Are mutual funds ready for exponential growth?
Anuradha Rao, managing director and chief executive officer, SBI Funds Management Co. Ltd
Kalpen Parekh, president, DSP BlackRock Investment Managers Pvt. Ltd
Milind Barve, managing director, HDFC Asset Management Co. Ltd
Nilesh Shah, managing director, Kotak Mahindra Asset Management Co. Ltd
Nimesh Shah, managing director and chief executive officer, ICICI Prudential Asset Management Co. Ltd
Swarup Mohanty, chief executive officer, Mirae Asset Global Investments (India) Pvt. Ltd
Moderator: Monika Halan, consulting editor, Mint
Edited excerpts of the discussion:
Monika Halan: I want to actually start with a small story. This is ending 2010. I am at an airport. I will not name the person but it is a life insurance industry CEO who met me at that airport and said, “Ye to khatam ho gayi industry (This industry is finished).” 2009 was when the front load of the mutual fund product was taken away by Mr. Bhave (ex chairman of Securities and Exchange Board of India). So he said we will just come and clean up this industry. It’s over. Fund managers will just go home.
That was 2010 and today in 2017, we’re looking at a Rs20 trillion industry. So I just want very quick opening statements to say that should we have the question mark in the topic today. This is financial year 2018. So, are we asking a question or should we be making a statement?
Let’s just start with you Swarup and just walk down the panel.