A discussion paper on how to implement the scheme will soon be placed in public domain, said Sebi’s whole-time member Anant Barua here on Wednesday. He was speaking at CII‘s annual Mutual Fund Summit in Mumbai.
Another top Sebi official said the regulator is studying a new framework to reward distributors in semi-urban and rural in place of the “B-30 incentive scheme”, which was suspended as it was being misused by some fund houses. T-30 refers to the top 30 geographical locations in India from where the fund industry collected the highest amount of money, while B-30 relates to locations beyond the top 30.
Sebi’s executive director Manoj Kumar said that the regulator was working on a new structure to incentivise MF agents in B-30 areas that will be more inclusive. Under the B-30 scheme, fund industry could charge higher commission to these investors which, in turn, were passed on to distributors who got those investors.
Barua reminded the industry leaders about the fundamentals on which the MF sector is based. These include “high standards of disclosure & transparency, fair treatment of mutual fund investors, judicious resolution of conflicts of interest, prevention of mis-selling by fund houses and the distributors and high standards of governance”, he said.
Kumar said that as Sebi needs to fine-tune and become more collaborative. Technology adoption and becoming data-driven are the key focus areas for the regulator. He also urged the industry players to adopt a similar approach towards technology to improve efficiency and reduce cost.
Amfi officials were also working on a new approach to getting more investors into the industry through a process that would draw from the government’s successful Jan Dhan approach to financial inclusion.
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