MF industry seeks management of pension, provident, insurance funds
The aim of doubling the asset under management to Rs 80 lakh crore can be met earlier than the targeted year of 2027, if the mutual fund sector is allowed to manage pension, provident and insurance funds, an industry body official said on Saturday.
The Association of Mutual Funds in India also anticipated that AMC Repo Clearing Ltd (ARCL) will become operational from January 2023, which will provide a fillip to the wholesale corporate debt market.
"We want the government to allow the mutual fund industry to manage funds of pension, provident and insurance firms. This will help the MF industry ensure greater efficiency in managing the resources in a cost-effective manner. The industry can achieve the target of doubling the asset under management to Rs 80 lakh crore much earlier than the targeted year of 2027," AMFI chief executive N S Venkatesh said at a programme organised by the Indian Chamber of Commerce.
The current asset under management (AUM) of mutual fund industry is Rs 40 la