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Friends, AMFI is doing nothing but helping big players of the industry in the name of good of investors. We the individual ARN holders are the pillers of the industry but AMFI always want to ruin us. AMFI should reevaluate themselves what they can do without us. Most miss selling is done by the big players but they blame us!!!! Don''t know what ''ll they do in the future. But friends we should unite in advance for the bigger challenges of future. It is coming

This is a serious matter and we should raise our voice in the system .

By promoting Direct business, SEBI/AMCs are going to further kill the business and then the whole India will cry on the dependency on FII money to run our country. For every business, you need a strong distribution model and Customer is ready to bear the cost of a good advice. Instead of promoting the Direct business, SEBI/AMC should focus on good quality advice and this is possible only if Career/long term IFAs are being developed. But the actions of SEBI/AMCs are not in favour of giving long term career to IFAs.... Are they really serious about this country/customer/employees and even the stake holders... A Big ????

hi, we can do one thing i.e we can do review every year by charging 0.5% on port folio by converting non performing sips into performing sips.

This is not a fair practice, AMFI & SEBI should not do anything like this which may reduce attraction for new comers. An industry stop growing when young people do not come in the system. With this step future security of all IFAs(new/old) will be badly impact. Due to this no young boy would choose to be a distributor of mutual fund industry. Regulating bodies may think again in this regard again.

I agree with Mr Lovey Mehra

This is big threat of our future sip of long period. kindly see the matter.

I am not able to get low expences in Direct plan.If Sebi want to introduce direct plan then it should start new fund for that.why amc or new investor should get benifit of old Aum created by us.i am requesting all associations to put presure on sebi- Amfi to start direct plan in new schemes & not in old schemes.Our past efforts should not give advantage to new direct investors.Atleast we should be benifited for what we had done.

Friends, Why should we waste our valuable time for mutual funds. Redirect your potentials to LIFE INSURANCE, HEALTH INSURANCE,GENERAL INSURANCE, NATIONAL SAVINGS ,FIXED DEPOSITS, HOME LOAN SERVICING Etc.. You may get a good income from the above sources to lead a good live. SEBI is the worst regulator in the world. Please remember we are not slaves, we are warriors. Why such nonsense ideas only comes to these entities. If you don''t want any one to invest in the market, just stop the gambling in the name of SEBI. So no one comes and invest in mutual funds. They will go for safe investments like insurance, bank FD and other instruments. AMFI must rethink on this issue. Very few IFAs are active today & dare to do business. Saving is the keypoint of our economy & agent, IFAs are instrumental in getting it.

No industry other than MF industry is bent upon working against its Distributors. Regulators and AMC''s think they can do without distributors . Let us request the entire world to ask the GOvernment of India to pass the following orders for the staff and of the regulators ... all experienced and newly recruited staff is herby informed that with effect from 15th April 2013 they will not be paid any salary and conveyance as it is too expensive for the organisation which has to pay them salary from the hard earned Taxes collection by the Government. The Staff is Hereby advised to collect their monthly Salary from the investors who shall approch them for resolution of complaints and other matters. All Staff is advised to keep a donation collection Box on their table. The more competent shall earn more and will be suitably compensated by public as per the quality of service rendered by Them" ..... Let us challange all these authorities to dare to pass this order in their offices for 2 months only as a Trail basis ...they will then understand the ground level of problems which IFA''s have been facing for so long

Absolutely agree with Mr. Ramesh Bhat. In fact, this is UNETHICAL AND ANTI-BUSINESS POLICY. The efforts done by distributors can not be so easily destroyed. If one wants to change to Direct Plan, he/she has to first cancel the SIP in the existing plan and then Register a fresh one under DP. When Babus (Authorities) talk of Ethics and Protection, why they are forgetting the above UNETHICAL AND ANTI-BUSINESS APPROACH towards distributors ???

Mr. Bhat said is if true then it is very dangarous for us and we should come together to fight against it.

Firends, Its very unfortunate that the industry which is dependant for more than 90% of its Retail (individuals) business on distributors or broker has come up with so harsh decision which is completely against the Distributors & where there is not a single step for their protection of their Hard work, Services etc.

ramesh

If the customer needs direct, he should stop the existing and go on with a new sip under direct. Otherwise it will be big hazard to the DISTRIBUTOR community.

If I want to buy toothpaste or TV set directly from manufacturer, I cannot. Why should then investors are allowed deal with AMC directly ? Also, I fail to understand why an investor should give up .5% willingly, if available. All IFA should stop selling mf for the time being.

Mr. Bhat said is if true then it is very dangarous for us and we should come together to fight against it.

