Wealth Forum

Share Your Comments

Name*

Email*

ARN No/Firm Name*

City*

Comments*

Verification Code*

Nf4Lfi

Type the characters in the picture.

We trust that you will avoid using harsh language and will refrain from making unsubstantiated allegations against individuals and firms. Your constructive feedback and opinions are very valuable to all of us in the industry.

Liked this article?
Rate it on WF Like-o-meter!

Name*
Email*
(Name and Email ID will not be displayed once you click Submit)
Your rating : Click the appropriate pointer from the 5 below (Low signifies didn't like and High signifies liked a lot)
WF Like-o-Meter

Check out the WF Like-o-meter score for
this article



1

Comments Posted

Name : damaraju vlsv prasad	City : ongole
ARN NO : 62398	Date : 19 Sep 2015
Comments :
amcs and sebi or one they wiill not regulate themselfs.but regulate the misselling of ifas.they are role model for misselling


Name : Palani Dhamodar	City : Bangalore
ARN NO : 18747	Date : 01 Sep 2015
Comments :
I appreciate Any AMC Will Answer to Mr.Maloo Because this is happening everywhere.it is applicable to everyone of Distributor fratnernity. I would request to Wealth Forum, take it seriously and try to get answer from All AMC( Particularly Larger Player). Thanks.


Name : dweepesh	City : delhi
ARN NO : 89184	Date : 10 Aug 2015
Comments :
Great sir Rightly Pick The Issue.


Name : Narendra Kumar Sharma	City : MEERUT
ARN NO : 72881	Date : 08 Aug 2015
Comments :
Very good efforts from your end Mr. Maloo. Some AMCs are doing this business and especially with welkin existing customers. But here i will say, till AMC does not ask or rewards its employee, why that poor guy will sell it direct. That AMC is to be blamed for this, But AMC is a big giant and IFA is just nothing in front of it. For each direct sale EUIN must be mandatory of Employee. I wd like to say to AMFI or SEBI that in mutual fund one can not earn till he or she stays in for target oriented time. Customer redeems from scheme with market fluctuations. He books a little profit or even loss. IFA can convince him for fear where as in Direct plans, Employee does not have any sympathy or he himself is not there with AMC. AMFI & SEBI MUST TAKE MR.MALOOS OBSERBATIONS SERIOUSLY


Name : AMIT LAL	City : RANCHI
ARN NO : ARN 21537	Date : 08 Aug 2015
Comments :
to the point and true picture depicted of the current scenario.Sebi Amfi and Amc are potraying IFAs picture in a negative Shade. As of day Top 3-5 Amc are least worried about business inflow from ifas because their sip book size has grown to a decent size due to which they are getting business month on month by default. Its time for the ifas to rethink about their business strategy with whom to expand their business in future.


Name : POORNIMA BHANDARI	City : JAIPUR
ARN NO : 40485	Date : 07 Aug 2015
Comments :
GREAT JOB MALOO JI.


Name : POORNIMA BHANDARI	City : JAIPUR
ARN NO : 40485	Date : 07 Aug 2015
Comments :
WE AS AN IFAS ARE BUILDING AUM OVER THE YEARS GAINING CUSTOMER TRUST SLOWLY AND GRADUALLY. WE BUILD CLIENTS AUM FROM A CHILD TYPE AUM TO A GIANT AUM. THEN SUDDENTLY SOME BAD GUYS FROM AMCS CAME AND DO THESE CHEAP MALPRACTICES AND TELL THEM ABOUT DIRECT OR OFFER THEM CINEMA TICKETS OR FREE LUNCH JUST TO GET BUSINESSES IN THEIR AMCS AND MEET THEIR TARGETS. We as ifas should collectively raise our voice and should warn the bad guys in amcs to not to do these things in future or else should stop giving businesses to these amcs at least for some time untill and unless they realise their mistake and ensure not to do this in future. Remember, United we Stand , Divided we Fall. If we will raise our voice collectively, we can bring a change. Individually we are nothing.


Name : Manoj Che	City : Mumbai
ARN NO : ARN-	Date : 07 Aug 2015
Comments :
Well said & very true !!! this is not the first & last instance. Regulator & AMCs primary job should be creating awareness and expanding the client base for the industry, wherein now it clearly shows the rift between AMC & advisors (who actually has nurtured the client). In order to maximise the profits, regulators are just thinking & working for AMCs.. Regulator & AMCs has taken the advisors for granted. They firmly believe we will go nowhere and keep on doing the business for them.


