Carry on good work. This industry will grow. You will grow, Your income will grow. Focus & deliver...Enjoy man

Carry on good work. This industry will grow. You will grow, Your income will grow. Focus & deliver...Enjoy man

SIR, DONT GIVEUP, THIS SYSTEM WILL FAIL BY DEFAULT, YOU HAVE ALREADY GIVEN YOUR SOLUTION, DOES DIRECT INVESTOR WILL BE CHEAPER OPTION THAN DISTRIBUTOR???? NO IF WE GO THRU PRESENT SYSTEM, EXCEPT TOP 10-20 DISTRIBUTORS, AMC PEOPLE ARE NOT MEETING DISTRIBUTORS ONCE A MONTH ON AVERAGE, THEN HOW CAN THEY HANDLE DIRECT INVESTORS IF WE THINK 20% OF EACH DISTRIBUTORS CLIENTS GO DIRECTLY. IN RETAIL CLIENTAGE IN MY OPINION APPROX 50% TRANSACTIONS ARE NON FINANCIAL, WHICH ARE MORE COMPLICATED AND TIME TAKING THEN FINANCIAL TRANSACTION. IN DIRECT SYSTEM AMCs HAVE TO INCREASE THEIR OPERATIONAL AND SALES STAFF WHICH WILL COST MORE THAN DISTRIBUTORS PAY OUT. SO IT MAY IMPACT FOR SHORT WHILE BUT IN LONG RUN I THINK IF LOT OF CLIENTS GO FOR DIRECT THEN DIRECT PLAN RETURN WILL BE LESSER THAN DISTRIBUTOR PLAN. SO TO IGNORE IS THE BEST POLICY FOR THIS TYPE OF REGULATIONS.

With out providing a comprehensive, compulsory and minimum fee framework the regulator is doing great harm to clients and advisor alike. I will urge all my fellow distributors to not to serve clients AT ALL who are not willing to pay a fee. I am charging 0.7% as advisory fee for all investments. Let us boycott all such free riding clients.

Dear Ashish, dont buy the pitch of that MF sales guy. The most important point going forward is,which all AMCs make "DIRECT" as default option, that will make clear the intentions of our beloved partners.

Dear Ashis, No you will not be left in no man's land, because this method of SEBI will not work. I am from the rural area. Do you think that because of 0.30% additional commission rural IFAs will active again? I don't think so. Again SEBI will start the old method of distributing Mutual Funds.

This dilemma has remained post entry load ban for distributors,There is no level playing field for IFAs who will put their effort and time in managing investors money but will be considered as outsiders by AMCs and Regulator.Impact will be many more will take a call on going out of this industry

Nice Article Truly Reflecting the pan india IFA community sentiments. Just want to add... The entire changes brought in by the powers that be are well rehearsed and executed with class perfection. Just recollect what happened to the stock broking industry a decade ago..all the small brokers-some of our friends, distant cousins - are now gone and in their places we have corporates ruling the stock broking world... In reality, nobody likes to deal with a host of small, medium IFA's...they want only big select distributors and weed out the rest. So the small IFA will be extinct before long.

I strongly agree. Only discussion won't solve the problem. All IFAs should collectively stop new sales for one month to show our strength and our impact on MF industry.

I am totally agree with ashish modani if sebi want to create financial inculison. It can be happen through distributor so incentive's adviser in proper way not by double crossing them.and AMFI should act to raise our voice.

Dear Sir,i totally agree with you, The Distributor community has been projected as villain.SEBI thinks now there is enough penetration in top 15 cities, so now kick out distributors from there give more(what more just 20 paise extra)to beyond 15 cities. when SEBI find some penetratin there, they will also be kicked out. USE AND THROW POLICY. When existing people are not interested to work, can new people enter MF industry, BIG Question??