Yes my friend stop sebi that activety

Yes my friend stop sebi that activety

The point raised here is very true & should be get urgent notification to AMFI . The hard work for educating , convincing , & time spent done by broker, & now the investor simply move away to direct plan. Also when ever he want any advise or got any problem , we have to help . This is not fare to all advisors & for mutual fund industry. Already above 30 lac folio has been closed , so how the new buisness will come ?

Friends, Why should we waste our valeuable time for mutual funds. Redirect your potentials to LIFE INSURANCE, HEALTH INSURANCE,GENERAL INSURANCE, NATIONAL SAVINGS ,FIXED DEPOSITS, HOME LOAN SERVICING Etc.. You may get a good income from the above sources to lead a good living. SEBI is the worst regulator in the world. Please remember we are not slaves, we are warriors

it is highly rediculous and threat to distributor life. it is against the industry longrun.

This thing certainly change the mind of investor and this lead to steal our bread and butter.AMFI should think of it .otherwise no need of selling long term sip

This is just shocking...i think the regulators and the AMCs are not properly understood the concept of Distribution of products/services through Distributors and how to protect the interest. This is a very worst situation..and you can't see in any of the industry who are selling their products/services through distributors..

Dear All Friends, After so long waiting and patiently looking into the regulatory changes from AMFI and SEBI, finally my patience broke up and I want to ask to each and every distributor to take part in it. And, I ask SEBI and AMFI Persons, is there any one who is thinking about the Distributor Fratenity or they want to sweep us off. If they want the 2nd option, then they should straight forward announce so that we may move our boat to one side of the river rather than sailling with wind of hope. Its very worst situation and we don't have words to criticize the decisions of regulators. Too...too...too worst....

In economics, there is Roger Gresham's law which states that bad coins drive good coins out of circulation.SEBI's recent dicktats only confirm's my views that SEBI is convinced that IFA's play no useful role in the growth of mutual fund industry and the MF industry &AMFi are mute spectators to steps SEBI is taking to decimate the IFA community.IFA,s are the foot soldiers of the industry and if they leave the industry in disgust I wonder who will fight the war of retail penetration. After 30 years in the industry I have lost faith in the regulator and am seriously examining options outside the industry which is unregulated or less foolishly regulated.R.Lakshman

Why such nonsense ideas only comes to these entities. If you don't want any one to invest in the market, just stop the gambling in the name of sebi. So no one comes and invest in mutual funds. They will go for safe investments like insurance, bank FD and other instruments.

This is another Penalty to Distributors (IFA Community) for non performance of funds /or/ poor management of AUMs by the richly paid Fund Manager's. Instead of cutting their salaries and sacking them, they want to further cut down the Distributor Nos. I fully agree with to the above views, that: a) SIPs procured by us MUST continue in the existing plans b) Investors be asked to stop existing SIPs and AFRESH start new ones themselves under the direct plan, if they wish to do so c) SIPs that we procured be so conveniently Should NOT moved away from existing plans to direct plans

yes sir i agree with you we

YES

It is injustice done to the Distributors. The hard work and labor in procuring the business goes waste with one stroke that will end up in the loss (morally and financially) to the IFA community as a whole. AMFI should look into the matter and correct the system. THANK YOU

It is injustice done to the Distributors. The hard work and labor in procuring the business goes waste with one stroke that will end up in the loss (morally and financially) to the IFA community as a whole. AMFI should look into the matter and correct the system. THANK YOU

This indeed is a big blow to all those advisors who have endured lot of hardship in creating clients. I think all of us together must take the matter to High Court/Supreme court. SEBI simply cannot take way our Bread.

This indeed is a big blow to all those advisors who have endured lot of hardship in creating clients. I think all of us together must take the matter to High Court/Supreme court. SEBI simply cannot take way our Bread.

Amfi/Sebi is making coffins to IFAs free of cost! May be in the past there have been huge mis-selling. And that is because the regulators were non existent or sleeping. Those mis-selling brokers are absconding after the market collapse. Investors are still searching for them. We are made a scapegoat by the regulators. It is very difficult to hold our investors with us because majority of the investors are transacting online and they may change the broker code to "direct". After all GOOD THINGS NEVER LAST FOR EVER. Regards,

(a) Investors who had registered for Systematic Investment Plan facility prior to the Effective Date with distributor code and wish to invest their future installments into the Direct Plan, shall make a written request to the Fund in this behalf. The Fund will take at least 15 days to process such requests. Intervening installments will continue in the Existing Plan. The above mention things cannot be acceptable, at least they should not accept on the request letter, but they can do it with the concent and confirmation of the distrubutor, this type of clause should be their & also the fund house has to send the necessary intimation to the distributor also, so they also can stop giveing services to such client.