Name : rakesh jain	City : nasik
ARN NO : arn-55202	Date : 06 Aug 2015
Comments :
Excellent maluji. i have read all 10 pts. no one amc is take care of ifa. we should ask all the amc


Name : somashekards	City : bangalore
ARN NO : arn-5277	Date : 06 Aug 2015
Comments :
highly appreciate the concern and relevent points raised, investment in mutual funds is not just, making people invest it is to manage the invested funds in the best possible way at bad times and market volatality. many a times the direct investors fail to identify the, decisions involving redemptions as well as investments as all AMC clearly say to stay back and invest more and more even when the goals are achieve. SEBI should clearly give directions and time frame for new investors not possible to switch direct within a time frame till the distributor recover the initial acquisition cost.but thanks for raising these issues the real pain for IFA , which we can make out on the response given by many.


Name : Chandra Sekhar	City : Bangalore
ARN NO : 18820	Date : 06 Aug 2015
Comments :
Hi! Very good questions and without answers from AMCs side. These same questions to be shoot to SEBI and AMFI. Many advisors experiencing & believing that, its not only SEBI is responsible for the current situation, AMCs as well equally responsible for keeping quite for long time, knowing 100% efforts and problems of the advisors.


Name : Samit Roy	City : Durgapur
ARN NO : 11142	Date : 05 Aug 2015
Comments :
Dear Maloo thank you very much . AMFI & SEBi regulate us but who will regulate AMC people ? When AMC people receive deposit , they put there any ref number ? When we receive / use our arn /uin no use then that mean we sell it but when that happen in AMC guys , what action taken from AMFI /SEBI. If direct plan taken investor from online and it would be RTA through , thats ok but when it happen in AMC office , what does it mean ?


Name : RAJKUMAR Z. AGRAWAL	City : AKOLA[M.S.]
ARN NO : ARN-86995	Date : 05 Aug 2015
Comments :
EXCELLENT MR. MALOO,I TOTALLY AGREE WITH U. I HOPE SEBI AND AMFI HAS LOOK AT THIS MATTER SERIOUSLY FOR THE SAKE OF INVESTORS.URGENTLY.


Name : Praveen	City : Delhi
ARN NO : PSTN India	Date : 05 Aug 2015
Comments :
Im 100% agree with you and I appreciate that someone has raised his voice against the malpractice done by the AMC employee. I wish AMFI, SEBI or Associations of IFAs should bring their attention towards this and come out with a strict policy for the same as like to save the IFA interest for working.


Name : Ajay Sharma	City : Sonepat
ARN NO : ARISBA CONSULTANTS	Date : 05 Aug 2015
Comments :
In 100% agreement with the author, this way AMCs are not doing any favors to investors but are robbing them of opportunities to diversify among different AMCs. SEBI has to seriously evaluate this option vis-a-vis many qualitative benefits that an investor receives following distributor advice which also help him manage his portfolio, diversification, rebalancing etc. & achieve his financial goals than merely benefiting from slightly higher NAVs.


Name : Vikas	City : Amritsar
ARN NO : 32164	Date : 05 Aug 2015
Comments :
Dear Mr Maloo, First I would congratulate you on not only winning the prestigious award but also showing courage by writing this `Open Letter. Every distributor (IFA) is concerned about the points you have made in your letter. But my point is these issues can not be resolved individually. These concerns have to be addressed at a common greater platform, so whether it is wealth forum or DFDA or any other regional or national forum. Pls share the response of other IFAs when you discussed it on Wealth Forum.


Name : mayank sheth	City : ahmedabad
ARN NO : 9834	Date : 05 Aug 2015
Comments :
sebi also start nomarket plan where our client get better return as amc some in ahmedabad in performance nasha their senior person is not interested to solve service issue. and talk with us .if we try they give answer why you do business with us we dont required . our target is over now live us


Name : Vikas Sudrania	City : JAIPUR
ARN NO : 71068	Date : 05 Aug 2015
Comments :
Very Truly said Mr malooji....we shud join hands together and raise this issue with SEBI. and AMCs.


Name : Y VENKAT PRAKASH	City : Visakhapatnam
ARN NO : ARN-41792	Date : 05 Aug 2015
Comments :
I totally agree with Mr.Ramesh Chand Maloo, Good that you raked up this issue.I also appeal to SEBI & AMFI institutions to look in to the double standards of AMCs.The direct plans must be banned as most of the customers are not aware how create wealth through mutual funds.


Name : Manav Gandhi	City : Pune
ARN NO : 34686	Date : 05 Aug 2015
Comments :
Excellent Mr. Maloo No one takes care of interest of the IFA.


Name : Mukesh Sharma	City : Indore
ARN NO : 64858	Date : 05 Aug 2015
Comments :
Good Maloo ji.......i agree with you.. Excellent points raised.....Sebi and Amfi has to look at this matter seriously for the sake of investors. I think ,all of us facing same problem in our area. Please let us know the AMCs name.....