Can we take SEBI to court as it is promoting unfair trade practices

JESE DUDH MESE MALAE NIKAL LETE HAI VESE HI HUM distributors ko AMC and SEBI ne nikal diya hai. SEBI & AMC wants remove distributors channel. Its time to we need all togather and fight against DIRECT PLAN.i am believe in " if you do not believe in co-operation, look what happens to a wagon that loses a wheel." We all togather and decide day and time fixed for fight. what next step?

I fully agree with Mr. Asis Modani. So far MF industry/AMCs felt the Distributors as the pillars to built the industry and responsible for the current level penetration. Now SEBI is trying to remove the pillars and leave the industry to stand in AIR.

The Retail Distribution going to die Slowly

Doing business more efficiently through technology is the future of every industry and making technology savvy distributors also to be wary of use of technology is definitely not progressive thinking.I agree with you that the entire cost associated with making a small investor into a meaningful investor , the so called HNI should be loaded to calculate the cost of direct. I think that the regulator wants to experiment by replacing the rogue Bank RM's with AMC RM's and hoping for the best. I feel too much experimentation is going on since 2008 which is not helping development of any business model.I would like to add that in the two meetings in the Finance Ministry, nobody discussed anything on the Direct share Class, then how come this has come up. I feel that Direct will be a very messy affair and will the persons responsible will own up killing the industry and spoiling many careers.

Ashish, you have brought up the issue and its impact very nicely. I agree with you that the distributors are doing investor eduction and helping 80% of their investors towards path of achieving their financial goals because of their earning from 20% of their investors. All investors start their investments with small amounts and it is distributors only who encourage investors to save more and become MNI and HNI. It gives immense pleasure and satisfaction to distributors to partner an individual investors journey to become a MNI or HNI. The proposed changes will make all distributors revenue centric, whether from Mutual Funds or other avenues and not focus on long term future and wealth creation of the client. Financial instruments are intangible and deliver benefit in the long term and expecting the client to pay appropriately from the beginning for something which he cannot measure and gives benefit only in long term is wishful thinking.

The views reflect the true Impact on the Mutual Fund Industry, It is an eye opener for all distributors who are being misguided by AMC peoples that Impact will be minimal. The impact of direct plans will be like earth quake tremors which will be felt regularly till hardly anything is left.

the direct plan will surely give the last blow to kill the mf industry. In other profession client approaches, where as in mutual fund distributors approaches the client & after all efforts there are all chances that client will run to AMC for investment to save 0.50 % to 1 %, as advice is received in FREE. All this years we as distributors have taken efforts for wealth creation for clients which will get redeem and will go direct. At RAJKOT few distributors have decided to oppose the move of direct plan, IF SUPPORTED BY PAN INDIA, WE INTEND TO GO FOR LOGIN STRIKE WILL THE DIRECT PLAN IS REVOKED. request you all to come together and support the same.

EVERYBODY SHOULD UNDERSTAND THAT THEORY OF MULTIPLE SHARE CLASS WAS SOWED BY AMFI & IT WAS NEVER GIVEN BIRTH ONLY BY SEBI. THIS DETAILS WERE WRITTEN IN WEALTHFORUM ARTICLE http://wealthforumezine.net/Industrytrends050912.html ALL OF US SHOULD THANK WEALTHFORUM FOR THIS & MANY OTHER IMPORTANT NEWS & INFORMATIONS. THERE WAS NO NEED FOR RECOMMENDATION OF TWO LOWER COST STRUCTURES. WHY MULTIPLE SHARE CLASS WAS RECOMMENDED? HOW MANY DISTRIBUTORS’S SUPPORTED THIS? WHAT IS THE TOTAL NUMBER OF DISTRIBUTORS? WAS IT DONE SAVE THE TRAIL PAYOUT ON EXISTING AUM? HOW MANY ADVISORS ARE THERE WHO WANTS TO SELL ZERO COMMISSION PRODUCTS? ACTUALY ALL PARTCIPANTS SHOULD AIM TO BRING IN NEW CLIENTS IN ORDER TO INCREASE BASE. LESS THAN 2% OF OUR POPULATION HAS INVESTED IN FUNDS. SO THERE WAS NO NEED OF ANY ACTION TO SAVE THE TRAIL PAY OUT ON EXISTING AUM. ATTRACTING REMAINING 98% WAS HIGHLY NEEDED.

