Seeking to build-on the growth of the mutual fund industry, Association of mutual funds in India (AMFI) has waived fees for all registrations of first time distributors for a period of five months from February to June this year.
"The objective of this initiative is to create larger number of feet-on-street to distribute mutual fund products" says H N Sinor, Chief Executive, AMFI.
A new MF distributor pays Rs 3,000 as fees at the time of registration.
Also, a new cadre of distributors is being created (subject to a few conditions) which will include postal agents, retired government and semi-government officials (class III and above or equivalent), retired teachers and retired bank officers with a service of at least 10 years, and other similar persons (such as bank correspondents) as may be notified by AMFI/AMC from time to time.
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