Name : atul shah	City : AHMEDABAD
ARN NO : 0225	Date : 05 Aug 2015
Comments :
We need to expose such acts by quoting AMCs names too.. Exposed AMC shall bear consequences as many distributors shall discuss angrily with Sales person of that AMC.. Some may boycott the AMC , whose name appears frequently in direct selling.. If AMCs are not exposed, our protest shall bear no fruits...


Name : TANVI WEALTH CREATION	City : SURAT
ARN NO : 63262	Date : 05 Aug 2015
Comments :
I am agree with this person. We spending our time & money for addjucate our client for Mf. After that, they get confident in Mf industry, they goes for direct plans. We loss our time & money. SEBI interfere in this matter.


Name : RAJESH JASVANI	City : THANE
ARN NO : 8078	Date : 05 Aug 2015
Comments :
I READ ALL 10 POINT TO ANSWERE BY AMC. I APPREACIATE THE ANALISES YOU HAVE DONE . ITS ABSOLUTELY IN LINE WITH RULES AND REGULATION AND CLEAR LOGIC. I THINK SAME THING IN ALITTLE DIFFERENT WAY CAN BE PRESENTED TO SBI & AMFI


Name : AMFFA ASSO OF IFA	City : KANPUR
ARN NO : AMFFA SECREATARY	Date : 05 Aug 2015
Comments :
Excellent Maloo ji, The same questioner should be asked to AMFI even. The expenses/funds, what AMCs save on direct selling must be transfered to investors awareness funds.


Name : NAVIN KUMAR THACKER	City : BARBIL
ARN NO : 28191	Date : 05 Aug 2015
Comments :
EXCELLENT OBSERVATION. THE FACT THAT WE CONVINCE THE INVESTORS TO INVEST IN MUTUAL FUNDS AND WHEN THEY ARE AT HOME WITH THE FUND SCHEMES, THEY GO FOR DIRECT INVESTMENT, IS REALLY TO BE GIVEN DUE THOUGHTS BY AMC, AMFI , SEBI AND THE INVESTORS.


Name : Ramesh Mistry	City : Vapi
ARN NO : 33126	Date : 05 Aug 2015
Comments :
Well said and very true. Will it reach to AMFI and SEBI?


Name : sanjeev kumar gupta	City : jammu
ARN NO : 15722	Date : 05 Aug 2015
Comments :
Maloo jee its the valid point you raised. Direct mode kills industry, distributor and client also. client is the main looser. when markets are up no body cares the client. Only a distributor cares her/his client during up or down the market. when markets are down during 2008 only distributor face the client nor Amc people.


Name : A J RAVAL	City : Rajkot
ARN NO : 93222	Date : 05 Aug 2015
Comments :
at my area previously HDFC used to do this since long.. his manager used to meet big client directly and canvas the funds,.. long back he had approached for ARN code to such client ...


Name : Romil Singhal	City : JAIPUR
ARN NO : 25711	Date : 05 Aug 2015
Comments :
It is just the beginning & I feel that this issue is going to be big & bigger. I have heard that many AMCs have hired sales personnel for selling directly & their front offices is the most suitable place to convert a client relationship & perspective. I would urge each one of us should call the toll numbers & email ids provided on the AMC website & see the reaction from their side when you plan to invest directly.


Name : Srinivas Rao Kasinathuni	City : Vijayawada
ARN NO : 11460	Date : 05 Aug 2015
Comments :
One big anomaly in procedure nobody seems to have pointed out: If investor wants to go DIRECT, just a signautre will do. But if he wants to go from DIRECT TO ADVISOR MODE, he will have to redeem first and then invest again. NO OPTION. CORECT ME IF I AM WRONG. What more step motherly treatment could be there in any industry? This is proof enough of the biased rules framed by AMFI. It is industry association and always tries to further and protect AMC interests only. We have to realize this first and act accordingly. We should not sit idle and see years of our work getting destroyed by such foolhardy practices. Also it will increasingly become difficult in such an uncomfortable environment, if expense charging logic is biased as it is at present. (AMCs not charging direct selling expenses to TER etc.)


Name : Rajender sanghi	City : Jaipur
ARN NO : 2678	Date : 05 Aug 2015
Comments :
Truly said maloo ji . All regulations are made for distributor not for AMCK


Name : EMBARK	City : JAIPUR
ARN NO : 23169	Date : 05 Aug 2015
Comments :
WE ARE WITH YOU MALOO JI,


Name : Rajendra Bhat	City : Bangalore
ARN NO : BOHO Consultants Pvt	Date : 05 Aug 2015
Comments :
While congratulating Mr Ramesh on the stupendous job, I urge my fellow IFAs to disclose the MAC names in the open so that we can collectively stop sourcing business for them as a token of our protest. Please dont hesitate, call AMC names before it is too late.