Dear Sir,i totally agree with you, The Distributor community has been projected as villain.SEBI thinks now there is enough penetration in top 15 cities, so now kick out distributors from there give more(what more just 20 paise extra)to beyond 15 cities. when SEBI find some penetratin there, they will also be kicked out. USE AND THROW POLICY. When existing people are not interested to work, can new people enter MF industry, BIG Question??

I am not able to understand who is actually responsible to take the MF industry to the horizon of development.SEBI is a regulatory body who can check whether AMCs are following rules and regulations and also can frame new rules.The responsibility of AMFI is to take all developmental steps to take MF industry to a new high.But for any SEBI rule AMFI should first give their opinion.Even SEBI cannot forcibly put something on AMCs without consulting AMFI but i don't know what is happening.Yes if SEBI is concerned about investors then SEBI should come with a regulation that investors can buy shares on a online platform not connected with brokers.

Sir, I believe that the interests of our clients are to be our top priority. They expect the best, sincere and true advice from us. So we should advise our clients to invest their money in the direct share class and change distributor code of all earlier investments to direct share class. As a result all sincere and true IFAs will be thrown out/ forced to leave the Mutual Fund industry. Mutual fund industry penetration will go further down. IS IT WHAT SEBI INTENDED? Or Wanted? Or do they force IFAs to give wrong advice to clients? And become insincere and untrue?

SEBI is not actually regulator-but in REAL terms it is regulated by industry body ,thats the reason SEBI always encourages more and more trading in stocks and futures,the REASON being STOCK TRADING BROKERS want this,but in case of mutual fund industry AMC's are deciding fraternity,who diktat SEBI to frame rules suitable for AMC's( This has been proved by recent hike in expanse ratio to give more profit to AMC's,iF SEBI really had intention of investors welfare it would have asked AMC's to reduce expanse ratio ) but since SEBI is regulated by AMC's and that too by few large AMC's in particular,SEBI took favourable decision to AMC's which is anti investor and anti distributor, i can just suggest that all distributors should STOPfurther business for MF till SEBI and AMC nexus does not reverse its anti distributor decisions.

Big HANDS for Ashish Modani

There may be scandal in between AMCs, AMFI, SEBI & Other party. The biggest question is why only mutual fund investors are allowed direct class, why not direct equity? Presently IFAs are doing hard work not for the sake of good remuneration, but in hope of getting in future. It can be called as scandal.

I strongly agree with you on all arguements but since I live in a small town where HNIs are not at all interested in MF but real estate, any of these ingenious changes in the trade won't affect us except increased commissions.

Final line, when you will educate your client, after getting full education your client will drop you otherwise he will give u only one sip balance investment he will do direct and on behalf of one sip he will call u for the best proudct

My way of advisory is to teach my client where he has gone wrong and make him a literate investors. From Guaranteed investment to NAV based investment was something I have done for almost all my client. But now I will have to probably change my strategy as teaching investor is going to injurious to advisors health. Can someone suggest me what kind of strategy I follow now? Does anyone have guds to educate investors now?

dear all, in my view we all should give up our ARN and look for other avenue because this is too much regulations environment.thanks

SIDHI BAAT. OUR GOVT & SEBI ARE ENCOURAGING FII BY DISCOURAGING DII. WHATEVER A LIITLE SHARE OF DII IN MARKET WILL COME DOWN & FII CAN MAKE MORE PROFIT.

your artical is true infact, this is bad for investor because everybody what cheap, dont want to take paid advice and AMC can not give good advice they will sell only product(only target base)And finaly two NAV will create only confusion. SEBI should take back the proposal. Thanks

