About us
All India Mutual Fund Distributor Welfare Association
Who we are
AMDwA has been created with the main objective of uniting the Financial Intermediary fraternity to come together, as one family for the development, protection and growth of all its members & their Investors.
The need for AMDwA arose to fill the gap of a registered, formal, organized and acceptable platform for mutual fund distributors, (the erstwhile IFAs) to take up their issues with the Regulators, Fund Houses and other concerned authorities & organizations.
Mutual Fund Distributors have been working very hard to spread financial literacy in India, but there is no one to voice & their Investors concerns and point of view. AMDwA would like to take up such issues with the concerned authorities or organizations for our views to be recognized and heard. This society was formed for the welfare, protection of rights, enhancement of skills and promoting ethical practices of its members. We will also endeavor to spread financial literacy throughout India, through our members.
During Covid Times – Covid period was the most challenging period in everybody’s life. During the first phase when we all were locked up in our houses, AMDwA decided to make full use of the opportunities to skill up its members and organised over two dozen webinars, conducted by eminent speakers and many accomplished MFDs on various themes like:
- How to construct portfolio and select individual scheme/product
- Understanding asset classes & their behaviour
- How to handle clients during crisis
- Growing your business 10X
- Using social media and digital marketing
- Use technology to your advantage
- Online transaction platforms from RTAs & Exchanges
- Motivation sessions by renowned NLP trainer & Art of Living faculty
- & more
Glimpse of the Activities
AMDwA’s foundation was laid on 26th March 2016 to take up issues that affects the working environment of MFDs, with concerned authorities/organizations and also to empower fellow MFDs with knowledge and skills that will help them do well in their profession and better serve their investors.
AMDwA undertook various activities for the collective good of it’s members, MFD community, MF industry, Investors and the society at large. Some of them are listed below:
- We initiated activities, wrote letters and met officials from SEBI, Ministry of Finance, Chairman-GST Committee and wrote to over 204 MPs & CBDT members regarding 20 lakh exemptions for inter state service providers for GST. Now the MFDs earning total brokerage less than 20 lakhs are exempt from paying GST.
- On commission disclosure issue, we were able to impress upon the SEBI officials not to disclose TER of direct plans in the account statements and also add a disclaimer that commission paid to MFDs include operating costs and taxes.
- Raised issues of default of debt papers & segregation of portfolios with concerned AMCs and ensured that they communicate the reasons, action being taken with MFDs.
- Raising operational issues faced by our members in day to day business with registrars and AMCs and getting them resolved.
- AMDwA also endeavoured to form a co-ordination committee of all prominent MFD associations across India to discuss and take coordinated action across all over the country.
- During Covid 19 times AMDwA worked closely with the AMCs & Registrars to Mutual Funds for improving ease of doing business digitally even during the lockdown.
We raised issue of ARN/EUIN renewals with AMFI and they were kind enough to extend the validity of expiring ARN/EUINs by a substantial time, started eCPEs and online exams, to enable MFDs to attend and appear from the comfort of their homes and renew their ARN/EUINs. We also requested Chairman AMFI and he obliged us for extending the date for change of name as was necessitated by SEBI.
Second wave of Covid was deadly and so sudden that total health infrastructure was in chaos and under tremendous stress. AMDwA formed a volunteer group of its members, who prepared a list of verified resources and helped people from MF industry with timely information on availability of resource and organising the same. Volunteers also pooled in money through donations from generous members to help any MFD friend or their family who needed help.
We requested AMFI to create an online platform for single point nomination facility for MFDs with all AMCs. We also requested AMFI for auto-empanelment with all AMCs for new MFDs at the time of granting ARN itself. The proposals were well received by Chairman AMFI and are being followed up.
We also wrote to Chairman AMFI to influence AMCs to process the claims of deceased MFDs and help their family in need. Many AMCs have helped in different ways the families of deceased MFDs who lost their lives during Covid. We acknowledge and appreciate the kind gesture of these AMCs.
AMDwA’s endevours were well covered and appreciated by various sections of media. Financial Freedom Fraternity honoured AMDwA for discharging its Social responsibility to its members, MF industry and the society at large.
AMDwA reaffirms its commitment to the cause of MFDs and to work to ensure a healthy operating environment for MFDs by getting their issues resolved and conducting various education programs.