Name : Navin Kumar	City : Patna
ARN NO : 83441	Date : 05 Aug 2015
Comments :
The very burning issue raised by Maloo ji. As Sri P K Jain said earlier that we must forward it to AMCs and seek their views on this. This should be done by FIFA or other similar bodies or associations. In Patna also, one large sum was invested via direct mode in one of the AMCs and you know that all RMs of Patna and of all AMCs were hounded to go for direct business at any cost. This reinforces the views expressed by Maloo ji. All the 10 points raised by Maloo ji must be answered by AMCs. Dear CEOs of AMCs, and what about the concept of Royalty payment as raised by him. We are not here to serve you ready made investing peoples. Are you audacious ?


Name : PRAKASH RAO BAPAT A	City : SORAB -577 420
ARN NO : ARN 12142	Date : 05 Aug 2015
Comments :
I congratulate on two counts 1. Amazing AUM and Client base you have created. 2. Not hesitating to write these 10 Questions. Let us which is the AMC who have penetrate to this level. We too join in teaching them a lesson not doing any business for one day, one week or one month. Let them come openly to pardon them and assure this community of not repeating.


Name : Rohit Kumar	City : Jaipur
ARN NO : 15220	Date : 05 Aug 2015
Comments :
“It takes years to build trust but seconds to break it” Never has the importance of these words been more felt than now when the cases such as Mr Maloo has highlighted are coming in front of us. I think the MOST DIFFICULT task in this industry is bringing in NEW investors and generating faith in their minds towards the industry. It is easy to change the portfolio of an existing client from scheme A to B or Indirect to Direct by giving him false notions of fear and greed. The next challenge is to make that investor STAY invested for years together. This role has been ONLY played by IFAs/Distributors in this country. We read every day about people falling to tragedies and disasters but the real impact of tragedies is felt only by the near and dear ones and the families of the victims. Similarly, a client who has been nurtured and brought up by an advisor is taken so suddenly away from him leaves him heartbroken and the FAITH built over the years is shattered in a minute.


Name : Arun Signhal	City : Jodhpur
ARN NO : 16254	Date : 05 Aug 2015
Comments :
Well said Maloo Sir & I am sure there was no reply from AMCs. This type of practice is very dangerous for our industry. Please let us know the AMCs name.....


Name : Srini	City : Chennai
ARN NO : 13021	Date : 05 Aug 2015
Comments :
Client poaching has been the order of the day. If an IFA gives a major investment to a particular AMC, the news is out in the market within minutes. The other AMCs then tries all the tricks in its bag to get the share. More so by directly pitching to the client giving all freebies. This apart monthly there are marketing data sharing by the R&Ts stating how much business done by which IFA, which adds fuel to fire. Many AMCs are out there to find out what kind of business has been done and if the amount concerned is higher then they stoop to any level to get their share. Some one has said we need to complain to AMFI no purpose, as they are being governed by people who have no ethics in business. The concerned AMCs time and again poach business through their subsidiaries by providing their data or the R&T data that is available in the market.


Name : IFA	City : IFA
ARN NO : IFA	Date : 05 Aug 2015
Comments :
Who is AMFI or behind AMFI..?? AMFI, the association of SEBI registered mutual funds in India of all the registered Asset Management Companies, was incorporated on August 22, 1995, as a non-profit organisation. It is a association for MF companies and all the members are top officials of these MF companies. then how we can expect from AMFI to take any action against themselves. Where as IRDA is, As per the section 4 of IRDAI Act 1999, Insurance Regulatory and Development Authority of India (IRDAI, which was constituted by an act of parliament)


Name : ASHOK KUMAR SETHI	City : Delhi
ARN NO : ARN-92040	Date : 05 Aug 2015
Comments :
Direct Sales promoted by AMCs requires thorough discussions. AMCs offering internet facility show lucrative dreams. I came across youngsters having started SIP for funds are ignorant as no face to face interactions took place and they dont know the investment ratios of particulars funds. When AMFI has list of its authorised distributors on their web site with locations, AMCs when approached directly by investors should refer such cases to those distributors who are registered with them. If Customercare of AMCs receive call from prospecting investors, they send their sales team rather then referring to their Distributors.The aim of appointing sales team with AMCs is to make liaison with Distributors and get the procurement through them and not by themselves. AMFI has to be strict and hope proper guidelines will be issued to all AMCs to promote sales through their Distributors.


