Sebi To Set Up Panel To Push MF Sales Via Internet, Mobiles
NEW DELHI: To re-energise the mutual fund industry, regulator Sebi plans to set up an expert panel to suggest measures for increasing distribution of MF products through digital modes such as internet and mobiles.
The panel, a sub-committee of Sebi's Advisory Committee on Mutual Funds, will look into various options and steps required to boost the penetration of mutual fund products through use of digital channels for their sale, sources said.
The sub-committee, to be headed by M N Gopinath, will submit a report to the Sebi Advisory Committee, which comprises of representatives of the industry and independent experts. This Committee will look into these suggestions, before forwarding the same to the capital markets regulator.
Gopinath, a member of the Sebi Advisory Committee, is Chairman of the Board of Trustees at ICICI Prudential MF.
The new panel is also likely to suggest steps to enhance the online investment facility and tap the internet savvy users, especially the youth, to invest in mutual funds.
It will also suggest ways to tap burgeoning mobile-only internet users for direct distribution of MF products.
According to an estimate, number of internet-enabled mobile phones in the country is expected to increase from 10-15 millions in 2010 to 300-400 millions in 2015.
The Securities and Exchange Board of India (Sebi) is of the view that a greater use of internet as a distribution channel can help increase the penetration of mutual funds, especially among young investors.
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