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AKIFAA & all other associations go forward and create an all India federation. Ifas support to all associations in

I''m happy that the feat of forming "Federation of Mutualfund Distributors'' Associtaions in India"(FOMDAI) is achieved. Let''s hope IFAs voice will be heard infront of the auhorities and let''s do everything possible to make the life of all IFAs better than earlier. Thanks again to all those who participated in the various discussions regarding this subject in this forum. I''m grateful to Mr Vijay of Wealthforum for offering us such a wonderful platform for interactions and discussions. On behalf of all my IFA friends and my personal behalf I Thank Mr Vijay again for this.

I started this discussion on 11FEB2013 and it is continuing as a hot discussion point. Now a days IFAs feel they really want an All India representative body soon. With this discussion I feel satisfied that I happen to be a catalyst for this movement to start and run it hotly. A lot of IFAs & financial consultants have participated in this discussion from around the world including US, UAE & Europe. I take this opportunity to thank all those who have participated & suggested views supporting the joining of all associations to an All India IFA Association. I thank to all those who had views against this because their views made others to think about how to avoid the flaws when creating a national association. Now onwards pls continue the discussion in the new topic --An Invitation To All IFA Associations, started by Suresh Nair , General Secretary, AKIFAA.

Good initiative from akifaa . Unity is strength . All India Federation will do good for us all as we are small ifas. Thank you all federations . Let us create a national federation like LIC Agents are having. Pls create it soon to avoid further destructions from SEBI & AMFI.

Let us all Associations work together. Create an All India federation. Go ahead AKIFAA and all others.

AKIFAA & all other associations go forward and create an all India federation. Ifas support to all associations in this regard.

ALL INDIA IFA ASSOCIATION We have been discussing the formation of a truly representative National Body through various communication channels for more than a year without much success and this state of affairs will continue until we come out of the comforts of our homes and meet at some place and work out the modalities of forming an All India Association. WE ARE OF THE FIRM BELIEF THAT THE BEST WAY FORWARD IS ONLY THROUGH AN ALL INDIA FEDERATION COMPRISING OF STATE / REGIONAL / DISTRICT ASSOCIATIONS. The All Kerala IFA Association (AKIFAA) would like to take the initiative in this regard and is willing to organise a meeting of all Association Heads at a place and time suitable to all involved. As a first step we request the President/Secretary/other Office bearers of all the existing State/Regional/ District Associations to forward their email ID''s and contact numbers to allkeralaifaassociation@gmail.com with copy to sureshnair.trivandrum@gmail.com & oommenp@gmail.com. Once we receive support from existing Associations we assure you that we will come forward with solid steps on how to move forward. We have already got firm support from two associations. -Suresh Nair General Secretary AKIFAA

Mr A K Jerjani, Do you have any proof on the said thing ? you have not mentioned the name of the group you saying? Whoever is it all IFAs has the right to know how they spend the funds collected. Because everything done is in the name of energizing IFAs.

a national federation of state federations is the best structure I think. A national federation of individuals will surely lead to wrong practices. better IFAs must organize soon to create a national federation of state associations.

its the need of the hour. each indinidual can convey the concerns to their own state associations and these state associations can come together and join for a national association. by this way all IFAs india can participate in the decision making.

I copy a very important comment posted by one of the IFAs in the Wealthforum Advisor Speak - IIAA-First Association to Join FIFA. Requesting FIFA to clarify these.... ///////////////////////////////////////////////////////////////////////////////// "I appreciate that FIFA is a high profile Association of a group of Financial Advisors comprising of Individuals and pvt limited companies with 1 to 20 branches. I also trust that the AOA appearing in the FIFA corner is authenticated copy. Article 15 to 22 deals with the membership criteria of FIFA a company registered under Sec.25 of Companies Act 1956. IIAA is claimed to be a member of FIFA whereas the only provision applicable to them is Art. 22 Associate-Non Individual with entrance Fee of Rs 25000 plus Annual Fees of Rs 1500. Article 23 states- No Associate shall have any rights or privileges of a member including a right to vote. Therefore, IIAA is not a member but an Associate of FIFA without voting power. Further, Art.44 states At any point in time at least 6 out of the eleven members of the Board of Directors or 60% of the total strength of the Board as rounded off to the nearest whole number shall be out of Founder Members and/or Life Members."

You are talking about IFA associations coming together. IFAs themselves are not untied and then how do yo0u expect IFA associations to remain united. Each IFA, irrespective of the State or city to which he belongs, is only trying to cut the throat of his fellow IFAs. Mr. Koshy, therefore, please try and correct this piquant situation. IFAs are self centered, selfish and will respond to calls for common interests.

Sam, I would like to add few important points. Having state level body is very essential and as proposed by Mr. Sudhakaran Namboodiri there can be state level associations in all states /regions as the starting point, a national level association like All India IFA Association can be founded to lead these state bodies. I would request IFA Galaxy or any other leader to keep in mind that the coming association should not have its governing body from metro''s but a reasonable share should be given to members from cities other than metro''s, as it is a primary requirement to keep a democratic setup which ensures that the smallest member of the association must have the liberty to speak and due respect is given to his views. The regional body''s agenda should be to fair and equal representation of its members in a democratic way as in case of creation of a big association there will be members coming from various parts of the country and due respect is required for cultural and moral values of smaller members. I would like to add an old saying "A HOLY RIVER LOOSES ITS ENTIRE IDENTITY AND INDIVIDUALITY WHEN IT GOES WITH THE OCEAN, AS SIZE BEING THE PROMINENCE (IN A WAY THE PERSONALITY OF OCEAN) REMAINS ". All necessary precautions should be taken while making the rules that a selected few big members may not lead the body. I certainly agree with Rajiv that there should be a single category of membership as any trade body / Association should work on the principals of equality and creating different levels of membership may bring the feeling of in equality.

If someone thinks that we are not united for common cause, he / she should take initiative to establish unity. It is not advisable to blame our leaders in media. First time in our history some movement is taking place to unite IFAs (of the country) in a democratic way. In new proposed federation there are no differentiation in the membership category on the basis of fees. Actually it is the time for existing associations to establish common civil code. Our community needs constructive suggestions.

If we formed an All India IFA Federation by democratic way with the support of state IFA associations there would have been less backstabbing in the recent union budget. But we are not united for our common cause. Every IFA leader wants his own all india individual IFA association. This will surely stop us from forwarding in the future.

Mr Sudhakaran Namboodiri says that AKIFAA had requested IFA Galaxy to coordinate for a creation of All India Association of State Associations. There exists AKIFAA, APIFAA, TNIFAA, KAMFA, ASK Circle, DFDA, OMFAA, MFDA Gujarat and a lot more. As IFAs shall we request IFA Galaxy to please let others aware of the developments ? Is there anything blocking in the creation of one All India IFA Association? My dear friends, we advice others financial solutions but who will come to advice us to get united?

dear IFAs a fine democratic association of state associations is best for the better future of ifas. if there exists a respective state level association everyone can raise their problems in that association. these officials can speak to the main all India associations officials. this is the best way. think that every individuals in India speaking to our prime minister about their problems. What a tragic incident that can be ? but each individuals speak to their MPs and then these MPs to Prime minister . Is this better or not? think friends. dont go for association of individuals but always remember to promote only association of associations.

Dear Friends,,,,, Its too late now.. Lets act fast and unite together for the sake of our thousands IFAs friends...

