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The Association of Mutual Funds in India (AMFI) unveiled three transformative initiatives on Friday aimed at boosting investor participation, enhancing financial literacy among youth and helping investors recover forgotten mutual fund investments. These initiatives aim to further develop the Rs 68 trillion mutual fund industry, which has seen rapid growth in recent years.
Making mutual funds inclusive for all
AMFI introduced the "Choti SIP", an initiative designed to make mutual fund investments more accessible to first-time investors. With this step, investors can begin investing with as little as Rs 250 per month, making systematic investment plans (SIPs) available even to those with limited funds.
This move follows a consultation paper issued by the Securities and Exchange Board of India (SEBI) last month, which explored ways to lower the entry barriers for investors. SBI Mutual Fund (SBI MF) recently launched a similar plan, 'Jan Nivesh SIP,' with the same minimum investment requirement.
"Investor participation is key to deepening and broadening India's financial markets. AMFI's initiatives will not only encourage more individuals to start investing but will also provide essential tools to ensure transparency, security, and ease of access to mutual fund investments," said Madhabi Puri Buch, Chairperson of SEBI.
MITRA platform to track forgotten funds
Another key initiative launched by AMFI is the Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) platform. This new tool allows investors to easily identify and recover inactive folios of mutual funds. Starting March 1, investors can use the platform to track their inactive folios.
By simply entering their Permanent Account Number (PAN) or KYC Reference Number (PEKRN), followed by personal details, investors can access their investment status and retrieve relevant information.
The platform will be accessible through the MF Central portal.
Tarun Yojana to educate school students about finance
In a move to foster financial literacy, AMFI launched the 'Tarun Yojana,' a pilot project aimed at introducing financial education in schools. Under this initiative, trained educators will teach students in 8th and 9th grades the basics of finance and investment principles.
The program will culminate in a test, with the top 20 per cent of students receiving a Rs 100 SIP for two years. These students will be able to redeem the investment after four years.
AMFI plans to roll out this initiative across 4,500 students nationwide, furthering its goal of enhancing financial awareness among young minds and encouraging the habit of investing at an early age.
Also read: Rs 250 SIPs may soon become a reality for greater accessibility
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