This is great! Requesting to start debate on the proposed draft Memorandum of Association. The bye laws are probably fine . But may need some suggestion which may make it better than the present. Why there is no announcement officially about the formation ? I request all MF distributors to start discussion on the proposed draft bye laws.

At the meeting held on Saturday, May 11, 2013 to discuss the modalities of forming an All India Federation it was unanimously decided to extend the date for receiving suggestions with regard to the proposed Federationss Bye Laws till May 25, 2013 - Suresh Nair, General Secretary, AKIFAA

I once again request Mr. Suresh Nair, Mr.Ramesh Bhat , Mr.Kanak Jain and other dignitaries participated in the meeting in Cochin that they give their comments on this platform and assure the IFAs that the final draft will be put for the comments and feed back of all the IFAs before filing it with concerned authorities. Please do not waste this opportunity of creating a truly democratic structure and opportunity of bringing all the IFAs(both big and small) on board. If we waste this opportunity IFAs may never trust us once again.

If these aspiring leaders don’t speak in public and make their stand clear, how would IFAs decide weather the aspiring leaders’ interests match with the interest of the majority? How would IFAs trust them and support these associations? Public communication is transparent and efficient. Private communications lead to manipulations and corruption. People understand this well even if the aspiring leaders act as if they don’t need public communication.

One should not forget that force doesn’t work and only honesty works, Indian democracy is the living proof of the same. The best way to prove for these aspiring leaders of these proposed associations/federations that they are honest in their intentions and want to work for all the IFAs(& not only for themselves)is that they come out in public on platforms like wealth forum to give their views and express themselves.

Any crucial decision related to regulatory, commission or any other issues that are important to IFAs or the industry should be voted upon. Association heads should not have any say in such things.

The only way we can make a majority of the IFAs(who basically are small in size) united and come under one umbrella is to make them participate in the democratic process and give them voting power, so that they can decide their own fate, rather than what is happening until now i.e. a few people “controlling” associations. There is no other way to create trust in IFAs.

Even if some people join these associations out of hope, sooner than latter they are getting disillusioned and are keeping silent in day to day functioning of these associations because of the autocratic approach of the powerful distributors who run these associations.

There is this widespread belief that most of the associations became power centers and are being used for the personal gains of a few rather than for the good of IFA community as whole. Hence this resistance to any proposed federation/association by not joining them with great enthusiasm.

The simple reason that strikes to my mind is the existing associations/federations couldn’t inspire enough trust to make these IFAs join them. The existing/proposed associations failed to create the required confidence that they will solve the problems of a majority of IFAs.

This is not the first attempt to form an association/federation since the inception of the Mutual Fund industry, but even today a majority of IFAs are outside the purview of the existing associations/federations. We can simply ignore this majority of IFAs as ignorant/selfish people who doesn’t know the importance of being together or if we are honest enough we can introspect and come out with the exact reason.

Let there be only one organisation to stand for all IFAs in the country and represent them at the appropriate level for the benefit of the Mutual Fund Industry, Investors and the IFAs. AKIFAA is doing a good work in this direction.

My dear friends, we hope today is the day that all the decentralized IFAs in the country will be getting a unified voice, by the formation of an" ALL INDIA MUTUAL FUND DISTRIBUTORS ASSOCIATION " by all the registered MF associations. The Proposed AIMFDA will be interacting with the Government of India, the MF regulators SEBI, AMFI,( also the banking regulators RBI & the insurance regulator IRDA if needed and necessary), empower IFAs to attain a better future by educating and conduct trainings a out the updations in the Industry.The details are given in the interview with Mr.Suresh Nair , General Secretary AKIFAA,Industry Trends in wealthforum. All IFAs request to open the debate on the proposed associations draft resolution till MAY 31 and accept suggestions and amend(if necessary according the discussion) before filing the final draft with Registration Authorities at Chennai. All the Best !

Enough time should be given to IFAs to debate on draft, before the registration. It is better to get suggestions & feedback from majority of IFAs. To make it possible debate should be kept open till 15th of June 2013. Majority of IFAs should become members of the association.

Dear Mr.Suresh Nair, Mr.Ramesh Bhat, Mr.Kanak Jain and other dignitaries participating at the Cochin meet, please assure IFAs that the draft that is being proposed is not going to be filed with the concerned authorities to form a society, without giving IFAs sufficient time for debating the same. Please assure IFAs that there will be time to debate the draft by giving your comments on this forum.

Thank you suresh sir for the good moment. Go ahead.

Kudos to all those who working behind this aiifaf formation. Please be aware that It is very democratic to give for IFAs more time to go through the proposed draft. IFAs expect at least a month time to go through it, discuss it, and propose some amendments (if necessary) in the existing draft before the final is decided.

Dear Mr.Suresh Nair, thank you for the great initiative that you have taken to unite the IFAs. You know that I am an ardent follower of issues related to IFAs. I myself could not go through the draft completely until now because of it lengthiness and legal wordings that are associated with any such things. We also have to take into consideration of the fact that most IFAs may be busy in engagements with their clients and may not be able to give their opinion in such a short time(before 11-05-2013). IFAs understand that the proposed federation can decide their fate and feel that there should be a strong debate on the proposed draft so that it facilitates a truly democratic and long lasting structure. IFAs want to have sufficient time for the debate to happen. There are some of IFAs who doubt that finalizing and filing with the draft with the concerned authorities is happening on 11-05-2013 itself. I request you to clarify the same and give sufficient time to debate the draft.

GOOD MOVEMENT Mr. SURESH , KEEP IT UP WE R WITH YOU.ONLY UNITY CAN CHANGE THE FUTURE .IT IS NEED OF HOUR.EACH ONE SHOULD THINK IN POSETIVE WAY WHICH CAN BEAR FRUITS TOMORROW.

Want to join u but do not have association.

A very good idea indeed. Let me relate my experiance of the past. In the late 1990s regional stock exchanges formed the Interconnected Stock Exchange of India to keep their identity, strength and a third front . All RSEs subscribed to the capital of ISE. Ultimately, ISE became a subbroker of NSE and many RSEs formed their own subsidiaries which became members of NSE/BSE and the main force behind ISE formation evaporated. Having National IFA association is like having FICCI or Assocham. We will have to be able to stay united through thick and thin.

Big Thinking.

GOOD MOVEMENT BY SURESH BABU, KEEP IT UP WE R WITH YOU.ONLY UNITY CAN CHANGE THE FUTURE OF IFA....