Sam I would like to add my views in this regard. I believe that trade association must be a platform to share knowledge, views, concerns and problems of its members. I don’t disagree with your views on unity but there is some important checks to be kept in mind, one of which is relating to any views / opinion expressed of members IFA of the smaller association, will these views be heard and given same importance as they would have been given previously within a close group or with the increase in size they will just go futile. If the views of the smaller IFA’s are not heard this will eventually lead to a situation where in small members may hesitate to put their views and the forum goes in a way wherein a set of people who lead the forum seek authoritative position and over a period of time the forum may have a limited representation. The primary criteria to keep in mind by any one association joining any forum / national association must be that in case of any difference of opinion how much importance will be given to their members and what shall be the criteria to decide whose views are correct and how much size/ position will influence this. All associations currently in existence must keep in mind the voice and interest of members should not be sacrificed in case if they decide to join any big forum. Any association who decides to join another should seek clarity on this and the association process must not be done in a rush. The idea of having a state level or a regional association sounds relatively better in this regard as the smaller association members may have an experience of union for some time and then they may decide next line of action within their association. At least by doing so members of small associations will have more control and in case of any difference of views / opinion coming around there are chances that even small voices are given necessary care.

MOF by way of budget has done enough damage to MFs and distributors .AMCs and distributors failed in sufficient lobbying for the ill afftected mf industrys growth. insurance people have convinced FM and they got KYC ease as Bank KYC is enough for insurance. Why MF industry failed to convince FM ? Are they competent for their seat ? We must discuss this with importance.

Everybody is ready to form a National Level Association of IFAs. In the last so many days e-mails are showing the signs of positiveness in this subject. So better to ACT immediately without discussing through e-mails.

Better start discussion with existing regional associations. State level assosiations are working almost all Southern States. AKIFAA and CAMFA are examples for this. This will ease the process. Please remember that Our President Mr. Oommen Panicker (AKIFAA) has sent mails regarding this. We need a coordination part. We are expecting a major role from IFA Galaxy in this regard.

What you said is the basic democratic structure of any democracy as the same as India. We like to move forward with the proposal. Ramesh sir, you must take the lead for us!

I suggest & request you to take the lead and move forward to work towards the formation of an Association with a strong support from the existing Associations. I feel , having your wide accepted image you are one of the right persons who can initiate such a move. I request all IFAs in India to comment. Please correct me if I''''m wrong. Thank You !

The advantage of "Association of only Associations" is every individual can raise their concerns in their respective state Association. This will help those IFAs to raise their difficulties and concerns from widespread rural, sub-urban & urban areas of our nation upto a great extent. So I , after getting marvelous reply mails and comments from IFAs across India , conclude that we need an Association of Associations and not an Association of Individuals.(contd...)

Dear Mr Ramesh Bhat, please note that for a pure democratic set up we must form district level bodies first and then elect respective state level Associations. Then combine all the available state level federations for an All India IFA Association. For this there must be a call for a joint meet of all respective state associations. If you are planning to create an "All India Association of Individuals and Associations" , we have already FIFA in place though there exists some controversial inclusions in FIFAs bye laws , MOA& AOA. A lot of my IFA friends feel the membership fees also is high. (Contd...)

Dear Sam Koshy Yes,IIAA stands for Insurance & Investment Advisors Association, Indore which has is a member of FIFA. Rajesh Kulwal President(IIAA,Indore)

P K , what you said are facts. Except FIFA , none of the associations seems interested in uniting to one or at least open for some type of dialogues. I salute FIFA directors for their dedication( although I am not their member) , their time and their down to earth openness to any type of adjustments as commented. I hope a majority of other IFAs also have the same. There has been enough begging in this forum for other associations to comment their stand about this topic. Nobody seems interested but everybody seems disturbed by this type of requests.

(10) ASK Circle- Conducting Events, training, fighting regulators for IFAs better ness. How can we combine all these 10 associations and other available ones my dear friends ? Is it possible ? We studied in school days that- Nothing is Impossible- Is this one an exception ? What do you think ?

My friends, I feel the below now. (1)FIFA - Accepted by MOF,SEBI& AMFI and is engaged with them on various aspects related to the industry and distributors.(2)IFA Galaxy - Very Good in conducting training & wide acceptance & contacts among IFAs allover India. (3)KAMFA- More IFA memberships than any other state associations and is active in fighting regulators for IFAs betterness by writing letters to them. (4) TNIFAA - not open and don''t know about their intentions.(5)MFDA Gujarat- good activities and also fighting with regulators for iFAs better future by writing emails to them. (6)APIFAA- don''t know their activities . (7)AKIFAA- the best and truly democratic structure. (8)OMFAA - don''t know the activities.(9)DFDA-Some activities and trying to stay away from main stream.

Lovaii your efforts and contribution to the cause of IFA''s by associating yourself with the objects and activities of FIFA regardless of "VESTED INTEREST" if any is indeed commendable. Yogesh FIFA is relentlessly working for the benefit and advantage of the entire IFA community. FIFA would welcome within its fold the entire IFA community. I think no one at FIFA has any ulterior vested interest. Vested interest apparently is of some people who are constantly trying to run it down with barbs of suspicion and distrust

Why other federations and association are not coming up with their comments ? It''s sure that every one has their own vested interests. FIFA is the only one opened up for any adjustments but no one seems interested. What should a common IFA conclude from this ?

I feel FIFA is the only federation which is so open to any dialogue from any other associations and individuals. FIFAs organization registration documents are very open in the website. Even though some debatable clause exits, 5 of the FIFA directors says they are very open to continue with any changes which may do good for the future of the federation and IFAs and ultimately the Industry. (See nxt comment )

Dear All , We must realize the huge amount of money involved in this forming of federations and retaining of power. The huge amount of money involved in the sponsorship of events is a main factor which persuade people to retain in power. Dear all poor IFAs if you are persuaded by such things don''t follow them. The organization Mr Bhat is speaking is probably an online federation or a paper one. Why is he unable to publish the Bye laws and other documents of the Federation? Why other associations are not interested in joining him last one year? Dear all IFAs before joing this new federation you must be informed about all these . Orelse someone is being highly paid at your cost.

In my mind there may not be one association that will meet all IFA needs. Obviously, no one can force me or you to join one. However, we need to learn to live and let live. Mud-slinging from the outside is easy; the tougher thing is to get in and help change the world to the way you envisage it to be. Dialogue is the key. There has been much mention about "vested interests". I would like to know what my "vested interest" was in taking a late night flight into Mumbai on 8th Feb; to take a 6.30 am flight to Indore on 9th, and spend the day from 9 am to 6.30 pm talking/ interacting with advisors and then investors in Indore. Actually, I want to confess that I did have a "vested interest". I wanted to understand and learn what difficulties an advisor had in MP cities and its mofussils; and also test if my methods could be used to the benefit of these advisors. If this is "vested interest", I want to thump my chest and say that I and all other FIFA members have a "vested interest"!

Does IIAA stands for Insurance & Investment Advisors Association, Indore , which is a member of FIFA ?

SIR AMFI ME ITNE NIYAM AA RAHE BAHUT ACHHA HI LEKIN WOH NIYAM LAGU KYO NAHI HO RAHA HAI JISME KOI BHI FUND SCHEME SE KOI BHI FUND HOUSE KI SCHEME JA SAKTE . ABHI TAK KYO NAHI LAGU HO RAHA HAI. THANKS

Dear Friends, we at Indore have an association in the name of INSURANCE & INVEATMENT ADVISORS ASSOCIATION which was I think the first Association of IFA''s in India ,our association started taking shape in the year 1998 and a legal shape was given to the same almost in 2001-02 in guidance of our founder president Shri Suresh Kakani. Since then we had defined our objectives which are almost identical to the objectives of FIFA only difference is that we are at local label and FIFA has undertaken a very big task of uniting all the IFA from PAN INDIA. We have looked the work done by FIFA during last 1 year and found that FIFA was accepted by regulatory and finance ministry as a voice of IFA''s. This only shows the willingness and quality of work done by FIFA that they were accepted by all the regulatory & Finance Ministry as a Voice of IFA. Looking to all this we at our Indore Association decided to join hands with FIFA and we took the membership. The results are very excellent Mr. Dhruv Mehta; Smt Roopa Vankat & Shri Lovai Novlakhi also visited Indore for an event "knowledge sharing" which is one of the objectives of the Association. This event was having a grand success. I feel that everyone should encourage FIFA by joining hands with them and become the member of FIFA. It is my strong belief that all association is formed for common interest which in turn always facilitates the individuals too. I hope as the time passes FIFA will emerge as a strongest IFA voice pan India. Further I think that all the IFA''s should without thinking or evaluating first of all should join the hands with FIFA i.e. without vesting time.

