Mutual fund industry body AMFI (The Association of Mutual Funds in India) named HDFC Asset Management Company Managing Director Milind Barve as its new chairman. The position of chairman fell vacant after incumbent U K Sinha became chief of market regulator SEBI.
The Association of Mutual Funds in India (AMFI) also named Sundeep Sikka, CEO of Anil Ambani group's mutual fund arm Reliance Capital Asset Management Co, as its new Vice-Chairman.
Barve and Sikka will hold office of Chairman and Vice-Chairman, respectively, till the next Annual General Meeting of AMFI scheduled to take place in September 2011.
AMFI in September 2010 had named U K Sinha, then chief of UTI Mutual Fund, as its Chairman and Barve as its Vice-Chairman.
AMFI which serves as a self-regulatory body for the mutual fund firms interacts with the Sebi, which regulates the MF space, and represents to the government, RBI and other organisations. AMFI’s responsibilities include implementation of various regulatory requirements for the mutual fund companies, distributors and investors.
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