April 28, 2023
admin
AMFI asks fund houses to stop training programmes based on SIP targets
The Association of Mutual Funds in India (AMFI), the Rs 40 lakh crore Indian mutual funds industry’s trade body, has asked asset management companies (AMCs) to stop offering training programmes to mutual fund distributors for achieving certain systematic investment plan (SIP) targets.
SEBI had said that training programmes should not be misused for providing any reward or non-cash incentives to distributors.
ChanakyaMFGuidance learned that few mutual fund houses, such as Aditya Birla Sun Life Mutual Fund, Tata Mutual Fund, WhiteOak Capital Mutual Fund and DSP Mutual Fund, had launched training programmes for distributors, based on certain SIP targets.
AMFI, in a circular late in the evening on April 27, said that certain AMCs have launched special SIP drives under regular plans for a specific period, and MFDs are offered training programmes at zonal or national locations, based on the number of SIPs or incremental value of SIPs mobilised from T30 or B30 locations with certain minimum target.
T-30 refers to the top 30 geographical locations and B-30 to locations beyond the top 30.
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