On Budget expectations of the MF industry, Munot says, “A more favorable outlook towards taxation on bond funds would be welcome to ensure that a larger number of Indians can secure their retirement. We have also developed a corporate bond market in India.”
Responding to a question on ongoing volatility in the equity market, the AMFI chairman said MF investors should continue to focus on their asset allocation and remain disciplined in investing. “We’ve always been maintaining that investors need to have long term orientation and remain invested for the long run; short term volatility is the nature of the market, and it would always exhibit this kind of trend. From time to time, over the last three or four years, we have never witnessed severe correction in the market, and investors expectations should not yet unreasonable.”
Navneet Munot, who is also MD and CEO of HDFC Asset Management, was speaking after a memorandum of understanding (MoU) was signed between the AMFI and the Asosiasi Manajer Investasi Indonesia (AMII), the Indonesian investment managers association, to boost bilateral relations between two countries in the investment management industry. The MoU was signed and exchanged between AMFI Chairman and Hanif Mantiq, Chairman of AMII and CEO of Star AM, Indonesia, in the presence of Amitabh Kant, Sherpa, G20 and Former CEO of NITI Aayog.
On the India-Indonesia partnership in the investment management industry, Munot says, “This is the first time AMFI has entered into a MoU with our counterpart in Indonesia. We will be sharing our best practices, which have led us to grow tremendously over the last 10 years. And I’m sure some of these landings will help the industry in Indonesia to grow a lot more over the next several years.”
