Association of Mutual Funds in India said Wednesday it is willing to take up a regulatory role in the mutual fund industry as suggested by Securities and Exchange Board of India.
The mutual fund industry body said it will start talks with the regulator to formulate policy for the sector.
"AMFI is graduating into a self-regulatory body but it will take some time for the evolution to take place," AMFI Chairman A.P. Kurian said at the CII-Mutual Fund Summit 2010.
"Currently, as desired by SEBI we are managing valuation, compliance and operational norms," he said.
"We have an open mind and are looking to have an effective, useful body for the mutual fund industry," Kurian said.
Earlier today, SEBI Chairman C.B. Bhave said on the sidelines of the same meet: "The mutual fund industry needs to decide whether Association of Mutual Funds in India needs to be a self-regulatory body or remain an industry body."
Bhave said AMFI needs to take initiative to formulate guidelines for the mutual fund industry and there needs to be more clarity on the role of AMFI.