Asish elaborated his concern about the MF industry very well. "Too much of anything is bad". This is a natural truth. The more you regulate the more it will spoil. Dear all, I am sure this is a short term trouble for all of us includng our staff. It is true that we will not be able to serve the investor free of cost. Charging the investor also not possible because the AMC direct scheme will provide the investor eveything free. SEBI will educate them through media abslutely free. Is SEBI feels the IFA's across the country never spent any money for the development of the MF industry? In any case at 19400 Sensex level all of you loose 40 - to 50% of your equity AUM. The redemption money will not come to the industry immediately.I would request all my friends do focus your work, and not to spend your valuable time for SEBI/MF/AMFI etc. Let them talk,implement etc. In the long term we all get our share of bread, which nobody can take from us. Better days are ahead.

well said ashish if the highest m/f body amfi is not taking matter with sebi there is no point to remain in this business

I started my business in Direct Equities first and slowly shifted my clients base more towards Mutual Funds. As Direct Equities are more risky than investing in Mutual Funds. But after giving so much time and money in developing this business now it seems to be all ZERO. No doubt the regulators make changes to develop the transparency in the business, but this is not part of transparency, its something like killing a business for everybody. As IFAs will not promote Mutual Funds and will start selling something else like Equity / LIC / Bonds etc. and our Regulator's decision will not help anybody..... be it AMCs / Clients / IFAs. AMCs will increase their cost to service the Direct Client, Client will not get the right advice and SERVICE, and IFA community will slowly vanish from the Mutual Fund Business.

One point is missed out by everyone so far- If a client goes direct to AMC and seek suggestions, will the AMC recommend funds of other AMCs?? No- he cant recommend fund of other AMC. Which means a client will not be offered best in class product and diversification. SEBI's objective of "protecting Investor" and "curbing mis-selling is defeated here"!!Such practise will ever bring clients back to the MF industry??? SEBI must own MF industry rather than ruining it

Quite well articulated and logically presented food for thought for SEBI and AMCs !

Our regulator has setup a mind "Kill the IFA" and is working very well on that side. I want to share one instant one day a client rang me and asked that I am sending my friend to you please help him. When his frind reach my office he just say sir I am in great trouble I want to redem my investment bu from last 2 months I am wonderein here and there. The AMC personal say you have this problem on another day they say there is that problem. When I go deeply I found that there is mistake with is name on the investment on it is a small matter and for this the person has to visit 8 to 10 time the AMC office. I only want to say let them start direct and we (all IFA) should stop giving any service for some day.

It seems that SEBI is creating dangerous situation forMFindustry.Also discouraging & killing IFA/DISTRIBUTORS as well as INVESTORS.Instead of giving so much pain to all,SEBI should do something good to aware INVESTORS.I will say-MUTUAL FUND BECHTE HAIN HUM TO KYA HUA,LOG TO IMAAN BECH JATE HAIN.MUTUAL FUND INDUSTRY AABRU HAI HAMARI,IS AABRU KO BACHAKE DESH KO BACHATE HAIN HUM.

SEBI has set up a comittee to implement direct share class and now it his high time to appraise our concerns so that a level playing field is emerged.First it should be restricted to online only as it is with insurance sector too. product should also be available to IFAs. Old assets should not be transferd to direct mode.All expences incurred towards servicing direct investor should be accounted for while calculating TER.AMC should be given liberty to launch direct share class product and it should not be mandatory.However our fight will continue for ammending this new rule.

VERY TRUE AND VERY VERY PRACTICAL THINKING. YES, I ALSO GAVE AROUND 8 YEARS TO THIS INDUSTRY PASSIONATELY. AND NOW WE ARE TOLD TO GIVE OUR BLOOD AND SWEAT FOR FREE. LET THE AMCs NOW CHOOSE WHAT THEY WANT TO DO.

if sebi has guts ,it must do stock broking direct without broker,only mutual funds ifa's r targeted ,in this grave sitiation wen funds and stock market is not performing this senceless rules r not required,but sebi people r just in a view to eliminate ifa community,

Very well written article articulating all feelings of distributors. Now its upto AMFI to either get us level playing field or be ready to do sales without us. "Hum Chale, Alvida! .. Ab Tumhare(AMC) Hawale watan (Investor)Saathiyon!!!!!!!!!!!!!