Name : Manish Ruparel	City : Mumbai
ARN NO : ARN 12817	Date : 05 Aug 2015
Comments :
I totally agree with you, Mr. Ramesh. You have definitely asked the the best questions to the AMCs in the right manner. But will you get any proper reply ? I dont think so. But then, hats off to you doing such a great work. I fully support your 10 questions and want reply for the same also because it is in the best interest of all, investors, distributors and fund house in the Long Term.


Name : bal sachin gupt	City : LUCKNOW
ARN NO : 37837	Date : 05 Aug 2015
Comments :
it will be better if these questions ask to AMC as well as to AMFI and Regulator SEBI. becoz they r also equally responsible for the enviroment developing on Direct Plans.


Name : jaideep	City : Mumbai
ARN NO : 81143	Date : 05 Aug 2015
Comments :
What Mr Maloo has said was bound to happen. For some AMCs, the temptation to get large customers and save costs is too much. FIFA or other IFA bodies need to take this up with SEBI. What are AMC staff, advisors or distributors, what analysis of customer requirements do they carry out before selling ? Secondly, each AMC will sell only its own products, this marketing is not in investor interest. Finally, SEBI must insist that each cost in direct transactions, from the printing of forms to generation of separate NAVs to servicing to online direct transactions must be accounted for clearly. After adding these costs to the Direct NAV, many investors may not prefer the direct route, because the NAV gap will narrow. AMCs are in fact using unethical trade practices by competing with their distributors, when they have all client info at the touch of a button. It makes me wonder how AMFI has a right to represent the MF industry.


Name : Rajesh Mehta	City : Vashi
ARN NO : Mehta Associate	Date : 05 Aug 2015
Comments :
Reliance is one such AMC.


Name : ravikumar	City : CHENNAI
ARN NO : 4369	Date : 05 Aug 2015
Comments :
Direct means, the amc sales person either by doing cold calling, or tele marketing to find the prospect and sell their funds. but they are simply stolen our data and push to sell their funds. It is not at all accepted. We as IFAS only teach a lesson especially these type of AMCS by not giving or promoting their funds, some time till they realize their mistake and correct their attitude. AMFI should come out very clear code contact for all AMC marketing and sales employees .


Name : DGPatel	City : Vadodara
ARN NO : 76725	Date : 05 Aug 2015
Comments :
SEBI is against churning of client’s portfolio. Then why this churning of “DISTRIBUTOR’S CLIENTS” to “DIRECT CLIENTS”? Any big government officer can not work in any company for a few years. Then why Clients of Distributor not restricted for a few years from investing in mutual funds before going Direct? Are Distributors a free team to prepare investors for Direct? Why not make it compulsory for AMCs to contact only non-investors to invest in mutual funds? Let AMCs feel the pain & suffer difficulties for acquiring new clients out of 120 crores Indians who have not yet invested in mutual funds till today and find how expensive it is to get new investors. Let the salaries and other expenses count in expenses for Direct business. I will not be surprised if AMCs find that the overhead expenses of Direct, found not less than through the Distributors.


Name : sandeep kimti	City : mandsaur
ARN NO : ARN-62633	Date : 05 Aug 2015
Comments :
Well said Ramesh ji AMC`s dont have any reply .


Name : Deepak	City : Bangalore
ARN NO : 1239/Axiom Financial	Date : 05 Aug 2015
Comments :
Rameshji, Thanks for highlighting and bringing out in open what has been going on behind the scenes all this time. AMCs have set their own agenda-to gather assets, means do not matter. The whole situation has evolved in a manner that is detrimental to IFA community. Unlike Banks we do not have access to the client account, and unlike AMCs we have neither budgets nor means to lure clients. The services rendered by IFAs over the years in growing this industry has only got us lip service. This direct option seems to have lead to an unintended consequences, the time has come for the regulator to step in and clear the air.


Name : kajari bhattacharya	City : kolkata
ARN NO : 45412	Date : 05 Aug 2015
Comments :
Thank you Ramesji .This process going through from when direct plan com to Industry .AMC paid salary to marketing team is not consider as cost . No miss sealing will happen. IS SEBI & AMFI go through all direct plan ;how the sales person get the business? With out passing some things to big investor.Is this matter look by SEBI & AMFI or our comments all are just go in vain ?


Name : Vipul Jain	City : Pune
ARN NO : 65374	Date : 05 Aug 2015
Comments :
I sincerely agree expenses incurred by AMCs for direct plan are getting loaded to Regular Plan. Additionally the concept clearly mentioned that the customer has to complete full formalities but the reality as stated above is quiet different. There is no check on suitability of Product and Miss-selling as that is not possible due to no documentation of codes in direct plans


Name : Jitendra Khemani	City : INDORE
ARN NO : 64487	Date : 05 Aug 2015
Comments :
Very well said Sir. Totally with you.


