If in the course of your life you have been an investor, sub-broker, broker, teacher, auditor of mutual funds, trainer, content provider – you realize that you have certain advantages. In some of these positions you meet the MF industry as a boss and sometimes you meet them like a servant. Mostly it is the later, but that is a separate post.
So if you have audited the accounts of a mutual fund, you ask yourself:
– why is there an account which is credited for all the SHORT PAYMENTS to IFAs?
– when you pay MORE to an IFA by mistake, you claw back, what do you do when you pay short?
– when an IFA does not get his ARN renewed what happens to the trail commission?
– when a client dies what happens to the money lying in the client account?
– when an IFA dies why does the client not AUTOMATICALLY shift to ‘direct’ mode?
– when a cheque is sent to an IFA and comes back uncashed what happens to that amount?
the question is who will ask all these embarrassing questions?
IFA galaxy? No. I do not think so. It does not concern the big and active IFAs and many of these bodies are self funded, so they really do not have the bandwidth to do such work, nor do they have the necessary competencies.
the smaller IFA? hey he does not even know about such problems.
Amfi? You gotta be joking. Amfi is a manufacturer’s association. The direct beneficiary of NOT ASKING these questions is the promoters of amfi are the BENEFICIARIES….
SO, net net life goes on fine. Alls well with the world, and God is up there….
to quote a Hindi song ‘Aasman pe hai khuda aur zameen pe hum….aaj kal woh is tarah dekhta hai kum’…..
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