My only take is why is DIRECT Not implemeted by SEBI in Stock Broking.SEBI only imposes regulations on MF industry which is already on downslide and is killing it softly.IS THERE ANY PRODUCT WHICH IS AVAILBALE DIRECTLY THROUGH A COMPANY CAN YOU GO AND BY SHARES DIRECTLY FROM THE COMPANY OR YOU HAVE TO GO THROUGH A BROKING CHANNELS

Is the Direct only for Debt Funds or also for Equity Funds ?? My opinion is that we shoud focus on our work without being distracted by these regulations and set of rules. Our Clients are Loyal to us and they wont stop the long lasting relationship in a short span of time.

What you said is Correct. We are supporting with your views.

VERY GOOD Ashish right rule 80:20 every business based on this rule

My only take is why is DIRECT Not implemeted by SEBI in Stock Broking.SEBI only imposes regulations on MF industry which is already on downslide and is killing it softly.IS THERE ANY PRODUCT WHICH IS AVAILBALE DIRECTLY THROUGH A COMPANY CAN YOU GO AND BY SHARES DIRECTLY FROM THE COMPANY OR YOU HAVE TO GO THROUGH A BROKING CHANNELS

I have no doubt that the damage due to direct share class is long term in nature and is collateral. It kills the enterprising nature, the willingness to take a risk in expectation of a higher return that is linked to performance (trail commission). It kills hope. The urge to play intellectual games with the lives of thousands of advisors/distributors and consequently crores of small investors is painful and should be resisted. To benefit a few sophisticated investors, destroying majority of small investors is against the basic tenets of “dharma” propagated by “Yudistar” in “Maha Bharat”(you can sacrifice a few if there is a danger for the majority but not the other way round…) Hope the regulator tries to reconcile with “Dharma”.

strongly believed

Kya baat hai.Aapne Dil ki Baat Kahi.

Our Government says on one side that more investors should invest in mutual funds and on the second side, it makes policies of discouraging distributors. How is it possible? Our old customers will indeed go to direct route, but after a span of time, when they do not get proper guidance and services, they will give up this industry even, which will be a huge loss to AMC's, Distributors and even government too. May God guide our government!

Very rightly pointed!!!

A united IFA effort might decrease SEBI's interference in our business. SEBI does not regulate the MF biz, it dictates the rules of our business and changes the rules almost every third month. I wonder whether SEBI's rules are unfair trade practices.

i fully agree with mr. ashish modani. I only would like to add here that AMFI does not represent us the distributors. They are an association of the manufacturers (AMCs). We do not have a body yet who can represent us.

we should have our own SRO to focus our issues honestly to regulators, Amfi is not delivering any value addition to distributors. The cost of amfi should be born by AMC's ; why we pay rennual fee to operate it, they not represent us as no IFA's participation in it nor it think about us.

All these non-sense will continue as long as the powers-that-be continues to believe that mutual funds is a pull product and not a push product. How will the MF culture spread without us distributors ? More money will go to Gold,FDs and Post offices. The industry will lose a lot of of good advisors/distributors ... Mutual funds is not THE product in our portfolio .. it is ALSO an ITEM .. that is all.

God may give mental balance to SEBI Name - vinod kumar anand ARN NO: 1590 City: new delhi Comments: Date: 05 Oct 2012 Our Government says on one side that more investors should invest in mutual funds and on the second side, it makes policies of discouraging distributors. How is it possible? Our old customers will indeed go to direct route, but after a span of time, when they do not get proper guidance and services, they will give up this industry even, which will be a huge loss to AMC's, Distributors and even government too. May God guide our government!

namsatay after hearing and seeing what u have mentioned ashishji,and looking at the reality grounds what u have put on ,its been always in mfs ,that amcs have always looked at their customers interest what u call as unitholders ,otherwise rightly what u say that direct they could have done it long back ,now also they have looked at their interests ,let them face the challenge of teaching investors ,like a very good example u have given about the amc executive. thank you ashsihji for ur kind detailed explanation on the new rules.