This is nothing but a slow process of ABOLITION of intermediaries particularly IFA community by SEBI &AMFI. It is totally UNFAIR to induce our investors to shift their Fund and future SIP installments into direct plan. No wonder Postal department gave up selling MF on 'No entry load' issue..now Slowly big instituitions will also rethink selling MFs due to this issue since this move of AMFI will affect every intermediary..

6) Try to create an All India Mutual Funds Investors' association and draft a letter to SEBI that they need all distributors and no need of direct class.

ACTIONS NEEDS TO BE TAKEN VERY IMMEDIATELY: 1)Immediate Formation of an All India Federation of Mutual Fund IFAs/agents/ advisors/ distributors. 2)File a suit again SEBI in the (SAT)Securities Appellate Tribunal in (Kolkata ,I think). 3)Before doing (point 2)Consult a very experienced advocate. 4)Immediate call for a NO MOBILIZATION for at least 2 MONTHS nationwide. Remember to feed our family by mobilizing corporate Bonds/ FDs ets for at least 2 months. 5)Call each AMC Top management and ask them about their stand. 6)All AMCs will be having good relations with some of the Key IFAs in every cities. Call your close AMCs guys and tell them we are planning to do other business like corporate/ FDs.

Mutual fund industry is already facing so many problems.this decision will adversly effect business of mutual funds.A option is available to investor from 2009,who wish to invest in MF directly.Data shows that only 2% business come directly.AT present mutual funds does not have their offices in remote areas.We built our data base and investor ground.Why MF industry sending option letter to present investors.If MF industry wants to sell funds directly they should search new investor and sell product to them.It is not proper to use present database which they have.If they will do this than they will loose their business in remote areas.Datas shows that still in rural areas public does not know about mutual fund. so AMFI must re-think on the issue.Agents interest should be save.Every financial product is sold through a channel.

AMFI must rethink on this issue. Very few IFA s r active & dare to do business. Saving is the keypoint of our economy & agent, IFAs r instrumental in getting it.

In 2009, when entry load was abolished, then also existing SIP were allowed to run with entry load and many such SIPs are still running. Why AMFI did not give similar options to investors then? What makes AMFI think about investors benefit now? Is there any such guidelines from SEBI to give such options to investors? If no then AMFI should refrain from issuing such guidelines for the sake of protecting the spirit of the business. Giving cooked business to fund houses without any efforts from their end in procuring these SIPs is against the spirit of business done under Principal-agent or principal-franchise model.

I'm personally against of this move by AMFI. I think, we are in a phase to get guideline of selling MF schemes to build our own career.

WHEN BABY IS INFANT, PARENTS SHOULD TAKE CARE OF HIM. WHEN HE IS GROWN UP, HE SOULD DESERT THEM

WHEN BABY IS INFANT, PARENTS SHOULD TAKE CARE OF HIM. WHEN HE IS GROWN UP HE SOULD DESERT THEM

In India all medicines are available in medical shop. So many patience know which medicine they use.But percentage of medicine purchased by directly is very few. Update your profession like wealth doctor.

all marketing funda work as ' base of sales after sevice' if v want continue attach our clients or existing business than v take seriously steps to bond our business to builtup process, coming years wil take our test but v ready to it... and here v giv and tak promise. this time v all are ready to next change, clients maybe go away!! but u dont go away urself..keep it awerness

I fully endorse ur views that AMFI should seriously examine the matter with a balanced approach .

I believe they (investors and AMC) are right in their perspective. I simply put an example, do we like to go to HYPERMARKETS or online shopping rather than buying from our neighborhood Grocery LALA ji....choice is upto us......same way for investors...... we should have more bonding with Investors/clients....that they find value in continuing relationship........ for our benefit, we should not look at business procured earlier,should continue giving us benefit ...infinitely. After all Things are moving from Passive to DYNAMIC management. Lets upgrade ourselves....be more learned and educate client from different perspective.....Lets hold their hands. They will be with us.

Dear friends Its time to take action be unite and select a date like 21/12/2012 end of distributors day and surrender all our AMFI CERTIFICATE, ARN CARDS & give a strong massage to AMFI that mutual fund industry come to end .the biggest threat is that we worked day & night to take a application at the time of recession as SIP are now in good growing position all our work & efforts will be futile.COME ON WE CAN MAKE A DIFFERENCE BY OUR STRONG & UNITE OPPOSE. LETS WE PROTEST THIS.

Dear IFAs, Are we willing to UNITE and surrener the ARN card or atleast convey "we will not do MF business"?? Time has come to stop selling MF!! Time has come to show unity and disagreement in more effective manner.

At this rate, it is better to surrender all registrations, and request AMFI to abolish this distributor system.

