Post Scam Issue Has Not Shaken Invest The Confidence, Says Mr. KurianFriday, November 26, 2010

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Friday, November 26, 2010

“Mutual fund are concerned the disclosure standards, the transparency and accounting and investment policies are so well laid out that they are being strictly followed by the fund industry, so there is no question of invest the confidence being shaken by the post scam”, said Mr. A P Kurian, Former Chairman, AMFI .

While inaugurating the ASSOCHAM Mutual Fund Summit -Multiply Your Wealth with Investors’ Protection here today Mr. Kurian, said, considering importance of industry and investors oriented industry, it is appropriate that the government in consultation with regulator and the industry body to formulate a policy framework for the industry. This would provide the enriching objectives of this industry but also provide policy support for the industry.

Mr. Kurian further said that the lack of adequate growth in the equity segment of industry needs to be examined in detail and corrective measures if necessary need to be evolved for this.

He further suggested that the independent study of current situation, factor and forces that contribute current state of affairs and come out with specific recommendations for promoting this industry.

Mr. Kurian also welcomed all the investors centric reforms initiative by SEBI and the various changes & modification made in the regulatory framework by SEBI in the recent past which has helped the industry to enhance the standards and to raise the disclosure, transparency and standards.

He also said that the mutual find industry being a very important industry and also investor’s centric industry and need to have an additional framework policy which would set the policy framework and It is better to have a long term policy framework. Policy framework will help both regulator and the fund industry to orient its policy.

Mr. Prashant Saran, Whole-Time Member, SEBI emphasized on investor centric policy and approaches. He further said that the regulator primary job is for the investor’s protection.

On the recent scam on LIC housing loan, Mr. Saran said that SEBI taking all appropriate necessary actions against and if there is a need for further regulation, SEBI come out with new regulation and that flexibility has been given in SEBI Act”

He also said that, SEBI taking continuous actions on to promote the mutual fund policy issues and it has already issued a large number of circulars and actions taken to make mutual fund better and more reliable investment vehicle, so that investor get more information and that is continuous effort”.

Among others, who spoke on the occasion comprised, Mr. S K Jindal, Chairman, Investment & Investors Protection Committee, ASSOCHAM; Mr. Sundeep Sikka, CEO, Reliance AMC; Mr. Arindam Ghosh, CEO, Mirae Asset AMC; Mr. Krishnamurthy Vijayan, MD & CEO, IDBI AMC; Mr. Sandesh Kirkire, CEO, Kotak Mahindra AMC; Mr. Anil Chopra, CEO, Bajaj Capital; Mr. Pallav Sinha, President & CEO, Fullerton Securityes & Wealth Advisors Ltd. and Mr. D.S. Rawat, Secretary General, ASSOCHAM.

News Source : Post Scam Issue Has Not Shaken Invest The Confidence, Says Mr. KurianFriday, November 26, 2010