Name : Amit Kumar Goyal	City : PANIPAT
ARN NO : 15095	Date : 05 Aug 2015
Comments :
Excellent Maloo ji.......Good points raised.....Sebi and Amfi has to look at this matter seriously for the sake of investors


Name : Ravi Jain	City : NASIK
ARN NO : 2332	Date : 05 Aug 2015
Comments :
AMfI and SEBi should take not of this and act on this. Why always IFA has to suffer for all the rule and so called regulations?. AMC Staff and the entire branch should be held responsible for this sort of act. Its not only the local office, AMC call centre also calls up the clients and ask them to invest directly. Recently it happened with my client, top leading AMC call centre lady calls him and asks him to invest in midcap fund through SIP. Lucky enough, my investor turned on to her and said "I would certainly start an SIP in the particular fund, if you mark it with my distributor code". She hanged the phone by saying contact your distributor. In fact this tactics is adopted by all the major and so called leading AMCs. I request you all to come together and raise your voice against this act. Our hard work is been looted by these AMCs, like the Britishers did.


Name : Shyam Sunder	City : Bangalore
ARN NO : PeakAlpha Investment	Date : 05 Aug 2015
Comments :
Dear Rameshji, this is a matter of great concern that you have raised. We will be careful in the future to identify such misbehaviour by AMCs with our customers if they occur and share such practices more widely among the IFA fraternity. I dont believe every AMC is doing this, so I think we all will benefit by knowing who is being mandated to switch our customers to Direct. Thank you for a very well written and level-headed article.


Name : Pankaj Gupta	City : Noida
ARN NO : 43368	Date : 05 Aug 2015
Comments :
We all must unite on the matter, ALSO I AM THERE WITH OUR FORUM TO TAKE THIS MATTER WITH AMCS VERY SERIOUSLY.


Name : AHMEDABAD DIRECT	City : AHMEDABAD
ARN NO : DIRECT	Date : 05 Aug 2015
Comments :
For Big Ticket DIRECT LIQUID TRANSACTION of HNI & Corporate Clients, AMC person run for collection for same.All Salary, Conveyance & other Expenses related for such Transaction are bare by NORMAL PLANS.


Name : Jayant Joshi	City : Mumbai
ARN NO : 15371/ R J Investmen	Date : 05 Aug 2015
Comments :
Absulatley what is AMFI for? Only to collect payments on new and renewal of ARN? See how IRDA has supported Insurance Agents!!! JAGO ADVISERS JAGO...


Name : Dhawal Sharma	City : New Delhi
ARN NO : 82930	Date : 05 Aug 2015
Comments :
I think all the big AMCs (Like HDFC and IPRU etc) ; they can open EXCLUSIVE branches for DIRECT investors and then account for the kind of expenses incurred on Direct AUM..Salaries of people at such branches and all other overhead expenses added to the Direct expense ratio ; and you will see automatically the difference of NAVs will shrink.. I totally agree with you Maloo sir, you have hit the nail on the head


Name : Vivek Joshi	City : Howrah
ARN NO : 34703	Date : 05 Aug 2015
Comments :
I completely agree with each and every word of yours.


Name : Vishal Rastogi	City : Patna
ARN NO : 51920	Date : 05 Aug 2015
Comments :
Please name that AMC so that all the so called IFA associations should get to this point & raise this question in their Buffet party of enjoyment................Importantly, please let this known to all the IFA of ur city & request them to bi-cott that AMC too as a lesson.


Name : shivam mehrotra	City : kashipur
ARN NO : 79049	Date : 05 Aug 2015
Comments :
sir main apki baat se total agree karta hoon ye jo bhi dikkat aaj distributor face kar raha hai chahe service tax ki ho chahe direct ki ye sab amc ke hand se hi hai amc ne kabhi fight nhi ki hamare liye sirf soft corner dikhati hai


Name : Harshal Vaid	City : solapur
ARN NO : 63694	Date : 05 Aug 2015
Comments :
Dear malooji great going hope know the AMC people now that IFA are coming together for their rights. they will know that without IFA non of the AMC will get fruitful business and longterm business. we will work together to kick the direct plan out of the industry.


Name : Milind Chitnis	City : Mumbai
ARN NO : ARN-1837	Date : 05 Aug 2015
Comments :
Very important issue raised in very dignified and restrained manner. I would request Wealth Forum to take initiative and see if somebody from AMFI or at least few big AMCs respond to issues raised on point to point basis. It seems AMCs are taking easy way out in collecting AUM; but this is sure to damage them in big way going forward.


Name : DB DESAI	City : KUDAL
ARN NO : 0	Date : 05 Aug 2015
Comments :
Excellent and direct questions asked. All IFA must be cautious, aware and prepared for the worst.


