The Association for Mutual Funds in India (AMFI), the industry body for mutual funds, has elected Leo Puri of UTI AMC as its new Chairman and retained A Balasubramanian as Vice-Chairman. The former chairman had been Sundeep Sikka of Reliance AMC. The ₹13 lakh crore mutual fund industry is comprised of 44 fund houses, whose individual assets under management range from ₹1.7 lakh crore to as less as ₹30 crore. Usually only representatives from the top 10 fund houses would be part of delegations to the regulator or the government. The new resolution passed by AMFI now ensures that a representative from a smaller fund house will also be part of such a delegation hereon.

Did You Know?

• A mutual fund is a type of professionally managed investment fund that pools money from many investors to purchase securities.
• The first introduction of a mutual fund in India occurred in 1963, when the Government of India launched Unit Trust of India (UTI). Until 1987, UTI enjoyed a monopoly in the Indian mutual fund market
• The firstprivate sector fund to operate in India was Kothari Pioneer, which later merged with Franklin Templeton.
• In 1996, SEBI formulated the Mutual Fund Regulation which is a comprehensive regulatory framework.

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