Dear Friends, let us now take the cue from Sam Koshy''s earnest appeal and take this discussion forward to a more constructive level. I can see from some earlier comments that many members of our fraternity have cast a lot of shadow on FIFA not being a representative of small IFAs and FIFA should act on its talk as action speaks louder than words, etc. Let me first begin with asking who is a small IFA ?? Is it the size of AUM, earnings from commissions, location of place or a combination of all or some paramenters stated ? Are there a ''not so small IFA'', ''not so big IFA'', ''Advisor/Planner based IFA'',etc. Why are we getting into this debate whereby our debate/discussion should be based on what are the ills and issues of our community and how do we address and solve them. No one has raised those issue. The only issue is being raised is how many so called "big IFAs" are there on FIFA Board and how many so called "Small IFAs" are not there and the Board and voting structure of FIFA. I wish it was that easy that by just changing the Board and voting structure of FIFA, the issues of our fraternity get solved...but alas, they will not. For all my fellow IFAs, who for perhaps reasons of ignorance, have this perception that FIFA only stands for a certain class of IFAs, I would urge them to please go through our correspondence with Finance Ministry /SEBI & AMFI which is on our website and let us know where in which correspondence we have differentiated between so called different classes of IFAs. Where have we shown bias towards so called "big IFAs" ? It should be instead appreciated that perhaps we are one of the only Association which is so transparent that we have even uploaded on our website and state through our monthly newsletters with Wealthforum, the representation we do with the Ministry, regulator and AMFI. We have an open and transparent election to the Board. Our MOA and AOA are also uploaded on our webiste. We are a registered organisation under Section 25 of the Companies Act which ensures we have the strictest of compliance and transparent norms. We have brought up the issues with EUIN Card, new KRA norms, operational day to day issues with AMCs and registrars, etc. We have regular quarterly meetings with AMFI. We had even lobbied hard so that IFAs are not included in the new distributor norms in which we were successful and I can go on and on and state many more such matters and issues. I do not know what else we can do. If some persons without even going through all the hard work we have done for the entire IFA fraternity by giving our individual time voluntarily, have made sweeping allegations and comments, then it really becomes disheartening for all of us to put in that effort. If someone does not want to be associated with FIFA, that is fine but I would only request that please make it an informed decision and not on heresay. I would again request all fellow IFAs, let us take this debate to a larger level and let us see how we can move forward cohesively in one voice. We at our level have provided a platform called FIFA, it is now for fellow IFAs to use it individually or through their associations, to take advantage of it or be a bystander. Like they say "the ball is in your court".

I agree with Mr. Santosh Roy. Each & every IFA should be member of association. Associations are not associations if majority of IFAs are not its member. It can be told a group of some IFAs. Federation is next step. Now we all should take care that each & every IFA is member of association.

FIFA and it''s directors commented well in this discussion. Why other associations are not commenting? Are the other IFA associations in India having people with vested interest? Why they are not able to say their stand on this. Do other associations think that they can always divide and rule .? Why should we pay membership fees to associations which are not interested in getting united ? Dear fellow IFAs , ask your respective association responsible office bearers to comment about their stand.

Mr Santhosh Roy has a valid point. Focus should be on making all IFAs the members of the local association even though there exists some constructive thinking , suggestions and activities. Santhosh Roy pls mail your local& state associations office bearers'' contact details both emails and phone nos to samkoshy.cc@gmail.com. Thank You !

Each & Every IFA should be a Member of IFA Association. The local IFA Association should reach out to IFAs for membership. Membership Fee should be minimal. Focus should be that no IFA should remain dissociated.

Mr. Sam has started another good discussion. It is really the need of the hour. I request Tamil Nadu IFA association to comment on this subject.

My Dear Friends, Greetings to You and your dear ones! we need to unite under one Federation. It is the need of the hour. We IFAs have always succeeded on the gravest of all challenges. Today , I''''m standing in front of you not as an IFA but as a humanitarian with a request which makes thousands of fellow IFAs'''' families in the nation to thrive. Your reply mails will be a first step towards a grand success to get united. I request you if you are a member of any/your local/ state IFA Association you may please mail me the contact details especially phone nos and email ids of the office bearers to samkoshy.cc@gmail.com. Thank You !!!

dear all colleagues, with due respect to all with various size, status, location, age, experience and knowledge, we all need a body which can represent all our conerns to the SEBI and AMFI and even IRDA and also reverse the process -from the regulators to us. this body should be above personal space, without ego, selfless and totally dedicated to the honest service for the fellow associates who cannot do that. i shall like to be a part of any such organisation. resolve your issues and think big if you all are serious about it. otherwise things will settle down as and when they will in couple of years. trust me, nobody has time to do protest marches or hunger strikes. promila

If we want to unite all IFAs, specially small IFAs; we should consider realities. Across country small IFAs/Distributors are changing their profession. Because most of them found it is unremunerative. So in this condition what is the meaning of fees from them? We should form NON-PROFIT fedration/organisation for this purpose like IFA GLAXY. Costs/expences can be met from fees charged from capable IFAs.

If your are a member of any IFA association which is not mentioned below pls mail me the office bearers contact details especially phone nos and email ids to samkoshy.cc@gmail.com Thank You ! 1)AKIFAA 2)APIFA 3)ASK circle 4)FIFA 5)IFA Galaxy 6)KAMFA 7)OMFAA-Rourkela Chapter

My friend Mr. Ravi Krishnan has replied. Pls check the below comment.If you didn''t pls do reply to samkoshy.cc@gmail.com.

My Dear Friends, we need to unite under one Federation. It is the need of the hour. I''m standing in front of you not as an IFA but as a humanitarian with a request which makes thousands of fellow IFAs'' families in the nation to thrive. Your reply mails will be a first step towards a grand success to get united. I request you if you are a member of any/your local/ state IFA Association you may please mail me the contact details especially phone nos and email ids of the office bearers to samkoshy.cc@gmail.com.

There is a spate of comments over the lack of unity amidst IFA''s to come together to form a national federation to represent one unified voice on the part of IFA''S.Ideally the correct approach should have been to start state level associations with district level or talk level chapters affiliated to it.State level associations should be formed under societies registrations act with a Board including chapter representatives.Similar state level associations should be formed across India and finally a national federation consisting of representation from all state level associations should have come up.This way we would have built a powerful all India federation of IFA''s.respecting democratic principles and individual freedom.Fund houses,investors and distributors are the three important pillars of the mutual fund industry.Fund houses have a lobby in AMFI.investors are represented in the mutual fund advisory committee of sebi.Only IFA''s have no representation and therefore have no say in matters affecting their interests.It is high time we form a national federation to have a voice in formulation of policies affecting us.

For small IFAs(although no one defined yet) but i presume Small IFA means: Who is small in business/ belong to a small town/ facing challenges with changing environment/ having lesser resources ilke money, infra, info, knowledge etc.////// A small IFA must note(albeit all IFA) that there is no option but to unite and come under Umbrella!! FEES should not be matter of concern but strength should be the focus. We shouldnt if management is good or not but look at SYNDICATED EFFORT, to begin with!! Able management team is process of evolution and if YOU are member, you naturally get the RIGHT TO VOTE and CHOOSE. We are debating on "who will manage and fees" before choosing to UNITE under one roof.

Dear FIFA, yearly fee also is not the issue. You try to persuade us, You urge us to join you. You also promise that you will change your organization structure to accommodate small IFAs. But, you don''t come up in clear words how you are going to change your organizational structure to give more importance to the small IFAs! It seems that you forgot, actions speak louder than words. Hope you change for the sake of IFA unity.

