Association of Mutual Funds(AMFI) in India has launched an ‘Internship Plan’ under a Regulatory Sandbox initiative for grooming mutual fund distributors with an objective to increase the number of individual MFDs and stimulate financial inclusion.
The programme is targeted at fresh graduates, educated but unemployed individuals, especially those who may have lost their jobs and earnings due to the Covid pandemic, retirees, women and housewives and for those desirous of starting their own venture as self-employed entrepreneurs.
Under this scheme will have an exclusive empanelment and tie-up with a specific ‘sponsor’ AMC for a period of 12 months. During this period, the apprentice MFD will be supported by the sponsoring AMC towards getting the requisite NISM certification, acquiring AMFI Registration Number, operational set-up, training on operational aspects and client acquisition along with a stipulated monthly stipend of up to Rs. 15,000 for one year.