Thanks Ashish, I have similar opinion. I have spend more than 7 years for MF industry educating > 10000 & servicing more than 1000 clients. I have literally spend more than 2 hours for each client when MF awareness was absolutely Zero. And even conducted seminars for creating awareness among investors with my own expenses. But today I am totally dejected. I strongly feel to say a final good bye to this industry. I do not want to work in an industry where there is no one to listen to us. Its very true Our representative AMFI has not spoken even once on this grave issue. I strongly feels that like others we should also strike for a week by informing our clients and pass on the Client servicing responsibility to AMC. Then only this Industry will wake up & will realize our importance where the retail penetration is due us.

SEBI is now again making same mistake just like banning entry load, with these steps no one take this profession seriously, I don't understand why these people are not realistic and take serious notes from their past mistakes

There are so many things other then Mutual Fund products which we use regularly e.g. Toothpaste, Soaps, Shampoos, Mobile, Car, Milk etc. No manufacturer is selling this directly. Even if you want sleeping pills in bulk, no medical shop will give you without prescription. Equity investin is very skilled job and direct investment shouldnot be recommended. SEBI is playing with innocent investor's money. I think SEBI must review this...

A business should either have a big present income,or should have a sustained income if the income is small.The problem with mf distribution business is-neither does it have a good present income nor does it have a great future(sustained income).

I am with you sir...Let us totally stop the business for the next 3 mths and I have already decided that we are not needed by SEBI in their new plans.First they used us and our clients hard earned money and now they want us to move out without any alimony.Why dont the AMCs present a stronger case.Anything is this world needs to have a middleman to sort out issues.People who stay in this profession presuming that things will be better are wrong..We are just delaying the final issue.We are going to go out of business slowly one by one and we are fools working sincerely for MF industry .In fact we are modernage saints and giving free service to all investors and hoping SEBI understand us..All have to now become real estate brokers

SEBI is doing eveything it possibly can to kill the MF indusrty. I ask the SEBI chief to go down below his office in Bandra Kurla Complex and randomly ask 100 people whether they know that there exists a investment avenue known as Mutual Funds. Probably then the penny will drop!

only one thing we do in this situation we show our strenth to sebi,we have three month time if all IFA ASSOCIATION INCLUDING REGISTERED OR NON REGISTERED & IND.IFA"S do something or plan something i think change is possible.FOR EXAMPLE-LIC OF INDIA,GOLD LOBY

why sebi not allowing direct buying/selling of shares, without brokerage it also help investor to save some ruppe,

tough words Ashish. But true words !!!

We should come together to make the Regulators feel the true situation that is there. Penetration of MF in rural areas can only be done through increasing number of IFAs and not starting Direct business. As penetration needs awareness creation like LIC does through it's agents living in every nook and corner of India. SEBI should think over this else the Dream will be a Dream only as trully said by Mr.Modani.

Totally agree with you on each & every point, Mr. Modani. I have been in this industry for the last 17 years & all my hard work would be wiped out with this one reform ! & how much Indian population has knowledge of Mutual Funds ? Many people are not even aware of such investments ! Investors invest in Mutual Funds because they trust us. I don't think Mutual Funds industry is going to be benefited with this reform. Regarding our business-when the entry loads were banned, a couple of my clients used to ask for my advice for investments & then go directly to AMC office so that they would not have to pay my fees. Now all of them would do that !

As long as people at AMFI/SEBI who are taking decisions for the industry have no experience of advising clients and selling mutual funds,the industry has a poor future. Also, these people should be accountable for the results of their naive decisions.