At this rate, it is better to surrender all registrations, and request AMFI to abolish this distributor system.

now, it is my request to all amfi registerd arn holder association that, if this kind of practice is going on by amfi that we all have to surrender all our arn no to (license) on same day from all over india, so, govt may open thier eyes on it, because now, there is no requirement of amfi certification to make investment in mutual fund advisors in india, because if a investor can direct make investment without amfi code (means he/she should not require to clear amfi exam)

It will be better not to introduce new mutual fund investors in SIP till the issue is sorted out. Once after introduction AMCs will send a letter to make the investment direct. To avoid it is better to avoid new investors. Further the FM and PM are ready to induct more distributors by enrolling retired teachers and postal agents. Good luck to them.

they just want to grow insurance industry, if MF will grow who wil purchase insurance, then how can they fool the investor by holding their money for 5 years and getting 5 to 10% of his fund every year ,and invest the money where ever the govt wants to cover their disinvestment policy.

profit should be reach to investor but all type of fee and load should be aplicacble same AND MINIMUM to all investors either retailor or institutional, Direct plan will demoralies the distributors. And this not looking good for Industry also if not possible than sebi should restricted to all distributors to sell plan.

When our own industry body itself is not siding with us, how can we expect the regulator to think about us. The industry body is also become an investor industry body and not for IFAs. It has never thought about IFAs, it seems everyone wants to regulate the distributors., SEBI, AMFI, MFs. We are all pariahs, no mai- baap.

Of late SEBI goes on issuing orders only to curtail the distributors role in the mutual funds. As such it is nothing but mockery the system of ARN renewal, conducting examinations,etc. They have powers to order no distributors are required. SEBI can do all the activities of marketing with its own people besides regulating share marketing. Then only they could know the strain and pain the distributors community encounter with the investors.

.WE SHOUD BE CAREFUL & GIVE PROPER FEATHERTOUCH SERVICE TO CUSTOMERS BY EDUCATING THEM -----------BARANWAL ASSOCIATES,VARANASI,MOBILE-09935591592

AMFI is surely moving in the direction of destroying MF Industry and MF Distributors.

AMFI is surely moving in the direction of destroying MF Industry and MF Distributors.

This act is somthing like killing a hen (IFAs), who gives golden egg to Mutual Fund industry and have made a common man an investor. How AMFI and SEBi can act like this. Probably, they want to kill profession of qualified distributor, so that a common investor shall remain financial illitrate and can traped by misleading sales advertisement of Mutual Fund house.

This act is somthing like killing a hen (IFAs), who gives golden egg to Mutual Fund industry and have made a common man an investor. How AMFI and SEBi can act like this. Probably, they want to kill profession of qualified distributor, so that a common investor shall remain financial illitrate and can traped by misleading sales advertisement of Mutual Fund house.

I think it will be better for AMFI to cancel all ragistration of IFA , giving slow poison is not at all good for poor IFA , atleast in this case they will be albe take proper dicision .

IFAs bringing business and AMCs robbing IFAs gains are indeed bad

This move indeed is a game plan for looting the new investors who are usually introduced by us, to lure them for meagre sum and push them rubbish in future. This policy was first introduced in india by the british, you see, still has its uses. "DIVIDE AND LOOT". Generate more instances for conflicts so the ruler remains safe.

If we see the recent changes what is happening in the mutual fund industry, in every regulatory change the one and only beneficiary is Mutual fund AMCs. Not investors and not IFAs. The IFAs who are contributing more in terms of equity inflows to AMCs and in terms of investor’s education and awareness are overlooked. Mutual fund AMCs are saying IFA channel is very important to penetration and sustain the mutual fund industry. If those words are comes from their bottom of heart they are not supposed to take the decision, which is impacting the IFAs severely. AMCs fought with the regulator and finally succeeded to protect their own profits with the help of recent regulatory changes. Now they don’t bother what is going to happen to IFAs. This is the time to protect ourselves; we need to put pressure on AMCs and AMFI collectively.

We don't know Why Mr.Chindambaram always trying to pull down the market either by not giving the commission to to the distributor or by asking the investor to put the money directly. The market was collapsed because of his intervention. Then why he don't want to ask the M.P.s and MLAs not to take the pension and not to take the salary from the Govt. as Govt has no money to be given to the honest workers.

i appeal all the insurance agents and organisations of insurance agents to support the move to not to introduce direct plans.there miight be less than 100000 mf advisors but there are about 25 lac insurance advisors and they have very mighty lobby. anything is possible in this world,today direct plans have come in mutual funds,tomorrow in equity broking and then in life and general insurance industry. mf advisors will only 0.50 5 upfront and trail,that will be gain of AMCs. but insurance advisors will lose 5.00 % in remaining years if your customer throws you out of his policy. agents of all other financial services like post offices,stock brokers and the sub brokers must join otherwise things are dangerous.

