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Mankad urges MF industry to launch investor- and economy-friendly products

Mutual funds industry in India must design its products to address the interests of both investors and economy, said the new Union Finance Secretary Piyush G Mankad.

Inaugurating the national seminar on 'Mutual Funds on the Move', organised by the Federation of Indian Chambers of Commerce and Industry and the UTI Institute of Capital Markets in Bombay today, Mankad said that the industry should not go for window dressing with similar kind of schemes and crowd the market. The schemes must be innovative and tailor-made to act as a catalyst to deploy funds in the needy sectors of the economy, he said.

"Our industry is at a crucial juncture and the seminar should hopefully provide ideas and strategy as how to approach the next millennium. Good corporate governance and growth of the mutual funds would certainly have positive impact on the economy," he said.

Mankad referred to the dominant role played by the UTI in the post-Independence period and how it augmented large resources by offering various schemes to the public. "Our industry is at an advanced stage of the learning process and is now well poised to look forward with better quality of servicing to the investors," he added.

UNI

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