Lets ignore the past. Now it is the right time to join all unitedly to raise our voice for all concerned. Dear all association members join together without any ego''s and raise our voice for the good cause and for the future benefits of the industry. You cannot clap with one hand. We need all ifa associations support to represent for any issues to solve. Wishing you all good luck..

As small IFAs from across the nation , as members of local,district, and respective state associations we small IFAs expect the other existing respective associations'' office bearers to comment their suggestions for a wide transformation of FIFA as a usefull common national federation for all of us . Pls correct me if I''m wrong.

I dont agree with statement that 1) FIFA is in hands of Large IFAs 2) is working for large distributors and 3) its for Mumbai based IFAs. Answers: 1) I am the youngest IFA by way of AUM, Vintage as IFA and age and yet am elected as Director of FIFA in Dec 2012'' AGM. 2) Is it wise to believe that FIFA is well accepted by AMFI, SEBI if it was for large distributors????? will SEBI and AMFI would to hear what large distributors feel?? Pls think about it!!! FIFA has represented case for the industry as a whole. Correspondence with AMFI and SEBI is available on www.fifaindia.org 3) If it was Mumbai based outfit than why would we encourage other city IFAs to join and do road shows?? FIFA thinks of difficulty faced by small city IFAs (on infra, knowledge, support, info, Voicing concern)is much more than Mumbai, therfore, the small cities must unite!! It is inppropriate to Judge/comment on anyone''s work without having full details. Thanks, Bhavesh D Damania, Director- FIFA

I totally agreed with many of you... We have to work as a TEAM rather than individual. We must not waste our precious time and energy for just petty matters.

I would say all the respective state heads who are heading the IFA''s society can have common forum to beginn with and let this will enable to have acommon platforum to get united

Much is being said about,the fee structure that exists in Fifa.Particularly on ordinary membership. 1500/- Per Annum is the fees for an ordinary member,with a one time entrance of 2500/-!Is the fee truly high? Maybe we are too used to having everything free.Or asking the atypical question?What do I get in return? For those who have been in this industry long enough,can certainly agree that ,this industry has given us a lot?If we are truly committed to a cause ,of a one voice...then is 100 rupees a month too much?And if it is then: Perhaps its time to raise the bar and take a new approach:If I''m committed to this business,then I might want to upgrade myself to be able to earn enough, that 100/- a month would not pinch ... And as for fifa not representing the small IFA...Fifa has in all its interaction with SEBI emphasized that the remuneration of the small IFA needs to be looked into with an urgency for a small ifa to continue in this business!! As for the structure of the organization, having individuals as members,and particularly founder members and life members with high fees!An organization needs money to run effectively. And we don''t always want AMC''s contribution....I''m a founder member,maybe I may not get anything tangible in return for the one lakh that I paid.But I''m happy to say that I trusted that 1 lakh with people who dedicate their time,energy and have made a sincere effort at interacting with SEBI and finance ministry,and AMC''s ,only to speak on behalf of that IFA too ,who may not have been a member of FIFA.. And as for the structure of Fifa,it is young,its evolving....It does not know yet in its entirety,of the best structure it needed to adopt.It did what it though best. And as Mr.Yogesh Sharma mentioned,that,Fifa is open to listening,evolving... And if every city,every district,every state,wants a representation,then that too is ego....The ones who really contribute,make a difference will eventually shine,be it,Kamfa,Ifa galaxy,fifa....or whichever association... There is truly power in the collective..What we cannot do alone,we can do together....I do pray that we all come together... Masarrat...

I have just gone through the comments from some of IFA members. It is disappointing that we are focussing on rather petty matters and ignoring the larger issues. After the entry load ban in 2009 and subsequent dialogues, which followed, some of the IFAs in Mumbai tried to reach across with the SEBI, AMFI and AMC chiefs the message was very clear that unless the IFAs don’t unite in the country and form a body to voice their concerns, aforesaid authorities would not have time to deal with individual IFAs, since it is viewed as time consuming and non-consensual. After a long deliberation and discussion FIFA was formed as an All India IFA Association to facilitate all the IFAs across the country and also to represent issues with bodies like SEBI, AMFI & AMCs, since most are head quartered in Mumbai, thus facilitating accessibility. In the last one year FIFA has approached and met most of the large regional IFA Association Presidents, and office bearers on a one to one basis and have discussed about uniting under one umbrella. It just happened that most of the initial founder members happen to be in Mumbai when the initiative was started. Today the board represents members from across the country; we have an Association from Indore who is a member of FIFA and their representative as a member of our Board. Also last few months, FIFA had invited all the major regional IFA Association (Presidents and office Bearers) for quarterly meeting with AMFI to take up the issues of IFA’s. FIFA and few of the Associations had raised issues like 1.Registration Fees to be high – AMFI reduced the fees after hearing the case 2.EUNI Registration ( Brokerages were stopped) – Was postponed to March 31, 2013 after the understanding the issues of IFAs etc. We have send letters to many IFAs to understand their problem and so that we can raise these issues on a common platform to the highest authorities and seek a resolution to the issues. SEBI/ AMFI had earlier taken a stand not to meet individual distributors, since each had their own issues and it was not possible to offer solution to individual problems. But as an association, we are better enabled to voice our concerns with these bodies and SEBI/ AMFI are more willing to give us a hearing. FIFA is just a year old and is still evolving.................. I would urge all of you to look at things from a positive perspective than picking up holes on trivial matters. We as IFAs, I believe, are doing a great job and it is important that we stand together and have a common voice to represent our side of the picture, and in that direction I solicit your co-operation in standing together.

first all ifa must have part of local association then go for district association /state association/ then zonal (5) then national body so real strength we can show &get better result

IFA as mean Indiviual or kind of so, so there is issue such as 1) who can lead, 2) can leader can real lead for small IFA 3) can it represent inclusive associaiton 4) can it be geographicaly spread 5) large IFA & Small IFA should be equal which is not seen as on date

We should have at least one association in all states, which does not charge for membership. Why we discuss about fees? Actually associations should wave off both annual & joining fees. All IFAs should automatically get membership of the association. All members should have equal status. Life Member & founder members should not reserve any seat in the committee. There should be federation of all state associations on National level.

To represent a collective voice , there need be no organization. It needs a collective objective. So , simply put forthe the problem statement , which ever the one you are attcking. Then put forth objective questions and seek for an objective answers from all. Then present them forward. From there , emerges the unity by itself. For example : Ask every ARN holder a simple question : like this one : Do you want the direct channels to be closed? ( Yes this is my stright forward answer) or at least 2) Do you want flexibility for AMCs to choose if they want to launch direct plans? - Yes again. We can put forth , these questionairs , and send them to regulator directly or through one of the existing channels. Instead , if we continue to unify the people , it will waste a lot more time. Regards Raghuramam

Basic structure of an IFA federation should be that only associations across India should become members . FIFA , IfA Galaxy , Ask Circle , KAMFA , DFDA and all associations should come together to form one federation . We are looking forward to Mr Ramesh Bhatt

