With the increase in mutual fund players in India, a need for mutual fund association was generated to function as a non-profit organization. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August, 1995.
AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. Till date all the AMCs that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors.
Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders.
The objectives of Association of Mutual Funds in India:
The Association of Mutual Funds of India works with 30 registered AMCs of the country. It has certain defined objectives which in the lines with the guidelines of its Board of Directors. The objectives are as follows:
- This mutual fund association of India maintains high professional and ethical standards in all areas of operation of the industry.
- It also recommends and promotes the top class business practices and code of conduct which is followed by members and related people engaged in the activities of mutual fund and asset management. The agencies who are by any means connected or involved in the field of capital markets and financial services also involved in this code of conduct of the association.
- AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund industry.
- Association of Mutual Fund of India represents the Government of India, the Reserve Bank of India and other related bodies on matters relating to the Mutual Fund Industry.
- It develops a team of well qualified and trained Agent distributors. It implements a programme of training and certification for all intermediaries and other engaged in the mutual fund industry.
- AMFI undertakes all India awareness programme for investors in order to promote proper understanding of the concept and working of mutual funds.
- At last but not the least association of mutual fund of India also disseminate information on Mutual Fund Industry and undertakes studies and research either directly or in association with other bodies.
The sponsorers of Association of Mutual Funds in India
Bank Sponsored
- SBI Fund Management Ltd.
- BOB Asset Management Co. Ltd.
- Canbank Investment Management Services Ltd.
- UTI Asset Management Company Pvt. Ltd.
Institutions
- GIC Asset Management Co. Ltd.
- Jeevan Bima Sahayog Asset Management Co. Ltd.
Private Sector
Indian:
- BenchMark Asset Management Co. Pvt. Ltd.
- Cholamandalam Asset Management Co. Ltd.
- Credit Capital Asset Management Co. Ltd.
- Escorts Asset Management Ltd.
- JM Financial Mutual Fund
- Kotak Mahindra Asset Management Co. Ltd.
- Reliance Capital Asset Management Ltd.
- Sahara Asset Management Co. Pvt. Ltd
- Sundaram Asset Management Company Ltd.
- Tata Asset Management Private Ltd.
Predominantly India Joint Ventures:
- Birla Sun Life Asset Management Co. Ltd.
- DSP Merrill Lynch Fund Managers Limited
- HDFC Asset Management Company Ltd.
Predominantly Foreign Joint Ventures:
- ABN AMRO Asset Management (I) Ltd.
- Alliance Capital Asset Management (India) Pvt. Ltd.
- Deutsche Asset Management (India) Pvt. Ltd.
- Fidelity Fund Management Private Limited
- Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
- HSBC Asset Management (India) Private Ltd.
- ING Investment Management (India) Pvt. Ltd.
- Morgan Stanley Investment Management Pvt. Ltd.
- Principal Asset Management Co. Pvt. Ltd.
- Prudential ICICI Asset Management Co. Ltd.
- Standard Chartered Asset Mgmt Co. Pvt. Ltd.
Association of Mutual Funds in India Publications
AMFI publishes mainly two types of bulletin. One is on the monthly basis and the other is quarterly. These publications are of great support for the investors to get intimation of the know-how of their parked money.
