Srinagar, Dec 8: The Securities and Exchange Board of India (SEBI), Association of Mutual Funds in India (AMFI), and National Institute of Securities Markets (NISM) joined forces to implement a comprehensive Banking and Financial Services skill development programme in Jammu and Kashmir in collaboration with Mission Youth J&K and BSE Institute to train and empanel youth from Union Territory as Mutual Fund Distributors.
A statement said that the initiative, aimed to empower the youth in J&K by providing specialised training and opportunities in the financial sector was first done in August 2023 at Srinagar.
It said that the first phase of the programme witnessed 120 participants attending in the training wherein 98 individuals successfully passed the NISM exams. Among the achievers, 30 individuals were shortlisted for the Intern Mutual Fund Distributor (MFD) program under the Regulatory Sandbox, while three secured off-roll employee positions. Additionally, others were empanelled as Mutual Fund Distributors by various fund houses.
The inauguration ceremony for this event was graced by Tabish Saleem, Officer on Special Duty (OSD) – Mission Youth, J&K. Distinguished guests included Sahil Malik, Chief General Manager, SEBI; Deepti Agarwal, General Manager, SEBI; and Mamtha Mudliar Vaidya, Assistant Vice President – Marketing and Investor Education, AMFI.
Encouraged by the success of the initial phase, SEBI and AMFI conducted a two-day training refresher course at Srinagar, to refine the skills of the candidates who were empanelled with the fund houses.
In an inspiring address during the inauguration, Sahil Malik, Chief General Manager at SEBI, emphasised the significance of the program in creating income-generation avenues for the youth of Jammu & Kashmir. He shared key messages of encouragement, highlighting the potential of mutual funds distribution, given the under-penetration of the category in the valley.
Tabish Saleem, OSD – Mission Youth J&K expressed his gratitude and said, “I would like to thank SEBI and AMFI for their remarkable collaborative effort in empowering the youth of Srinagar by training them to become Mutual Fund Distributors. It is also heartening to see the youth of Srinagar participating wholeheartedly in such a program. We believe that with Mission Youth, SEBI and AMFI coming together with a shared vision and a common purpose, remarkable things can be achieved.”
N S Venkatesh, Chief Executive, AMFI, stated “The mutual fund industry in India has witnessed significant growth in recent years, driven by increasing investor awareness and a growing middle class.”
“SEBI has been proactive in introducing reforms and measures to enhance transparency, investor protection, and the overall health of the mutual fund industry. Efforts such as these will help the youth to not only build a career for themselves but also help increase mutual funds penetration in rural and semi-urban areas to tap into a larger investor base.”
The programme demonstrates the collaborative efforts of SEBI, AMFI and Mission Youth initiative in fostering skill development and creating more Mutual Fund Distributors.