DEAR SIRS, GREETINGS. I HAVE GONE THROUGH THE COMMENTS BOTH BY MR CHILLIKURI AND OTHERS FROM WHICH IT SEEMS THAT THERE ARE COLD WAR WITHIN THE ORGANISATION "FIFA". IN ANY ORGANIZATION, THERE WILL BE HIERARCHICAL PROBLEMS AND SUCH DIFFERENCES MAY BE RESOLVED TO THE COMMON INTEREST BY MUTUAL DIALOGUE. WHATEVER WE DISCUSS, WHOEVER WE REPRESENT, THE ULTIMATE RESULT WILL BE MADE ONLY ON THE BASIS OF STRENGTHENED UNITY. BUT IT IS A DIFFICULT TASK TO UNITE ALL THE IFA ASSOCIATIONS IN THE DISTRICTS AS WELL AS IN THE STATES UNDER ONE UMBRELLA. FOR THIS TASK, THE FIFA LEADERSHIP SHOULD BE VERY TOUGH AND STRONG ENOUGH TO DEAL WITH. FIRST LET THEM HAVE AN IN-HOUSE MEETING OF THE PSTs OF ALL THE ASSOCIATIONS IN THE DISTRICTS / STATES AND GET THEIR SUPPORT WHICH WILL AUTOMATICALLY RESULT IN GETTING THE SUPPORT OF ALL THE INDIVIDUAL IFAs. IN SUCH A WAY, THE RESPONSIBILITIES SHOULD BE DISTRIBUTED IN A DEMOCRATIC WAY. WHERE EGOISM WILL VANISH AND THE SUPPORT WILL BE CONVERGED TO A PARTICULAR PERSONALITY OR TO A PARTICULAR TEAM. AND THIS IS A RECURRING PROCESS AND THIS PROCESS SHOULD CONTINUE FOR EVER WHICH GUARANTEE THE UNITY EVEN IF THERE ARE DIFFERENCES. REGARDS, C N ANNADURAI PRESIDENT - COIMBATORE IFA ASSOCIATION COIMBATORE

Mumbai is the power centre by all means. they should take a lead and form a National association. All other associations (federations) should join them (i am not talking about individual members). it should be as simple as our country''s federal structure. I really do not know what prevents. I pray God that it should happen before some more damge could happen to us.

The only thing that can guarantee the safety of interests of small IFAs is by giving them majority of board strength. It will create some balance at least. Someone suggesting that, come join us, we will change the structure as you want. To change the structure, it requires 3/4 majority (75%), which is almost always impossible to attain. Why wait until someone joins you, why not create trust by making the first move? Is it the ego or is it the un-willingness to lose power?

Rather than attacking personally, if the structural issues raised by Mr.Chilukuri are addressed, it would help to create trust. No harm done until now to small IFAs doesn''t guarantee that in future also there will not be any harm to them. As Mr.SK pointed out, bigger distributors wield a higher power in any set up. Why should we make it a completely one sided affair by filling the board with bigger guys?( a minimum of 60% of board of directors of FIFA will be from founder members + life members, it can go beyond 60% as Mr.Chilukuri pointed out)

asit is true. An association whose office bearers from Mumbai will do good for us. After all its the common cause. We must do it fast.

its absolutely right in the spirit of the changes which are affecting all iFA"s across each sector , region , big , or small that the need of the hour has come to unite for the cause of survival in the industry. According to me the center stage for all activities related to us is in MUmbai thats where SEBI , AMFI , ALL AMC''S CEOS , etc are stationed. We need a strong presence in MUmbai. And what i feel from the perseverance and follow up done by an infant ( one year old ) FIFA has been of great significance and covered a nice mileage. Further its a matter of time if all do not unite under one umbrella we all shall be extinct species in few years. JAI HO.

There seem to be 3 clear issues: TRUST-are the large IFA''s forming associations for their own personal gain ( higher trail) brokerage? Are they out to get the small IFA''s/Non Mumbai based IFA''s? In my view, ACROSS any industry the guy who contributes volumes to a manufacturer has higher bargaining power. So, regardless of FIFA or any other association, the IFA who has higher volumes WILL negotiate with the manufacturer better. If we unite, then as a collective body we will have better negotiation power-and the smaller IFA''s may actually benefit MORE!. FEES If there is trust, then whether the fees are Rs 100, Rs. 1500 or anything else, if you trust the Association, then you will trust that they will not misuse your hard earned money. That does not mean you trust blindly, but take the trouble to understand what is being done with the fees. EGO When we are all struggling to work on abysmal margins, constant interference from regulators and rising costs, can we not all put ego aside and be united? My view is lets work on solutions not focus on problems. To work together, we have to be cognisant that everyone cannot benefit in EXACTLY the same way because one size cannot fit all. As long as there is a democratic process in place, our biggest enemy is csuspicion. Overall, our needs are not different-we are all suffering due to the onslaught of change. Please lets trust each other.

Dear Mr. Sam Koshy, yes we are very much open to suggestions and discussions which can eventually lead to changes through consensus. As long as the intent is clear that we are all working for the same common goal, which is the bettermeant of the IFA Community at large, anything is possible. Thank you for your comments and we welcome you to FIFA.

I''m a proud member of AKIFAA Kerala. It''s the first and only pure Association which has a true democratic election process. But I''m not against an idea of joining another one also which engages with the regulators and the AMFI positively. I''m very much concerned about the small distributors future because I''m one of them. Small IFAs ! If we have an association which is accepted by SEBI and engages with it constructively and if the office bearers commented that they are open to all types of suggestions, from any members or prospective members , why should we stay back? Pls oppose me if I''m saying anything wrong. I like to facilitate the association of the associations/IFAs. Shall the successful association can reduce the joining fees ? Upto which extent it can be reduced? Upto which extent a member can pay as annual membership fees? Will it do good for mobilizing the numbers? Is the successfull association open to suggestions like increasing the voting power of other member associations to the same as their individual memberships numbers ? Pls comment and suggest ! Joining Hands is the need of the hour.

The history of F Product distributors reveals one thing.. "eat alone". In the past also we are not united and a lot of us done a lot of unhealthy practices to protect individual deeds. if we shouldn''t reform it will be the end.

I think there is considerable amount of misconception about voting rights in FIFA. From the perusal of the Memorandum and Articles one will appreciate that ALL categories of members have same voting rights. Different categories of membership have been created to augment the resources and to build up the Corpus of FIFA. This corpus is going to be deployed for pursuing the objects as enumerated in the Memorandum, which are for the benefit of the entire IFA community regardless of the Membership Category. I think instead of suspecting the purpose and intent of FIFA it would be in the interest of the entire IFA community to first get on board and if they find any thing amiss they can democratically exercise their right of being heard and push for change within the organization. To a query by one of the members i would like to assert that FIFA has been relentlessly engaging with not just SEBI and AMFI but with the Ministry of Finance for the interest of IFA''s across the country.

if we have united than only our IFA associations will going to strong

Dear CHILUKURI K R L RAO, can you also please mention whether you are a member of any organisation and/or Association and if yes, are you an office bearer ?

Dear Mr. Koshy, you can send an email to response@fifaindia.com or visit www.fifaindia.org. With regards to Mr. Rao''s queries, let me begin by saying that FIFA was started with an aim and goal to represent a voice for IFAs. It is a voluntary organisation where members and office bearers give their time and money voluntarily for a cause they believe in. It seems Mr. Rao has some concerns on our memberShip numbers, categories, fee structures, organisational setup, etc. I welcome his views and it is his prerogative to air them. As stated earlier, we are a new organisation and none of us have done something like this. After many brain storming sessions over nearly one year we devised the structure. We have always maintained that we are ready and willing to evolve as it is a learning process for all of us. For example, on feedback received on opening of Founder Members we amended the articles of association and have submitted to ROC and is effective from date of application. Also, we must be doing something right to be able to have access to authorities as stated earlier. Also, as rightfully pointed out by Mr. Rao that there are only 2 ordinary members on the Board, well last year there were none and hopefully next year there will be more. That is how any organisation evolves. If, someone like Mr. Rao is cynical of the organisation, then I guess only our work going forward can speak for us. Also, to clarify, we have not applied for any SRO status and have no intention of doing so at this point. Our focus is limited to what is stated in our articles. Also, can anything be pointed whereby any issue raised by FIFA has been pointing towards stifling the voice of smaller IFAs as being incorrectly portrayed ?

Mr.Yogesh Sharma, shall we get answers for the questions raised by Mr.CHILUKURI K R L RAO. As IFAs we expect acceptable answers for these questions.

Friends, I tried to point out the inconsistencies in the comment posted by Mr.Yogesh Sharma, Director FIFA on 19-Feb-2013, in the Question and Answer format { Q) and A) }.It could be FIFA today trying to bulldoze its way into being an SRO or someone else tomorrow. The question we should always ask ourselves is, whether this guy is suitable to represent me with the regulator and the industry? Is he honest in his approach and actions? If the answer to it is no, we know what to say to such guys? Don’t we?