Name : Ajay Bakshi	City : Mohali
ARN NO : Secura Finvest	Date : 05 Aug 2015
Comments :
Direct plans were meant for well informed & seasoned investors,who cud decide on their own where to invest.There is ambiguity as to what if the "Direct" investor decides to interact with the AMCs personnel.Shud the AMC refuse the meeting ??In my opinion direct biz shud be logged in only when customer walks into an AMCs office or when invests online.And this must be audited.Being investor friendly doesnt mean that AMCs start to be indifferent to the interests of brokers.AMCs must remember that the broker is the only person who has maximum interest in the well being & prosperity of the investor.If the investor makes money,the broker earns a livelihood.As such we have lost most of the corporate biz to "direct" investments.If this remains the attitude of AMCs,they will be left with only existing investors who will squeeze their margins till they bleed.I think AMCs must analyze "Direct" biz by separating corporate biz & retail participation.More than 75% of this biz is from corporates..


Name : suresh	City : raipur
ARN NO : 45657	Date : 05 Aug 2015
Comments :
HDFC AMC doing this type of practice.


Name : vikas batra	City : mohali
ARN NO : 6574	Date : 05 Aug 2015
Comments :
dear maloo, we totally agree with you, that they have direct marketing team, advertising etc which needs to be part of direct expenses and most important is it not LEADING TO VIOLATION OF MRTPC as there is direct which is bunddling of all amcs, amfi and sebi having and providing services to clients and there are IFAs who are getting business at higher cost and they have all lowered cost and made it equal thus leading to malpractice in the industry thus leading to violation of MRTPC


Name : Pooja Investment & Advisory	City : BHAVNAGAR
ARN NO : 84203	Date : 05 Aug 2015
Comments :
We will raise this issue on very large scale,AMC treat us as carrier who bring the investor and serve them to cater for further business.


Name : DGPatel	City : Vadodara
ARN NO : 76725	Date : 05 Aug 2015
Comments :
Distributors using their expertise, spending time and money to bring new customers, and even after customers switching to Direct, the expenses of selling products by AMCs to Direct customers is born by distributors. Is this the jungle raj? Is this not called "Take Sher Bhaji Take Sher Khaja"? Are customers going Direct to AMC Offices or AMC staff going Direct to customers homes and offices? What is the meaning of Direct? Let the SEBI and AMFI define it properly and adhere to it with strict vigilance. If any AMC is breaching the rules, why not to impose fine on them? Let us know the names of all such AMCs and we will stop giving business to them. Let these AMCs do all their business direct. Let us find the best solutions and adhere the solutions by all the concerned parties.


Name : Pramod Kanoongo	City : JAIPUR
ARN NO : 41398	Date : 05 Aug 2015
Comments :
Dear Maloo ji, It is very serious matter not only for distributors but investors also. Meaningful solutions required for this matter by the SEBI or AMFI. We all are with you. Very nice write up.


Name : Rakesh N Prasad	City : Noida
ARN NO : Arn-14262	Date : 05 Aug 2015
Comments :
This is what is typically termed as cradle snatching in sales terminology. I agree 100% with the fears of MFAs. In the long run this practice will be harmful for all concerned. The Amc, the adviser and the investor. What is most alarming is that AMFI agenda appears more biased against the individual MFA/IFAs. I have serious doubts that we can do anything about this! A small example is the requirement of submitting code of conduct confirmation to individual Amcs. Even nowcommissions are held up on this excuse and the process of submitting the verification centrally to CAMs is probably not up dated with all AMCs. Thanks so much for for helping us raise our voice, Mr Maloo, I am with you. Rakesh N Prasad.


Name : SRIKANTH V KULKARNI	City : Bangalore
ARN NO : 33153	Date : 05 Aug 2015
Comments :
The same experience here too, AMC, loyal to distributor when with them, back stage something else happens. Lesson to distributors, that direct is eroding our business, what ever, justifications projected. This shows direct was amc baby.we are taking too much of time to realise.


Name : Jayesh Ashplya	City : Raipur
ARN NO : 45480	Date : 05 Aug 2015
Comments :
First of all congratulations to you Mr Maloo for the award. A special thanks for raising this issue. Let us all raise this issue further in the forthcoming MFRT conference at Pune.


Name : vipin kumar harjai	City : lucknow
ARN NO : 31369	Date : 05 Aug 2015
Comments :
very well said Mr Maloo. this is a great threat to honestly working destributors. The subject matter should be raised at highest plateform.


