we hope to make this programme a major initiative to professionaise distribution and to buid a cadre of trained distributors for the benefit of the investors. Yours, A. P. Kurian AMFI Mutua Fund Testing and Certification Programme aunched by Shri D.R. Mehta-Chairman SEBI The AMFI Committee on Mutua Fund Testing Programme with Shri Ajai Kau of Aiance Capita as Chairman and with Shri Ajay Srinivasan of Prudentia ICICI, Shri Ashish Chauhan of NSE and Shri D. C. Anjaria a Consutant as members, has finaised the testing programme covering preparation of workbook, question bank and the automated testing system in association with the Nationa Stock Exchange. The Testing programme for distributors and empoyees of mutua funds was aunched by Shri D.R. Mehta-Chairman SEBI on 27th Juy, 2000 by reeasing the workbook and presenting certificates to the first batch of successfu distributors. Shri Mehta appreciated the initiative taken by AMFI. Prof. J. R Varma, Member, SEBI Board, Shri Ashok Kacker, Executive Director, SEBI, Shri P.S. Subramanyam, Chairman, UTI, Dr. R.H. Pati, Managing Director, NSE and Shri Ravi Narain, Deputy Managing Director, NSE, spoke on the occasion - a of them emphasising the need for a certification programme. AMFI has bought out a comprehensive workbook which deas with a the reevant subjects such as fund structure, accounting, vauation etc. with supporting documents ike the Mutua Fund Reguations, standard offer document etc. The workbook is both a textbook and a working manua. AMFI Mutua Fund Testing programme is a modue of the NSE s certification in Financia Market (NCFM). This is an automated on-ine examination conducted on computer with mutipe options for each question. Presenty the test is conducted by NSE centers at Mumbai, New Dehi, Ahmedabad, Hyderabad, Cacutta, Chennai and Pune. Though the programme is offered on a vountary basis, AMFI has requested SEBI to make it mandatory over a period of time. AMFI has brought out a specia brochure on the Testing programme giving a the reevant detais and the same is hosted on our website. (www.amfiindia.com) The Unit Trust of India Institute of Capita Markets (UTI ICM) wi be organising training casses and workshops for distributors and empoyees so as to enabe them to take the test. The first 2 days workshop is panned on 16th and 17th September, 2000 at UTI ICM, Pot 82, Sector 17, Vashi, Navi Mumbai Te No /2824 AMFI in association with Indian Institute of Bankers wi aso be organising conventiona written examination, detais of which wi be announced ater. SEBI UPDATE Prof. J. R. Varma, the IIM Ahmedabad Professor, took charge as the first fu time Board member of SEBI on May 22, He wi be overseeing the portfoios of Mutua Funds, derivatives, depositories, investor grievances, empoyee stock options and credit rating agencies. SEBI has revised the compiance test report to be submitted by the mutua fund to incude detais regarding investor services, effective from June 30, 2000 The Accounting Standard Committee of SEBI has made fina recommendations to SEBI based on the suggestions submitted by AMFI, on the uniform vauation methodoogy for Non-traded debt instruments and thiny/infrequenty traded equity securities. SEBI wi be issuing suitabe guideines, which wi bring about uniformity in the vauation methodoogy. COMMITTEE UPDATE Committee On Non Performing Assets. The fina report giving recommendations regarding recognition, provisioning and discosure of NPA s of the committee headed by Shri Niamatuah of SBI Mutua fund with R. G. Sharma of LIC Mutua, Shri D. S. R. Murthy of Unit Trust of India, Shri Madhavan Menon of Bira Mutua, Shri Dieep Madgavkar of Prudentia ICICI and Shri B. Swaminathan of Tempeton as members has been considered by the committee on Accounting Standards of SEBI and SEBI is expected to issue suitabe guideines soon. Committee on Guideines for trading in Securities by empoyees of AMC and Mutua Fund A committee under the Chairmanship of Shri M. M. Kapur of Unit Trust of India with Shri K. V. Hegde of Canbank Mutua, Shri M. Lakshman Kumar of Prudentia ICICI and Shri Hormuz Busara of Tata Mutua as members has been constituted to formuate uniform guideines for trading in securities by empoyees of AMC and Mutua Funds. TRAINING PROGRAMME Chairman AMFI continued to conduct haf-day session on concept and working of mutua funds for the Executives of Stock Hoding Corporation India Limited at its