The Hindu Business Line : `MF industry accretion at Rs 52,000 cr in Apr-Jan'

THE mutual fund industry has clocked a record accretion of Rs 52,000 crore in the first 10 months of this financial year, according to Mr A.P. Kurien, Chairman, Association of Mutual Funds in India (AMFI).

Of this, Rs 5,860 crore is in equity funds. "There has been a substantial increase in investors opting for equity funds, especially in the last two months," said Mr Kurien, at the sidelines of a press conference announcing the ninth Asia Oceania regional meeting in New Delhi from March 3-7, 2004.

Representatives of fund associations and regulators from 12 countries in the Asia- Pacific region would be attending the meeting.

"Hosting the Ninth Asia Oceania is international in the recognition of the status and popularity of the Indian mutual fund industry," said Mr Kurien. "Our disclosure standards in almost all areas match with the best in the world," he said.

The conference would review each country's status in areas of regulation, developments in sales, marketing and distribution.

This year's conference would also discuss in detail the issues arising from the fall out in the American mutual fund industry because of later trading. Two new topics included for discussion are "building investor confidence" and "cut-off time regulation", said Mr Kurien.

The theme of this year's conference is "share experience, inspire confidence", revealed Mr S.K. Mitra, Director Financial Services, Aditya Birla Group. Mr Mitra said that this meeting would give an opportunity to the investment fund associations of these countries to update developments taking place in various areas such as regulations, valuations, product innovations etc.

"While building investor confidence is a special subject that will be discussed, it is also proposed to discuss the experience of fund industry associations functioning as self - regulatory organisations", said Mr Krishnamurthy Vijayan, Chief Executive Officer, JM Mutual Fund.