AMFI and all Fund Houses are willing to introduce direct plan, it is fair. Fund Houses should design such a new fund where investors should be given chances to invest directly without intervention of distributor. But it hould not be in existing funds. Direct plan you are adopting in existing funds by simply filling form is totally illigal. Already you are providing IPIN/HPIN etc to investors. It takes much time to convince and make them an investor. Advisor bears all pain, by simply filling form convert them direct, what does it mean. Creating terror in the mind of distributor?

it is like a mali sow a plant and dedicate his sincerity for years together to see the fruits but at the moment time mature to see some one become the owner, similarily amc on the verge of distributors hard labour given a quantum of base of investers i.e the date base amc" are become deaf ears with the sebi and so on to see the slow death of the fedder to the industry.

I think that SEBI has decided to eliminate the IFA,S

Abolish mutually future income (AMFI) of distributors'. Engage distributors in marketing by offering incentives to sell SIP, then strip the commission by offering direct plan to the investor, to cut down the expenses. Very well thought out business plan. Distributors beware. Raise your voice.

AMFI & SEBI must re-look this clause.Why they are adamant to kill us.I do not know.Forgive them God.

It is going to be very hard times for IFAs irrespective of how big or small they are, effective January 2013. Unless all of us come together and fight for justice and level playing all stake holders ,distributors,AMCs and the MF industry will be adversly affected in the long run

This is very unfair to All of us what AMFI & SEBI are doing. They are directly killing us.

very shocking news for distributors. by removing 2 % many distributors out from this business. Now by introducing further more distributors may go out from sourcing business, i believe. we should jointly take a very serious step and to protect our income.

It seems AMFI does't wont more and more people to involve with our equity schemes even does't want to educate them..if no...then free of cost..

I agree with this view. More over I get a doubt if the AMFI and SEBI want to do away with intermediaries or not? The steps now being initiated are all retrograde and adds to more confusion.

This is very shocking news for all of us. And we should protest it jointly.

Very shocking circular.

really sebi is killing the adviser community if all sip's go under then why adviser should do business

Its really Surprised to see this circular,Instead of this so many regulations AMFI can ask all the distributors to stop MF Business and can start new business,Lets all AMC s WILL WORK LIKE Quantum AMC

This is shocking and disturbing news as far as IFA community is concerned .We have to be united together against it.

slps mobilised by mf advisers must cotinue in their arn code only. it takes pains to procure business involving time money n efforts.

This is unfair and all IFA's should come together to act against it.

DEAR SIR ALL DISTRIBUTORS SHOULD RAISE THE VOICE AGAINST BAD PRACTICES

DEAR ALL OUR AMC SHOULD SUPPORT US AND THEY SHOULD BRING TO THE NOTICE OF THE AMFI AND THE CONCERN DEPARTMENT. WE HVE worked hard to get the sips of long terms. by simple one single rule u take away our effort is not good. we need to serve them a lot, this should be looked at very seriously. rsgoud

It is very tough time yet to come for us advisors,

It is very tough time yet to come for us advisors,

The proposed options are not good over all for IFA community. What is tempting the regulators to take this type of options by confusing the investing community and hitting the stomach of thousands of distributors across country. Are they expecting us to do everything free of cost? I don't know why amc's are sitting simply with out doing any discussion with the concerned authorities. The main dependent for this business is amc. If they are really interested to build up the business let them discuss with the concerned. We never allow Direct Plan and also never allow for conversion of existing plan to direct. No industry is facing this type of crisis for a long.

Where does SEBI get so much time to invest in how to stop the distributors comission is my query..Why dont they take steps to stop brokerage being taken similarly in Equity transactions Does SEBI chief know how much time and effort is reqd to propogate a simple SIP ? How to maintain it ? How much times the IFA spends in ensuring the continuity and post sales follow up..Service free of cost.. this is becoming a boring issue now..I dont know who is making such funny rules..the same persons salary if stopped will realise how it is to work without any support system

AMFI IS A BODY FOR PROTECTION OF MUTUL FUND HOUSES AND NOT IFAs. FROM THE BEGINING IT IS VERY CLEAR THAT WE AS IFAs DO NOT HAVE ANY MAI BAP OR BIG DADDY SO TO EXPECT FROM AMFI IS USELESS. SEBI IS FOR INVESTOR AMFI IS OF MUTUAL FUNDS N WE HAVE OUR BODY KNOWN AS FIFA WHERE IFAs DO NOT BECOME MEMBER TO INCREASE THE STRENGTH AS FIFA FEES OF 4500/ THEY ARE NOT WILLING TO PAY N THEY JUST SIT ON THE FENCE. THIS IS VERY PITIABLE SITUATIONS N GOD IF HE IS THERE CAN HELP US.

govt. try to kill us or they dicorage mf ind. they should clerify otherwise in direct plan investor chsing return &ultimately lots of lose recive that time he/she got proper idea how to cerat a welathbut that time no money for welath ceration as day teraders

Allowing invester to move form Distributor code to Direct is just to help AMCs. This act is indirectly discouraging Distributors. If such acts will enforce, in future all AMCs have to directly sell their products to customer like Quantum AMC. Is this what AMFI/SEBI/AMCs are expecting?