Q)As rightly pointed out by some fellow IFAs in earlier chats, there should be some kind of subsidization of smaller IFAs from bigger ones and so the differential in Membership fees and categories. A) We know that nothing comes for free. There is a cost associated with everything. Can we lose our voice just for the sake of a few hundred rupees more and be puppets in the hands of someone whose interests may not converge with our own interests because of the differences in business models, size, influence, contacts etc.,? What we need is a representative, who represents a majority of us IFAs, who solves our issues, not someone who rides on us to further their own interests. As M/s dalapathy finservices points out, even if half the ARN holders(20,000) form an association to represent us, to become an SRO, with an initial fee of Rs.1,000/- we could accumulate 2 crore rupees. That is way above what FIFA collected from its founder members and Life members (42 lakh rupees). So, what do we want? A subsidy or someone of our own make to further our cause honestly and without any bias?

Q) Furthermore, there is no difference in whether one is an Ordinary Member, Life Member or Founder Member. The only time when voting is done is to vote for the Directorship of the Organization and some preference has been given to Members who have contributed to towards subsidizing the working of FIFA by paying a substantial larger amount. There is no other difference. In fact this year, 2 Ordinary Members were voted as Directors of FIFA and infact one of them was a representative of an Association. A) We vote only once in 5 years and what politicians do with the power of that vote, we know very well, don’t we. Let us dig a bit deeper into what Mr. Yogesh Sharma, Director FIFA, means, when he says “Some preference has been given to Members who have contributed to towards subsidizing the working of FIFA by paying a substantial larger amount”. By his own admission 2 ordinary members were voted as Directors of FIFA. Out of the 11 directors only 2 are from Ordinary members that is a percentage of 18%. It gets more interesting if we dig a bit deeper, out of the total 169 members, 47 members(Founder members + Life Members) got 9 director posts( 82% of the decision making power) and the remaining 122 members(ordinary + association members) got only 2 director posts(18% of the decision making power). This is what I meant when I said “small/Poor IFAs voice will be stifled”, in my earlier comments.

Q) As also asked by a fellow IFA earlier, yes, the Founder Member category is still open. A) Not true, the articles of association of FIFA clearly states that, “no member shall be admitted as a founder member after the expiry of three months from the date of incorporation of the Company”. Also, Fifa’s website says in its “about us” section,”The foundation has received its Certificate of Incorporation on 15th February 2012”. The three months is over a long time ago.

Q) Also, the membership for Ordinary Members is only Rs. 1500/- per year. A) A founder member pays only Rs.100/- per year.

Q)To begin with let me state that currently, we have members from Kochi, Thane, Ahmedabad, Kolkata, Mumbai, New Delhi, Rajkot, Gandhidham, Bhopal, Jaipur, Ranchi, Jamshedpur, Lucknow, Chinsurah, Chiplun, Banglore, Nagpur, Pune, Gurgaon, etc. A)For an organization which boasts of having members from all the above places and boasts of having represented all the IFAs with the Regulator, the total number of members including the members of the association which is its member is 169 at the maximum (Founder members: 37, Life Members: 10, Ordinary Members:60, Number of members of association that is a member of FIFA: 62-Please note that all these 62 members put together have “only one vote”, that is true as a member of FIFA, the association has only one vote, irrespective of the number of members of the association! source-FIFA Website). I am sure this number should have been even less when FIFA came into being and it still is a puzzle for many of us IFAs that how an organization which most of us hardly knew(at that time), got access to SEBI as our representative!

Dear Mr Yogesh Sharma, pls mention the contact/email details of FIFAs concerned office bearer/s for membership !

Dear Friends, it is very heartening to know that there is much debate and feedback on membership of FIFA. It is a start to building future relationships. To begin with let me state that currently, we have members from Kochi, Thane, Ahmedabad, Kolkata, Mumbai, New Delhi, Rajkot, Gandhidham, Bhopal, Jaipur, Ranchi, Jamshedpur, Lucknow, Chinsurah, Chiplun, Banglore, Nagpur, Pune, Gurgaon, etc. Also, the membership for Ordinary Members is only Rs. 1500/- per year. Yes, there is a one time Admission Fee of Rs. 2500/- but only at joining time and thereafter it is only Rs. 1500/- per year. Furthermore, there is no difference in whether one is an Ordinary Member, Life Member or Founder Member. The reason we have categorized them is due to the differential in memberhsip fees. As rightly pointed out by some fellow IFAs in earlier chats, there should be some kind of subsidization of smaller IFAs from bigger ones and so the differential in Membership fees and categories. As also asked by a fellow IFA earlier, yes, the Founder Member categroy is still open. With regards to the voting pattern. The only time when voting is done is to vote for the Directorship of the Organisation and some preference has been given to Members who have contributed to towards subsidising the working of FIFA by paying a substantial larger amount. There is no other difference. Infact this year, 2 Ordinary Members were voted as Directors of FIFA and infact one of them was a representative of an Association. So friends, we are very eager to have as many as fellow IFAs to join us, whether big, small, not so big, not so small, is of no significace as we all suffer the same hardships and yes, we are open to suggestions. Please join and voice your opinion. Let''s not get bogged down into these voting patterns. I can only assure everyone that all their views and voices will be taken into Account and if someone is keen to contribute to the workings of the Association and join on the Board, then we will be more than happy to welcome them.

We should have at least one association in all states, which does not charge for membership. All distributors will automatically get membership of the association. Because of charge many distributors do not become member. There should be federation of all state associations on National level.

Associations must engage SEBI & AMFI constructively . Then only poor distributors will get benefits of joining an association. It''s the need of the hour to join to one.

associations must respond to the discussion. associations are meant for the support of IFAs , for successfully bringing the problems of IFAs in front of SEBI. when there is such successful association exist what is the point of other associations in India. the members must be allowed to join the successfull one. those failed ones should disassociate themselves and re- associate with the successfull one. office bearers of associations are keep on saying that we are open to any dialogue , but are they really ? I doubt the associations as meant for vested interest of certain individuals. like other IFAs also doubt. should we give the membership again for these failed associations ? think and respond ! it's our forum !

Why KAMFA , PIIFA, TNIFA, AKIFAA, ASK circle and other associations are not responding ? Do they really want the creation of national federation of association to happen ? Or are they just telling the members that we are open to any dialogue but actially shut their doors closed for a national election ? Respond please members ! Or at least office bearers !!

FIFAs membership fee is too high for a normal IFA. If they are really interested in making poor IFAs to join them, they must make the fees 1200/- annum. This is the maximum. If there are other members who joined in FIFA with higher memebership fees then return their balance money by adjusting with the new members membership fees. Almost 40000 IFAs are in India now. If half of them is joining now the membership fees is more than enough to return the excess to FIFAs older members. Every member should have equal voting rights. Is FIFAs directors Mr. Lovai Navlakhi & Mr. Yogesh Sharma are ready to move forward with the proposal then comment pls !

To become a life member in FIFA is expensive for small advisors. Life member fee is a big entry barrier. May be they can become an ordinary members. But what is the use to become an ordinary member without having a voting right? If the voting rights are in few bigger guys’ hands, how the small advisors interest will be protected? Financial support is must for running any organization successfully. For that, they can raise the donations from the industry and voluntary contributions from the members, instead of putting high entry barriers. Hope FIFA will take steps towards to create confidence among the small IFAs.

Let there be no joining fee, or let it be very less so that even the smallest distributor can join.

Membership fee of FIFA is too high.

Rather than imposing something on these worried souls, if someone could change the structure in such a manner that it addresses their concerns, may be we will see the unity that we all need so badly now.

