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May 27, 2022

India’s mutual fund association asks AMCs employees to return to office

The Association of Mutual Funds in India (AMFI) has directed all asset management companies (AMCs) to withdraw work from home option and call back their employees to the office, reported FE.  

The association said that mutual fund houses to employees, especially those in critical roles such as dealing in markets, should return to office by 10 June.

AMFI CEO NS Venkatesh said in an internal communication to CEOs of AMCs: “The flexibility given to employees to work from home, especially those handling critical functions that deal with the markets, such as investments, dealing, operations, compliance/risk management etc. may be withdrawn. This may be implemented at the earliest, but no later than 10 June 2022.”

The advisory follows reports of front-running by two fund managers at Axis Mutual Fund, who were terminated this month following an investigation.

People in the mutual fund industry told FE that AMFI’s decision was expected anytime soon, and the Axis Mutual Fund case has only expedited it.

“There could be more fund managers under the scanner, outside of Axis MF,” said the people who added that the AMFI’s move will minimise the risk of such cases as dealing rooms at offices have high compliance and monitoring.

AMFI told CEOs that it has decided to withdraw remote work because “things are now completely back to normal” in the country after the government and local municipal authorities have lifted the restrictions that were placed in the wake of the Covid-19 pandemic

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