AMFI has inducted a new face on its board. In its annual general meeting (AGM) held in Mumbai today, AMFI has reportedly elected Ravi Menon, CEO, HSBC Mutual Fund as director on its board.
Since Radhika Gupta, CEO, Edelweiss MF was elevated to Category B due to increase in average AUM of the fund house last fiscal, there was one vacancy for the new director in Category C for which Menon was elected.
Every year, 1/3rd of AMFI board retire by rotation. While one member – Kailash Kulkarni (Category B) has stepped down from the post of director, Nimesh Shah and Nilesh Shah from Category A and Anthony Heredia from Category C have been re-elected as directors.
Currently, there are 15 members in AMFI board of which seven are from the top ten fund houses and four each from mid and small sized AMCs. The AMFI board has representation across three broad categories – category A represents directors from large fund houses (top ten fund houses), category B has directors from mid-sized fund houses and representatives of emerging fund houses fall under category C.
AMFI will appoint the new AMFI chairman, vice chairman and head of various committees in the upcoming board meeting.
