The move follows the Securities and Exchange Board of India’s (SEBI’s) consultations with the mutual fund industry over the past one year on various topics, including the need to set up a self-regulatory organization (SRO) for mutual fund distributors.
According to the online publication, the main aim of FIAI would be to provide a voice for financial intermediaries in regulatory consultations; drive implementation of professional standards; and build media profile for the financial advisory fraternity.
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It was decided to establish a formal association came after a number of large industry players realized that they were probably giving conflicting feedback to SEBI and the Ministry of Finance in individual meetings as part of the consultation process, says Hubbis.com report.
Consequently, some industry leaders took the initiative to revive an entity that was incorporated three years ago.
Currently, they are in the process of talking to all types of wealth advisory firms as potential members, including national distributers, banks, non-banking financial institutions and independent financial advisers (IFAs).
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