training centre in Mumbai. During this quarter 5 such sessions were conducted. A training programme on simiar ines was aso conducted by Chairman AMFI for Citibank executives at Bangaore and for the executives of Deutsche Bank at Mumbai. INVESTOR EDUCATION AMFI has taken the ead in co-sponsoring the Investor Education Programme aong with UTI- Institute of Capita Markets and Stock Exchanges in different cities of the country. The programme incudes sessions on investing in equity and debt instruments, mutua funds and tax panning. So far six such programmes have been conducted at Cacutta, Dehi, Mumbai, Chennai, Nashik and Ahmedabad. More cities wi be covered in the coming months. NEWS UPDATE Consutative meeting of a the members A consutative meeting of a the members aongwith their marketing heads was hed on June 20, 2000 to formuate strategy for impementation of AMFI Testing Programme for distributors and empoyees of mutua funds. New Member AMFI wecomes HDFC Asset Management Company, a new member in the mutua fund fraternity. AMFI IN OTHER COMMITTEES The State Bank of India has set up a core group for estabishing a cearing and settement corporation. Chairman, AMFI is a member of this core group. Chairman, AMFI has been nominated by SEBI as a member of its technica group for introducing new derivative products. AMFI WEBSITE During the quarter 6383 persons visited the website of which 46.29% were from abroad. MUTUAL FUND INDUSTRY The First quarter - Apri - June 2000 data is presented in tabes 1, 2, 3 and 4 11 new schemes were aunched, 3 income schemes, 4 growth schemes, 2 baanced schemes and 2 ELSS schemes. A the new schemes, except for the Monthy Income scheme of UTI, were open ended schemes. The new schemes coected Rs. 992/- crores and the exisiting schemes mobiised Rs /- crores. Thus the tota mobiisation was Rs. 18,638/- crores, registering an impressive growth of 113 percent over the amount coected in the corresponding quarter ast year. The redemptions were Rs.14,168/- crores which were substantiay higher than Rs. 4,362/- crores of corresponding quarter of ast year. Assets under management at the end of the quarter were Rs. 10,7728/- crores - increase of 38% over the corresponding quarter of ast year. MUTUAL FUND DATA FOR THE FOURTH QUARTER APRIL - JUNE 2000 TABLE - 1 (Rs. In crores) No of Redemptions Tota Category Schemes Saes - A Schemes A Assets Launched Schemes Under Mgmt. As on During the From New From Existing Tota for the Tota for the Quarter Schemes Schemes Quarter Quarter A Unit Trust of India B Bank Sponsored (6) C Institutions (4) D Private Sector I indian (5) Ii Joint Ventures - Predominanty Indian (7) Iii Joint Ventures - Predominanty Foreign (9) Tota (I+II+III) Grand tota (A+B+C+D) Notes: (1) Assets Under Management of Unit Trust of India aso at Market Price. (2) Unit Trust of India figures are incusive of Venture Capita, Offshore Funds & Deveopment Reserve Fund. (3) Figures in brackets denote number of funds. (4) Data is provisiona & hence subject to change. (5) Figures in RED denote amount for corresponding period, ast year. SALES DURING THE QUARTER APRIL-JUNE TYPE AND CATEGORY WISE TABLE New Schemes Launched During the Quarter (Rs. in crores) No.of schemes Amount No.of Schemes Amount No.of schemes Amount No.of schemes Amount Income Growth Baanced Liquid Money Market Git ELSS Tota Existing Schemes (Rs. in crores) No.of schemes Amount No.of Schemes Amount No.of schemes Amount No.of schemes Amount Income Growth Baanced Liquid Money Market Git ELSS Tota 2.2 Tota of A Schemes (Rs. in crores) No.of schemes Amount No.of Schemes Amount No.of schemes Amount No.of schemes Amount Income Growth Baanced Liquid Money Market Git ELSS Tota REDEMPTION / REPURCHASE DURING THE QUARTER APRIL - JUNE 2000 TABLE 3 (Rs. in crores) Income Growth Baanced Liquid Money Market Git ELSS Tota Note : * Figures in RED denote amount for corresponding period, ast year. * Change in cassification of US - 64 from Open end - Income to Open end - Baanced, from Apri 99 ASSETS UNDER MANAGEMENT AS ON 30TH JUNE 2000 TABLE 4 (Rs. in crores) Income Growth Baanced Liquid Money market Git ELSS Tota Association of Mutua Funds in India B Wing, Daama Towers, Free Press Journa Marg, Nariman Point, Mumbai Te.: / E-mai : Website : Designed by Ogivy & Mather, Financia & Business Communications and Printed by Leo Press & Communications
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