"We trust that you will avoid using harsh language and will refrain from making unsubstantiated allegations against individuals and firms. Your constructive feedback and opinions are very valuable to all of us in the industry. "
Very much agree with Mr.Desais views. One simple thing AMCs can do for Distributors is getting the KYC done for a client. Once a client agrees for investment and gives the cheque filling the KYC form and submitting the same should be done by a person appointed by the AMC. For eg. in my city where we have 4-5 AMCs these AMCs can come together and appoint someone to get the KYC done. Also collecting forms and cheques at the doorstep of distributor could be outsourced.
In addition to whatever has been said in the article there is an issue which is always neglected is about distributor convenience or comfort. All rules and systems are placed from the point of view of the AMC, regulators and investor but very less attention is paid to the distributor conveniences. AMCs unilaterally decide the areas of operation to cover certain distributors which is most inconvenient to him/her. AMCs do not follow uniform practices e.g. it is allowed to accept lumpsum investment upto 50000 without PAN. One AMC accepts and the other one rejects it. There are many such cases like change of bank details, nomination, handling of deceased cases etc. etc. Why not these AMCs come together on these issues and start practicing uniform guidelines.