Fintech cheers Sebi’s call for MF rules - ETtech
Sebi's proposal to create a self-regulatory organization to regulate the mutual fund industry has opened new opportunities for the fintech startups
- "With the number of players selling mutual fund products swelling everyday there was a dire need for the regulator to step in to prevent misspelling and an SRO can help regulate this space better," said Nithin Kamath, chief executive officer, Zerodha which offers mutual fund investments through Coin.
- "There is a need to have separate representations from each of the stakeholders of the distribution business, agents, investment advisors and fintechs and its governance should be driven through participants," said Mukesh Kalra, chief executive officer, ETMoney.
- As per Sebi there are 1.24 lakh mutual fund distributors in India and 1136 investment advisors.