AMFI to expand MF training to Chhattisgarh, Gujarat; targets 15 districts

The Association of Mutual Funds in India (AMFI) plans to expand its mutual fund training programme to Chhattisgarh, Gujarat and other States after more than 19,500 students in Andhra Pradesh and Bihar cleared the investor awareness test.

In an interaction with businessline, Venkat Chalasani, Chief Executive, AMFI, said the association also plans to pilot its Tarun Yojana programme in 15 districts, targeting students in Classes VIII and IX to teach them basic financial concepts.

AMFI has adopted four States — Andhra Pradesh, Bihar, Odisha and Meghalaya — using different models to train students on mutual funds and career opportunities in the sector.

In Andhra Pradesh, AMFI partnered with IIM Visakhapatnam and State education authorities to implement a train-the-trainer model. It identified 54 professors and lecturers across 27 districts and trained them through an immersion programme. They subsequently taught more than 12,000 final-year students over four months. All the students cleared the Securities and Exchange Board of India’s Investor Awareness Test (SIAT), conducted by the National Institute of Securities Markets (NISM), Chalasani said.

In Bihar, AMFI trained students from IIM Bodh Gaya as ambassadors to conduct sessions in schools and colleges. More than 7,500 students cleared SIAT under this model.

The association has also partnered with IIM Meghalaya and XIM University in Bhubaneswar. Discussions are under way with IIM Raipur for Chhattisgarh, while a collaboration with IIM Ahmedabad is being explored for Gujarat.

School outreach

Under Tarun Yojana, students will learn financial fundamentals through simple lessons and assessments before being introduced to SIAT. AMFI has also been working with asset management companies to adopt for imparting financial literacy among students.

Separately, a pilot programme to train postmen as mutual fund distributors has been temporarily put on hold while the Department of Posts reviews AMFI’s training programme, Chalasani said. In the interim, AMFI is working with the department to resolve legacy know-your-customer (KYC) issues before the initiative can be rolled out.