Markets regulator Securities and Exchange Board (Sebi) on Monday asked mutual funds to adopt different districts to increase their penetration.
‘We are now asking mutual funds to select and adopt districts. This may help increase the penetration of mutual funds,’ Sebi chairman UK Sinha told a regional conference on investor protection in capital markets here.
According to a Crisil report, quoting Amfi data, the top five cities contribute 74 per cent to the pie, with the remaining 26 per cent distributed among other cities.
Sebi is in discussions with asset management companies (AMCs) in this regard so that mutual fund schemes are spread among people in remote locations which in turn can enhance penetration of financial products.
Mutual funds lost 8 per cent or nearly 35 lakh retail folios over past six months ended September, as per data released by Association of Mutual Funds in India (AMFI).
This was the sixth consecutive half yearly decline in retail folios, as per AMFI data. At the overall level, including institutional and high net worth individuals’ folios), a gain in folios of high networth individuals capped the fall at 15 lakh folios. The industry currently has 4.13 crore folios, a Crisil note said last week.
‘We are now asking mutual funds to select and adopt districts. This may help increase the penetration of mutual funds,’ Sebi chairman UK Sinha told a regional conference on investor protection in capital markets here.
According to a Crisil report, quoting Amfi data, the top five cities contribute 74 per cent to the pie, with the remaining 26 per cent distributed among other cities.
Sebi is in discussions with asset management companies (AMCs) in this regard so that mutual fund schemes are spread among people in remote locations which in turn can enhance penetration of financial products.
Mutual funds lost 8 per cent or nearly 35 lakh retail folios over past six months ended September, as per data released by Association of Mutual Funds in India (AMFI).
This was the sixth consecutive half yearly decline in retail folios, as per AMFI data. At the overall level, including institutional and high net worth individuals’ folios), a gain in folios of high networth individuals capped the fall at 15 lakh folios. The industry currently has 4.13 crore folios, a Crisil note said last week.