FIGHT FIGHT FIGHT FIGHT IS ONLY THE SOLUTION YEARS OF HARD WORK WILL B DEAD WITH A SINGLE REQUEST OF DIRECT

COME ON MY DEAR FRIENDS FROM ALL INDIA TO FIGHT AGAINST THIS ISSUE, BECAUSE ONCE IMPLEMENTED , IT WILL B OVER

HAS ANYBODY ASKED THE AMCS WHAT IS THERE STAND FOR THIS DECISION, DO THEY WANT TO PROMOTE THE DIRECT PLAN OR STILL THEY ARE WITH DISTRIBUTORS, IN MY OPINION AT LEAST FOR 15 DAYS STOP MF BUSINESS COMPLETELY AND SHOW YOUR STRENGTH THAT WITHOUT DISTRIBUTOR FOR AMCS EVEN A SINGLE APPLICATION IS ALMOST IMPOSSIBLE. BUT EVERBODY HAS TO B UNITED.

SIR I SUPPORT YOUR VIEWS . AND FURTHER REGARDING CLAW-BACK OF COMMISSION. BY AMC FURTHER WE ARE THE TOYS FOR AMC AND CLIENTS.

IF SOMEBODY THINKS MY CUSTOMERBASE WILL NOT BE AFFECTED BY DIRECT PLAN THEY ARE MISTAKEN. IN OUR INDIA PEOPLE ARE GREEDY, THEY R IN THE HABBIT OF ASKING FOR PASS BACKS RATHER THAN GOOD ADVICE, SO EVERY INDIVIDUAL EFFORTS SHOULD BE MAKE TO RAISE YOUR VOICE AGAINST THIS ISSUE, OTHERWISE THESE AMCS ITSELF INCREASE THE DIRECT PLANS, THESE AMCS ARE PLAYING THE HIDE AND SEEK GAME WITH US, THEY WANT TO PROMOTE DIRECT PLANS , FIGHT AGAINST IT BEFORE WE GET LATE, WITH OUR FULL HEARTED EFFORTS.

congratulations to Ashish Modani for giving frank and fair views whereas as most others players are diplomatic

I REQUEST EVERY DISTRIBUTOR TO COME ALONG WITH AND FIGHT AGAINST IT, IF DISCEION ONCE IMPLEMENTED WOULD B IMPOSSIBLE TO GET RID OFF FOR THE REST OF OUR LIFE PLEASE COME AND STAND AGAINST THIS DECESION.

YES VERY MUCH TRUE, IF U R GETTING THE SAME BRAND CHEAPER UNDER ONE ROOF, WHAT WOULD YOU CHOOSE, OBVIOUSLY CHEAPER ONE. THE BIGGEST FACT IS NOT THE CUSTOMER IS BUYING CHEAP BUT THE BIGGEST FACT IS DISRIBUTOR IS EARNING. THIS IS GOING TO B A NEW ERA OF PASSBACK I HAVE NEVER SEEN ANY PROFESSIONAL BUSINESS GIVING PASSBACKS, EXCEPT FINANCIAL MARKET, NOW SOME SMART CUSTOMERS WILL START ASKING FOR PASSBACKS FROM OUR TRAIL.

SEBI seems to believe that there were millions of investors who were wnating to invest in MF's but we distributors were holding them back. We all know how far this is from the truth and how much convincing it takes to get people to invest. If people have to now do it on their own then I dont know if it will happen. Because there will be no brokerages paid the TER will be lower, but what if the expenses incurred by AMC's are actually higher than what they would have paid as distributors fees. AMC's should thus be asked to set up seperate offices for this direct category so that expenses can be monitored and not consolidated with office expenses incurred for other categories.

i congratulate Mr.Ashish Modani to so eloquently express the frustration and disillssutiionment felt by the distribution fraternity the introduction of the direct window has caused them.He even talks of quitting the.industry he so assiduously built .Years of hard work spent in creating wealth for trusting clients is threatened by one foolish act of an unthinking regulator.I feel sad that the industry should become a victim of regulatory ambush.It is unfortunate that we have regulators who behave like sterile ladies discussing the pain and pleasure of childbirth.

the views of mr modani point out a dangerous situation for small distributors like us.it is more disturbing for those people who do not have any other option but to remain associated with mf industry.however one silver lining is that still various options are being weighed upon,and we may get positive news too.