IFA interest must be considered

If at all the changes are being made, then it should apply for fresh investments and not for existing SIPs. It should be at the discretion of the client only for fresh investments.

OUR INTEREST MUST BE CONSIDERED WHILE FRAMING ANY POLICY

It takes lot of time-energy-efforts to understand and implement all new rules. This is happening every alternate day. If regulators wish to push MF Products more they should avoid such rules. It is okay if the investor stops current SIP and apply for fresh direct investment.

IT SEEMS THAT SEBI/AMFI HAVE NO INTEREST IN PROMOTING MUTUAL FUND INDUSTRY GROWTH. IF THIS STEP IS TAKEN MF INDUSTRY WILL COME TO AN END ONE DAY. WHY THEY ARE SO MUCH ENEMIES WITH ADVISORS, WHO ARE EARNING THEIR BREAD-BUTTER WITH EFFORTS?????????????? GOD BLESS THEM ALL.

Relentless efforts are made constantly to grab free service from the distributors by all the AMCs and the Blind Watchdog simply endorses its seal on all such proposals. Examine the following services which are more often than not, offerred by the IFAs and grabbed by the industry and regulators alike free of cost. 1. PAN Card Service 2. KYC Service 3. Change of Address 4. Correction in Investor Details 5. Change of Bank Particulrs 6. Change of Nominee 7. Claim of Units by Nominee in the event of death of Unit Holder. 8. Claim by of Units Legal Heirs in the event of death of Unit Holder and a host of other investor services. The IFAs have spent from their pockets for many more such services in the interest of maintaining good investor relationship and in the anticipation of continued patronage by the investor. But Sudden Wisdom of SEBI through their sporadic Regulations put a sledge of all efforts and investor friendly initiatives taken by the IFAs. Surely Informed AMC Individuals are ruling in the minds of the ever Ignoble and gullible SEBI Guide Line draftsmen. As the T&C of almost all agreements are blindly signed by most, the so called Regulators Affix their Signature (Short of LTI) on such drafts. How can we remove their blinkers is the Million Dollar Question. Our protest to their proposals should so loud and clear that the blinkers worn by them drop and they get a clear vision of the fatual situation around. We strongly protest this atrocious and high handed attitude in the Guide Lines and demand its immediate withdrawal in the interest of justice for of all the Distributor Community. Let this noise reverberate from all in order to get us our just due.

Keep the investors invested till long term is already a big challenge, over that the strategies of AMFI to harass the distributors/advisors.... However, if the ill intention of AMFI behind all this episode is to scrap the channel of distributors then they will have to employ the big force of sales persons and that definitely would be costlier venture. Moreover, for investors direct dealing with AMCs would be a cake walk as no individual investor has enough time and patience to deal directly with the financial institutions in respect of post investment issues/problems.... there shall always be a need of good advisor whom they can trust more than a sales person employed by AMCs who must have been least concerned about the welfare of the investor and more about their career and promotion aspects....hence hope for good!!!!

Thanks Rameshji for updatation, I think SEBI do not want to develope capital market particulalry equity market ,we IFA are in direct touch with retail investor,we are graduatating them to invest in M.F.in systematic manner with a gurantee to give them timely services,with our all infrastrucature, if for small % SEBI again cofusing them ,wants to make them orphen like in PPF where lot customer are closing their accounts. I think let pass 6 months ,when they redeem their investment than they will realise like in ULIP.

