In May 2013, we carried an article about the move to create a Federation of IFA Associations (Click Here). That idea has now become a reality, with the formation of Voice of Mutual Fund Distributors - a federation that currently has 8 IFA associations as members, and which aspires to bring together all IFA associations pan-India into a single federation, with a single voice that will interface with the regulator and with manufacturers. Ramesh Bhat, the guiding light behind this move and the General Secretary of the federation, shares with us the present status of this new entity and its immediate plans.

Friends, I am very happy to share with you that "Voice of Mutual Fund Distributors" (A Federation of Mutual Fund Distributors Associations in India) received its Certificate of Incorporation on 28th October 2013. With this, we have taken the first concrete step towards uniting mutual fund distributors across the country and ensuring that we speak in one voice with the regulators and manufacturers.

As you know, only associations can become members of the new Federation. Currently, 8 associations from South, East and North have become members of the Federation. These are :

Our immediate priority is to reach out to every distributor association in the country and ask them to join this movement, for common good. Our membership fees are very reasonable, and will surely not come in the way of an association wanting to join the Federation:

Associations with less than 50 members : Rs. 5000

Associations with more than 50 members : Rs. 10000

There are many associations across the country, which are doing a wonderful job in their own states, regions and circles of influence. The Federation will in no way try to substitute their good work that they are doing for their members' benefit. Rather, the purpose of the Federation is to come together as one voice when it comes to taking up issues that impact all of us - irrespective of which state we operate in. Having a collective voice will enable us to present a credible face to the regulators and enable them to enhance their dialogue with the mutual fund distribution community. Unity in this aspect is critical for our future - and that is what the Federation aims to achieve.

Let me give you a small example of the challenges we face when we do not form a Federation for common interests. In the state of Tamil Nadu itself, there are 7 registered distributor associations - each with a membership of 40-50 members - and each of which are doing a wonderful job to enhance the knowledge and skills of their respective members. But, when it comes to making representations with regulators on regulations and rules that directly impact us, none of the individual associations are likely to be seen by the regulator as truly representing the voice of mutual fund distributors pan-India. It is for this purpose that all associations need to come together in one platform - in one Federation which can then become the Voice of Mutual Fund Distributors.

I appeal to all distributor associations to please join this effort and forge a single voice. Your respective local entities and your activities will remain unaffected - but you will get the benefit of a united voice when we take up issues that impact our businesses and our ability to serve our investors better.

You can contact any of our Executive Committee members given below, to initiate a discussion on joining the Federation and making our Voice stronger.

I look forward to every distributor association across the country to come forward and join our movement. In Unity is strength. In Unity is progress.

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