June 06 , 2012
The Association of Mutual Funds in India (AMFI) is to mutual funds something like what your Housing Society is to residents. Like a Housing Society, it formed by the fund houses themselves and is primarily self-regulated. It has very few legal powers, unlike the regulator Securities and Exchange Board of India (SEBI). Mr. U K Sinha is the current Chairman of AMFI.
AMFI has been involved in initiatives to promote investor education. It also maintains the central repository of mutual fund data (inflows, redemptions, funds under management, etc) on a regular basis. This data is available at its website www.amfiindia.com. Under the directives of SEBI, AMFI has also taken upon itself the administration of anti-money laundering initiatives like the mutual funds Know-Your-Customer (KYC) process.