INVESTORS WHO DIRECTLY INVESTS OR INVESTS THROUGH MONEY- MINDED ADVISORS WILL SURELY ALWAYS LOSE (IN MAXIMUM CASES). SO DO NOT BE AFRAID OF SUCH TYPES OF RULING. SWAYAM JAGO TABHI DESH JAGEGA. JAI HIND JAI BHARAT

ALL OUR GOVERNING BODIES E.G. AMFI, SEBI, FMC, IRDA, TRAI, RBI, VARIOUS DEPARTMENTS FORMED BY GOVT. OF INDIA ETC. ARE JUST GROUP OF PEOPLES DESIGNATED TO THEIR POSTS BY US AND THEIR SALARIES AND OTHER PERKS WILL BE PAID BY OUR HARD EARNED MONEY. NO ONE EXCEPT OURSELVES CAN DO THE NEEDFUL IN SUCH TYPE OF MATTERS / ISSUES WHICH WE FIND SUITABLE. SWAYAM JAGO TABHI DESH JAGEGA. JAIN HIND JAI BHARAT.

this proposed changes are not suitable to ifa who h ave proc ured business with ha rd wrk and persuastion if his business will convert intodirectplan is not good for us . wesho uld resist these changes .direct plans sho uld be for newer bu siness instead of existing business.someo f ourbrothern who have some problems may takeadvantage of this and may ask investor to switch todirect plans

I don't understand as to whether the SEBI is so much interested in protecting the investor interest or the AMC's are putting pressure on the regulator to do so.So that the AMCs' themselve will stand to benefit at the end of the day.

AMFI seems to be a toothless, ineffective body following the diktats from SEBI/Fin Min. AMFI has never done any constructive for the majority of IFAs yet IFAs have to follow its rules and regulations e.g.KYC,KYD,DSC,NISM exam etc.. There is nobody to listen to our woes/practical problems. All the R&Ts have now huge data with them and still can capture more and more from various sources in future thereby gradually eliminating intermediaries for MF/other types of investments. Most of the net savvy investors take advice from IFAs and invest online/directly. Various portals have been recommending the schemes via ads/pop-ups too. So why cry when we do not see any positive/favorable atmosphere flowing on our side. The best way for IFAs is either to diversify from this sector or threatening AMCs/NDs to redeem the entire AUM or to pressurize the AMCs directly for enhancing brokerage and relaxing certain unambiguous norms for doing business with them. SEBI/Fin Min do not interfere in the working of Stock Brokers on a regular basis bacause of obvious reasons but for IFAs of MFs, there are all sorts of regulations imposed time and again. Stock broker community is very much united, moneyed and is influential enough get the rules and regulations changed its favor.

Dear Ramesh ji, Thank U very much for latest update and giving alarm to all IFA community. This is not only serious threat to IFA community and it is also a Serious threat to Mutual Fund business to all AMC. They are indirectly spoiling the MF Profession. A.SRINIVASAN - HUF

I think before SEBI and Govt. finished us lets finish them. We should unite and lets stop working for the next 3 month and enjoy your quality time with family. Please make me correct if i am wrong that, the top 1000 advisors can afford 3 months vacation and see the result. SEBI will come to you i am confident for that otherwise people from our community will meet in small group to SEBI and SEBI will laugh on them after that. I think for that, if we shall convey to top 1000 Advisors to participate in this movement you may able to open the eyes of SEBI and top management of all the AMC's. All the best!

The fear is justified but I feel this will be more bothersome to two categories of distributors 1) Distributors having Corporates / Super HNI's as their client. Corporates may move direct as compulsion and Super HNI will move direct if he has seperate employee to look after his investments. 2) Another Class of distributors would be the one who are always interested to sell the product but no after sales service. (Like fly by night operators ). Naturally they should pay for their own deeds. I feel the distributor who is client centric and upto date in After sales will not be affected at all. Even if pennywise Pound foolish investors tries to switch to direct he will come back because no AMC will be able to offer personalise services to every client. Also Client will not get product diversification by going direct. I feel in such cases when a client comes back , broker should be strong enough to make feel the client what mistake he has done. Overall my feeling is that you can not run Mutual fund by avoiding distributors till such time that Investment doesnt become need. and in india Investment if nota need.

I think before SEBI and Govt. finished us lets finish them. We should unite and lets stop working for the next 3 month and enjoy your quality time with family. Please make me correct if i am wrong that, the top 1000 advisors can afford 3 months vacation and see the result. SEBI will come to you i am confident for that otherwise people from our community will meet in small group to SEBI and SEBI will laugh on them after that. I think for that, if we shall convey to top 1000 Advisors to participate in this movement you may able to open the eyes of SEBI and top management of all the AMC's. All the best!

better to quit advisory business and ask amfi to procure rural clients

I fully agree ith your view and simply by giving an application to switch over to direct mode is niether ethical nor a fair bussiness practice for IFAS.Let the investor cancell the sip and start a fresh one ie a reciprocal manner as IFAS have procured the SIP without considering the marketing effort and awareness created by IFAS.

