Mis-selling in Mutual Funds

Just finished what could have been India’s first (or one of the earlier) training sessions for the NISM exams.

Was there conducting the first sessions of the Amfi training in 2002 – took the exam in April…and started doing the training in the month of May.

Do not see much difference in the syllabus – in fact reduced from the earlier one. They have dropped some American stuff that they were passing off as ‘Financial Planning’. No clue how the exam will be.

A new ‘agent’ will now pay Rs. 5000 as entry fee (Jai Ho, amfi gets Rich), pass the exam, maintain records of how he sold, why he sold, etc. get paid nothing by the fund house, sell the best schemes (there could be 10 of them) out of 1200 schemes which the great SEBI allows to exist.

Seriously somebody will have to be really desperate for action and a complete incompetence in getting a job to do something else if he/she is to do mutual fund distribution. L O L.

Read how the business looks from a telescope of good intentions. Desperately seeking a pensionable job with the regulator. Any one, even happy creating a new one – The Real Estate regulator, the Credit card regulator, The food and drugs regulator….any ideas?


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