4. Indians may be bad at many things, but are not so bad in creating democratic set ups and democracy. Yeah, most of the smaller IFAs are not so smart and not so sharp as their AUMs indicate, but one thing they know well is “the importance of vote”, after all most of them are exercising their vote for a long time now, aren’t they?

3. Years of experience in this industry taught small IFAs that big distributors will always have their way with fund houses and have a bigger share of the pie (Glaring differences in trail commissions and other incentives paid by the fund houses to big and small distributors is an example).Because of their bad memories, small IFAs will always have this nagging doubt at the back of their minds that, bigger distributors are hand in gloves with the fund houses. In such a situation it is only natural that an association formed and promoted by bigger guys, will not inspire trust that it will fight for the smaller guy too.

2. An individual can join FIFA as a member and so is an association. Individual will have one vote and so is an association that has a few hundred members. What kind of democratic set up is this?

1. Money Decides: The articles of association of FIFA says, “At any point in time at least six out of the eleven members of the Board of Directors or 60 percent of the total strength of the Board as rounded off to the nearest whole number shall be out of Founder Members and / or Life Members”. Can anyone become a founder member now? No, that door is closed. Can anyone become a life member now? Yes, pay up Rs.50,000/- joining fee. How many IFAs can do this right now? Very few. Money decides, not people. The entry bar is so high that the board representation of small IFA becomes negligible and his voice will be stifled.

Blaming is easy and introspection is the toughest thing that a person can do. Yeah, I forgot, we are living in an industry which is not known for its “introspective ways” and we are habituated to course correction only when someone puts us under hammer, aren’t we? We all know that we distributors are willing to work even for Rs.100/-, to survive. An egoist can’t do that, can he? May be it is not the “ego” then, may be the right word is “Lack of trust”. How does this lack of trust come about, we will see.

It is good that there is dialogue, though on a public platform, about the unity of IFAs. May be, washing the dirty Lenin in Public, symbolizes the low margin business that we are operating in. May be wealthforum is the air conditioned conference hall of the poor IFA, as it is helping poor/small IFA voice his concerns. Is FIFA, supposed to be the representative of all the IFAs(and may be the future SRO that SEBI is contemplating) , representing the poor/small IFA? If it is doing so efficiently, then why aren’t these small IFAs gravitating towards it in droves, even after the best of IFAs in India backing FIFA and even after all of us realizing the need to be united to fight the extinction of the IFA due to the vice like grip that both fund houses and regulator are applying on us?

Everybody want to get jointly plateform how it become whole country reprent near by mumbai state first you are find how to collect one plateform first call open debate with the all state representive call open metting and discuss with all distributors because some state where the highly disturb by the sebi as well as amfi

Dear fellow IFAs, it is very heartening to note that atleast there is a loud enough voice of concern on the lack of Unity amongst us IFAs. It is infact due to this very important reason amongst others, that FIFA was conceptualised and formed. You all will be glad to know that yesterday we completed one year of FIFA. Yes, we are quite new in terms of our Association's tenure but most of the Members of FIFA have been in Business for atleast 10 years and more. Even in this short tenure of one year, we have been invited to the Finance Ministry meeting twice in Delhi, with SEBI several times and with AMFI on a regular basis. Due to fact that quite a few of the Directors are from Mumbai, there is the ease with which we can interact with SEBI and AMFI officials as well as Fund House Heads. We want FIFA to be a platform for all IFAs and IFA Associations to use to get the united voice and concerns to the Regulators and AMCs. We do not want any Association to loose their individual character, charter or strenght. But, unfortunately, besides one Association, others have some excuse or the other to not join the common platform FIFA. But, we are very gald that every month we have new individual members joining FIFA to strengthen the common cause and I urge each and every one of you who has been part of this discussion, to please enrol with FIFA. You do not have to loose your identity of membership with your local Association as mentioned by Founder Member and Director Lovaii. Besides adding to the common voice, there are a lot of benefits to joining FIFA. Please review our activities on www.fifaindia.org and let us not be part of just a discussion group. Let us be part of a focussed movement called FIFA

The structure of existing associations are he main culprit on this. Then comes Ego, vested interest, power struggle, registration problems etc. We are advisors for any financial problems of investors of any kind. Why we can't find a solution for this problem?... Dear friends think and act fast. It is the most important thing we have to finalize soon.

The simple answer is Ego. If I set up an association earlier with an INTENTION to represent IFAs in my region, and someone else's association which came later, but overtook me in the representation, I feel hurt, slighted and make many reasons why I should not join that association. Fact of the matter is that we need an association which can establish a dialogue with SEBI and AMFI -- and it is but logical that the same has representatives from Mumbai. FIFA did start later than many others, but took the lead and getting their voice heard. We can sit outside and say they do not represent us; or else join them and influence them to carry our voice. When regional associations asked them to desist encouraging/ seeking individual (regular) members, they did. For example, I am from Bangalore, and have enrolled with KAMFA -- but I felt I needed my voice heard at FIFA, and hence also became a founder member. I am also on their Board, and am thrilled to report that last Saturday, FIFA conducted a day long program with Indore Insurance and Investment Advisor Assocn (IIAA) -- who are members of FIFA (AS AN ASSOCIATION) -- where over 60 advisors benefitted from the experiences of a few of us FIFA members. We also met 40 local investors from one other advisor, who is also an individual member. It's only when other associations will start seeing the benefit of such interactions, that they may decide to enrol with FIFA. My views may therefore be treated as biased; but I genuinely feel the time has come for us to put our ego aside and work to the mutual benefit of one another -- and that can only happen with dialogue and communication.

In India people are actually living in the midst of a bad political culture which involves vast horse trading. People are automatically inclined to this character. So , one never like to let other survive or live. When it comes to IFA unity the same problem arise. Why should I surrender my power to other office bearers of some other new Association? Throw your bad Ego and you will find real happiness and peace .

Very important issue but everybody simply forget/ dont discuss this. Some local Associations don't want the joining to happen. So, how is the joining suppose to happen? It is a very important issue which all IFAs/distributors must discuss and find a democratic solution immediately. Orelse expect very big harm in the near future!

This is actually a necessity which no IFAs and Associations can resist. We have different states in India. Each state has different districts. We can elect 1 IFA member from each district towards the state Association. One or two members from each state can constitute for a National Association. Then on behalf of IFAs 2 members each from this national body should be elected to negotiate with SEBI& AMFI boards. Am I practicable or not ? Pls comment !

YES SIR I AGREE WITH YOU I THINK WE SHOULD UNITE AND FIGHT WITH THE REGULATORY WHO WANT TO TAKE AWAY OUR BREAD AND BUTTER,

Most of present associations not obey transparent processes but act as mouthpieces of few powerful and indirectly protect AMC interest first. The major problem to form national level entity for all is fund and self ego; we need clear revenue stream to run our chapters at city/district, state and national. RS 100 per year fee per advisers will be more acceptable ; which can be distributed as 40 % at local/city/district level chapter management expenses; 30% at state level and rest 30 % at national level. every chapter elect one member at state level and every state elect one member in national Assembly of IFA's which elect their president, voice president, secretory, General manager & treasury manager. they should have interactive website and regular publications to empower all IFA,s they must earn as advertisement from AMC's and other concerns; able to fetched 0.01% of AMC,s fund otherwise disallowed them from IFA's services. from their surplus fund they boost IFA's infrastructure, provide credit to needy and small/new IFA's to improve their infrastructure hence business. if any one want it must contact with me at shantibhushan@sunilfinancial.com LONG LIVE IFA's

HOW DO I RENEW MY ARN? DO YOU HAVE ANY 2 DAY TRAINING AS REQUIRED BY AMFI FOR ARN RENEWAL? PLEASE REPLY ashish@sourcecodeintl.com

Maybe they're scattered in various cities. Secondly, traditionally our culture is "don't give option, but form ONLY one, and make compulsion for membership". Thirdly among the large IFA association, major city-wise they can initiate to come forward onto a common platform. Also platform like this (Wealth forum), or some social website to be used extensively to unite most of IFAs. Regards,

Dr. Gautam Haldipur has sensibly noted the democratic structure of a true national federation. We already have ALL KERALA IFA ASSOCIATION with the exact structure. I'm proud of the way they operate. They elect representatives from each district to the state association. its really admirable. Why other Associations can't follow suit? If needed other Associations must change their structure and registration like AKIFAA. I'm sad that I cannot be in this proud association because I'm from other state. If someone want to consult this Kerala Association have their contact details in wealthforum. As someone noted, the structure of the associations, mere ego, personal interests of individuals who drive the associations, are the problems to get united. Right ?

