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The Association of Mutual Funds in India (AMFI) has named HDFC Asset Management Company Managing Director Milind Barve as its new chairman, a position which fell vacant after the incumbent U.K. Sinha became the Securities and Exchange Board of chief.
At the same time, it has named Mr Sundeep Sikka, CEO of Anil Ambani group’s mutual fund arm Reliance Capital Asset Management Co, as its new Vice-Chairman.
Earlier in September 2010, AMFI named Mr U.K. Sinha, the then chief of UTI Mutual Fund, as its Chairman and Mr Barve as its Vice-Chairman.
However, the leadership team at AMFI had to undergo a change after Mr Sinha assumed charge as SEBI Chairman on February 18.
Mr Barve and Mr Sikka would hold the office of Chairman and Vice-Chairman, respectively, till the next Annual General Meeting of AMFI, which is expected to take place in September.
In addition to being an industry organisation, AMFI also serves as a self-regulatory body for the mutual fund firms. It interacts with SEBI, which regulates the MF space, and represents to the Government, RBI and other organisations on all matters relating to the mutual fund industry.
Its responsibilities include implementation of various regulatory requirements for the mutual fund companies, distributors and investors.
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