Rejigging its Advisory Committee on Mutual Funds, market regulator Securities and Exchange Board of India (SEBI) on December 20 listed The Hindu Business Line consultant editor Aarati Krishnan and Morningstar India managing director Aditya Agarwal among new inductees in the 24-member panel.
SEBI has also inducted Navi Asset Management Company MD and CEO Saurabh Jain in the committee. His inclusion assumes significance as Navi is among the smallest- but a buzzing mutual fund house with its intention to launch a slew of passive funds.
Other new entrants include Sundaram Asset Management Company MD Sunil Sundaram, Tata Asset Management MD and CEO Prathit D Bhobe, SBI Mutual Fund MD and CEO Vinay Tonse and Mirae Asset Investment CEO Swarup Mohanty.
The advisory committee will be chaired by Usha Thorat, former deputy governor of the Reserve Bank of India.
Among those top mutual funds company officials who would no longer be part of the committee include Franklin Templeton CEO Sanjay Sapre, Kotak Mahindra AMC MD Nilesh Shah and Canara Robeco MF CEO Rajnish Narula.
The task of the advisory committee is to advise SEBI on matters related to regulation of mutual funds for ensuring investor protection.
It is also entrusted with the task of apprising the market watchdog on issues related to development of mutual fund industry.The panel is further required to advise SEBI on disclosure requirements, and also to advise on measures needed to be “taken for change in the legal framework to introduce simplification and transparency in the mutual fund”, as per the terms of reference listed on the regulatory body’s website.