I strongly reject the proposal of SEBI it is clear case of snatching of bread and butter of IFA which have very painfully build upon sip book IFA Galaxy as association of IFA should take matter to concerned authorities

I have been loud and clear for 3/4 years that AMC, AMFI and SEBI are self centric and will compromise IFAs at every available occassion. The best solution I had given during 3-4 yrs is to throttle AMCs by not attending meetings, not giving appointments, distancing them from all angles so they can not afford relationship managers. Yet none listened to me. crooks must be handled the way they should be. however IFAs bowed down, begged for more commission and result is that today they r short circuited. IFAs did not kick AMCs at right time. now it is AMCs turn to kick us. get kicked. it is going to be hard one this time since you created that cowardly image in the minds of AMCs during past 3-4 yrs. Even now you won't lear so there is no need to give opinion.

SEBI AND GOVT ARE DOING EVERYTHING TO FINISH INTERMEDIATERIES AND AMFI HAVE FAILED TO PROTECT THE DISTRIBUTORS.

SEBI AND GOVT ARE DOING EVERYTHING TO FINISH INTERMEDIATERIES AND AMFI HAVE FAILED TO PROTECT THE DISTRIBUTORS.

I strongly Protest the move. It is wrong & unfair (to distributors) to introduce facility to change to Direct Plan. The investors will have to necessarily discontinue & re-register under Direct Plan.

We all know that direct share class is initiated not by the regulator but some section of fund houses themselves. What else can we expect from them. We don't know whether the draft is going to become a reality.But, it certainly tells us the mindset of people/en-ethical behavior of people who are running the show and the low esteem in which they hold the IFAs, one of the main strengths of this business. Sad, but a reality. It takes a bit of time, but clients will realize the game plan sooner than later. Until then, we have to survive.As I said earlier it is a lot easier to convince our investors than to convince the fund houses to mend their ways.

question is who will bell the cat. everyone raising the concern but collective effort is missing

IFA need to have one voice and the need of the hour is to form an all India Federation. Lets all do something and see what good we can do for the industry.we have this information because of Mr Ramesh Bhat,we should thankful to him.

We must not allow the authorities to implement the direct plan. If they implement direct then all of your customers will be getting communication from AMC side about the monetary benefits of going direct. Your future income flow is terminated with such a move described above by Mr. Bhat. I like to send a call for a strong PAN INDIA protest by stopping all fresh investments for at least 2 months immediately. Be united to save the entire industry.

IFA need to have one voice and the need of the hr is to form an all India Federation. Lets all so something and see what good we can do for the industry.

This is the fact we have to accept it, this same kind of threat was there when they introduced no load for Direct Investments, it is a slow poison. We will hv to wait and see how many of us are willing to survive in this Industry, the interesting fact is when no load was started, the distributors who were willing to work, as full time ( according to a write up in Moneycontrol 4500 IFA's across India ) the asset size has more than doubled, there revenue has increased many times. The consulation is that they hv removed service tax. We will hv to provide atleast 50% going to direct, only time will answer this Question. My personal Advice for my fellow advisors, pls reduce ur monthly commitment atleast close all loans, try creating a corpus to get regular inflow to substitute loss of income so that next 2 year from now we can try to double our AUM.

Surprising that this is the only Industry that ignores distributors. Recently I read that kamal Hasan had plans to release his movie using DTH service providers. For this, all the theater owners & mall owners raised their objections. Though a consumer will have huge cost benefit by viewing at home (no parking / no travel charges / per head cost may be less / viewing could be available for a period of 24 hours), no regulator or body came in support of this idea. We may have to wait and watch how this shapes up. When only a negligible percentage of the total population is investing in mutual funds, should we need to incentivise distributors or pull them down with these kind of actions ? Looks like there is no end to these kind of regulations !

Not fair at all. Existing SIP accounts should continue as it is. How long are we continue to align with regulations. In my opinion AMCs role is very important. They should discourage this kind of things. But they wont. I request my IFA community to raise our voice for not to implement direct plan. If they implement direct plan,the ultimate loser is first investors then our IFA community. I dont know why AMCs are silent spectators in this issue. Let us join together to stop direct plan atleast.

It’s good that you brought this to every one’s notice. Existing investments should cover existing SIPs as well. SIP’s are like a contract for a particular period and sum. As long as the contract is valid, the ARN code which procured the business should continue to get commission. On what basis, existing SIPs are no longer considered as ‘existing’? The logic for lump sum investments should be applied for SIPs as well. If some one wants to go direct, they need to stop the SIP and start afresh again. In fact to make it simple and effective, it needs to be mentioned that the folio opened under an ARN code cannot be used for direct investment. It has to be a fresh folio. This may solve unwanted complications and robbing IFAs of hard work they’ve done with real long term focus.

first we should not allow direct plan to come into force. We should pressure the authorities/AMCs to defer this move. Once we allow Direct Plan, we can expect a lot of issues like to one rised above.

recent development only AMCs are big benefited nor IFA , T15 or B15