Every IFA association should have one common aim is, to protect the interest of the advisors. If every IFA association is working on their own way it is very difficult to convey "ONE VOICE" to the regulator. I think the reason behind not to Unite these associations is, Structure of these associations. Some of the IFA associations and their heads designed the organization structure to protect their own interest and not the common interest of the entire advisors. The new association of the associations is possible only when there is a 100% democratic system in place. IFA associations need to protect small advisors interest too. Then only it will be a true representation of entire advisor community.

This is the right time to gether every ifa member in joint hands so the Sebi will stop interferance with IFA today the time has fight with the Sebi against forced ruled on IFA. I request fight against black rules passed by the sebi.

I am surprised to see a few of my IFA colleagues expressing their emotional dismay with the state of affairs. It is not too complicated a matter as it has been made out. All it requires is unified thought process, thinking & implementation. Following are the steps which should achieve the required results over time:- 1) Form a local Chapter 2) Affiliate the Local Chapter to the State Association/Body 3) Have 1 representative from each Local Chapter on the State Association. 4) The state forms a mini federation. 5) Send 1 representative from each State Association to the National Federation. 6) Have 2 members each from the National Federation to interact with AMFI & SEBI respectively. All this will ofcourse go thru trial & error with its own ups & downs. It is not going to be a smooth ride. But there is no reason to despair. Things will fall in place slowly. You have what you want. Remember that the criteria for sending members at different levels must not be guided by favoratism but by sound principles like:- 1) Integrity 2) Vast Knowledge on working of the Industry 3) Excellent communication skills 4) Ability to influence decision making significantly 5) One who can devote fair amount of time for this type of work & is not influenced by emotion but works by hard practical logic This will see fruitful results in about a year or two. Any takers?

The best thing to do is shut down all associations. It has been counter productive and added more damage to business than improve. The regulator SEBI will do what is in the interest of the Investors. DIRECT is the result of having associations.

IFA Galaxy had attempted to make the south inidan federation. The proposal was that all the associations bear the expenses equally. PIFAA (Pondicherry Individual Financial Advisors Association ) has only 50 members. If the expense for any federation issue is Rs. 1 lakh and if there are 4 associations then each one bears es. 20 k each. An association which has only 50 members cannot be expected to bear the same cost compared to an association which has 200 members. PIFAA had objected to this. The Karnataka Association had for some reason not gone on to join this federation. Reg the FIFA , it does not follow the correct tenets of a federation. It allows individuals to become members of the federation. Correctly only associations should be the members and each association should have a representative in the management of the federation. One of the reasons for the southern associations not joining FIFA is this point. Yes there are too many different voices amongst the IFA Commiunity itself which is not helping the formation of a representative federation.

YES SIR I AGREE WITH YOU I THINK WE SHOULD UNITE AND FIGHT WITH THE REGULATORY WHO WANT TO TAKE AWAY OUR BREAD AND BUTTER, I THINK IN INSURANCE WE REGULATORY IS IMPORTANT WHERE AGENTS ARE SELLING BY TELLING ANYTHING TO PEOPLE WHERE SEBI IS DOING NOTHING AND IN DIRECT EQUITY SEBI WHO IS A WATCH DOG BUT GOD KNOWS WHERE HE IS WATCHING WHAT IS HAPPENING IN EQUITY MARKET SMALL INVESTOR ARE BUTTCHERED DOWN SEE ARSHIYA WHAT HAD HAPPEN TO IT WITHIN 15 DAYS ? 114 TO 36 WHERE IS EBI IT S JUST AN EXAMPLE MANY MORE ARE AVAILABLE LAST YEARS IPO AFTER GETTING PERMISSION FROM SEBI WHERE THEY ARE TRADING 100 RS STOCK BELOW 9 WHO IS RESPONSIBLE REGULATOR WHO ALLOWED SUCH COMPANY. SAHI HAI BADE LOG KA TO SEBI KUCH BIKAD NAHI SAKTI ISLIYA HAMMARE PICHEY PAD K DUNIYA KO DIKHA RAHI HAI WATCH DOG ROLE. I HOPE U ALL ARE AGREE WITH ME

I also Agree

None of the IFA associations has done anything worth quoting, to protect the interest of IFAs . Enough damage has been done by SEBI during the last over three years and injuries inflicted on IFAs cannot be healed easily. Formation of Associations did not serve the purpose for which it was designed. Uniting the Association at this stage will not be of any help. Both AMCs and IFAs are totally sick now attending only to redemptions. We are at the dead end. Time has come now to say -QUITTS !!

Yes , Agree

Definetly need of the hour. we need a sinlge platfrom to come together. Unity matters. I do agree with Mr KRL Roa.

Yes it is the time to unite and see that the existence of the association should prevail and a fair deal is provided to advisor fraternirty.

Yes. Definitely in today's our national environment A federal Network system of our I f a Associations with horizontal and vertical integration of all the units mushroomng all across our country is most desirable. This will be in perfect harmony with the mission & vision Of our Association of mutual funds in India as well.

Yes. Definitely in today's our national environment A federal Network system of our I f a Associations with horizontal and vertical integration of all the units mushroomng all across our country is most desirable. This will be in perfect harmony with the mission & vision Of our Association of mutual funds in India as well.

Power struggle. What else? Otherwise in such adverse conditions don't you think we should have been united? Who cares? Really sad.

The main hurdle to form a federation for IFA with PAN india representation as given to understand that many of the state wise associations are not registered secondly some of the associations have taken a stance of working as stand alone like KAMFa, and others taken a view that for the time being they would wait to see how it shapes. FIFA ..as it was given to understand that in their governing body they wont allow the representation from all the states........ hence its a case of who should bell the cat ........God only save IFAs

Need of the hour. Fast action needed inorder to survive the arrows from SEBI and AMFI. There exists some high AUM distributors who think that they are controlling the entire industry. They will never like this unity to be happened because they have their own personal interests by sitting in the Assiciations driving chairs. If all associations become united they fear they will loose their power. Actually they don't know the foolishness they are into. Lets pray so that God show them true way !

Mr. Mohanan, I too suspect it sir ! There exist some vested interest behind the associations to be separate. Orelse it is time up numereous times for joining for the common cause of distributors. I doubt whether the newly proclaimed SRO will be another one like AMFI which is doing everything to destroy IFAs. We have to take care of ourselves. Good Luck for us !!!

Dear Mr:Sam; I am also joining with your opinion in this matter; realy suspect some vested interests performing behind the Associations.otherwise the leadership must come in a joint platform to discuss the various issues faceing the IFA community. Thankyou S.Mohanan Kerala IFA Association

Having just one association may not be feasible given the complexity involved in representing the advisers of different cultural, geographical,business model linked,size of AUMs linked back grounds. May be the best way forward would be having an association of associations, where in each individual association will be given voting rights in proportion to the number of members in that association. This way, we can develop a set up which is truly democratic and represents all sections of the advisers. Some big distributors may not agree to this proposal of having voting rights in proportion of number of members but ultimately it is not an association of "AUMS" but "the association of people" that we are aiming at. The regulator may help sort these differences out so as to facilitate an SRO of Mutual Fund distributors.Fund houses too can be a part of such an SRO. Such an SRO if formed, would be truly representing the interests of Mutual Fund industry and do good for the industry in the longer run.