Name : vijay	City : Ambala
ARN NO : 57584	Date : 05 Aug 2015
Comments :
Now Amc sales employee have daily target to meet one distributor and five direct clients.. Similarly back office employee has target to call ten direct clients daily for product and portfolio updation.. Thats why you will see sudden increase in AMCs employee recruitment and advertisement of mutual funds. And it is also a bitter truth that direct clients are being incentivize by AMC people...and there is cut throat competition even between AMCs to lure direct client...


Name : ARUN	City : BANGALORE
ARN NO : 358	Date : 05 Aug 2015
Comments :
Rameshji, This has been the normal practice with most of the AMCS, the standard answer is when the investor request for some help we cannot say no to the investor. Most of the AMCs are also busy building team for marketing directly to the investor, these investors were brought to the industry by the hard work of one or the other distributor.


Name : Raajeev Chawla	City : Varanasi
ARN NO : ARN-28987	Date : 05 Aug 2015
Comments :
Dear Mr. Maloo, You have raised a very serious issue. SEBI is not only investor friendly but also seems to be AMC friendly. Misselling by AMCs and Banks has always been ignored by SEBI. Its high time now. SEBI should realize its mistake and stop discrimination citing Investor benefit. All AMCs involved in such malpractices should be penalised. SEBI has all the data with evidences. Why is it unable to put a check on AMCs and Banks? Why all regulations are against IFAs?


Name : Surendra Kumar Tewari	City : Jhansi
ARN NO : ARN-71648	Date : 05 Aug 2015
Comments :
It is an exempllary account of facts. Not only the AMCs but AMFI and SEBI also should take cognigence of the things narrated by Sri Maloo.


Name : Amit Parik	City : Aurangabad
ARN NO : 79166	Date : 05 Aug 2015
Comments :
Amcs have become back stammers. On culture built up distributors by hard work for convincing every client, they now want distibutors out of business. What about their own performance ? Direct plans must be abolished. Amc have become beggars, its that they should learn from LIC regarding loyalty with distributors.....


Name : Pradeep Kumar Jain	City : Ranchi
ARN NO : PMPK WEALTH	Date : 05 Aug 2015
Comments :
Great Maloo jee. I think we all should forward this article to every available email id of SEBI AMFI and higher ups in amcs for their views. Reading will not help us but our action may. Regards


Name : kiritkumar shah	City : surat
ARN NO : 52473	Date : 05 Aug 2015
Comments :
I feel sebi amd amfi thinks that they are the only people worried about investors. But in fact they harm more to investotor by discouraging advisors. Sorry but this is burocracy


Name : Asoke Roy	City : Kolkata
ARN NO : Roysfinance	Date : 05 Aug 2015
Comments :
This type of practice is not only dangerous but also nasty. Friends, raise your voice against such practice.


Name : K.K.daga	City : Kolkata
ARN NO : ARN-8922	Date : 05 Aug 2015
Comments :
Hello Mr.maloo,thanks for sharing all these nonsence happenings in the industry for which we r doing our best and they r well known with their total aum and bcomming no 1 2 or 3 and on the other side trying to kill the hen which gives golden egg every day.pl.name the amc and go on united and stop their working


Name : Manohar C P	City : Mysore
ARN NO : 19449	Date : 05 Aug 2015
Comments :
Dear Maloo ji Congrats for the award and thanks for the good work Excellent write up on things that are happening, hope better sense prevail upon those AMC doing this kind of cheating


Name : Aleshi	City : Bangalore
ARN NO : 39269	Date : 05 Aug 2015
Comments :
AMC Person Visited My client(HNI) In Bangalore, towards Direct Plan Investment(During NFO) , Same time Customer Informed to our office. When We Cross checked AMC Staff depend himself foolishly " On behalf of distributor he visited Customer Office, to inform NFO..


Name : GYAN CHAND JAIN	City : DALTONGANJ
ARN NO : arn-49625	Date : 05 Aug 2015
Comments :
VERY NICE ARTICLE . LET US RAISE THESE ISSUES TO MEANINGFUL SOLUTION FOR THE BETTERMENT FOR DISTRIBUTORS AMCS AND INDUSTRY


Name : Pallav Agarwal	City : Noida
ARN NO : 29746/WeFlourish	Date : 05 Aug 2015
Comments :
Very well articulated Mr Maloo. I have also come across various AMCs which are spreading a red carpet for investors to go DIRECT. We had raised this issue in a collective manner and the concerned AMCs had changed their processes. I would request everyone and you also Sir to share these experiences on this forum with names of the concerned AMCs. We need to have a continuous monitoring approach for such incidents which are happening all over the country.


Name : dheeraj kapur	City : lucknow
ARN NO : 55323	Date : 05 Aug 2015
Comments :
Which AMC was involved, please let us know the name.so that we may also know about such kind of malpractice by employee

Submit Your Comments

Name

ARN No/Co Name

Comments

Verification Code

City