Sebi chief Ajay Tyagi stresses on consolidation of MF schemes
MUMBAI: Sebi Chairman Ajay Tyagi today stressed on the need for consolidation of schemes in the mutual fund industry. Speaking at AMFI MF Summit 2017, he said that as many as 45 fund houses are running more than 2000 schemes and there is a need for some consolidation. He also highlighted that there were some defaults in debt portfolios of mutual funds.
He asked fund houses to improve their due diligence and not depend on credit rating agencies only. The industry should take care that non-performing assets do not shift to mutual fund portfolios.
Though assets under management of the industry have doubled in the last four years, only 16% comes from beyond the top 15 cities. SEBI chief felt the industry could do a lot more in those places.
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Via:: Economic Times – Stocks