AMC and Distributors nexus in Indian Mutual Fund Market
Securities and Exchange Board of India, Mumbai
More Info at:
Securities and Exchange Board of India [SEBI]
Mittal court 'A' Wing, Ground floor
224, Nariman Point, Mumbai - 400 021
Association of Mutual Funds in India [AMFI]
709, Raheja Centre,
Free Press Journal Marg, Nariman Point,
Mumbai - 400 021
1. Introduce Zero Entry Load for Mutual Fund Investors taking the Systematic Investment Plan [SIP] route.
2. Refund of Entry Load collected since Mid 2006 to SIP investors in the form of Units.
3. Request for SEBI and AMFI to launch a joint investigation on "Entry Load" loopholes prevalent in the Indian capital market.
We the investors of India would like to thank you and congratulate you for the steps taken to protect our investments and rights. Proposal by SEBI in consultation with AMFI on doing away of Entry Load for investors in Mutual fund who bypass the Greedy Distributors is a terrific move and we welcome this decision.
I would like to remind investors that until mid-2006, not many mutual funds charged entry load for investors enrolled through SIP. But since mid-2006, all the Asset Management Companies [AMC] came together, formed a cartel and penalized the savings of hard working Indian. May we know why did they introduce the entry load of 2.25\% on SIP investors who were spared until then? What changed so drastically that you wanted this 2.25\% ? The answer is plain and simple CARTEL of AMCs and its Greedy Distributors. This was a very unwelcome move. In the light of current developments, we would like to file this online petition and request SEBI and AMFI to jointly investigate the matter.
Additionally, we also want SEBI and AMFI to launch a joint investigation on AMC and Distributor nexus for new Fund Offerings [NFO].
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