When it comes to the better good of the industry, all mutual fund (MF) players irrespective of size believe in truth and transparency, says Navneet Munot, MD and CEO of HDFC AMC and Chairman of AMFI.
He was speaking as a part of a panel at Moneycontrol’s MF Summit.
“We all believe that truth is the foundation, transparency is the path, and True North can be like our compass,” he said. Framing these principles as central to the industry's identity, Munot reiterated that the industry had a collective commitment to best practices, investor education, and collaborative engagement with the market regulator. “In many sectors, the regulator-industry relationship is adversarial. In our case, it is co-creation,” he noted.
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Challenging the narrative of a divide between large and small AMCs, the veteran called the debate misplaced. “Since 2000, the industry has grown. Those who became big did so by doing well for their unitholders and stakeholders. This market rewards performance and integrity, not pedigree,” he said.
Munot also highlighted the mutual fund industry’s unique culture of balancing competition with unity, citing the role of AMFI, a platform where over 45 fund houses routinely align on industry-wide priorities. “We may compete hard during the day, but when it comes to the industry’s interest, we stand together,” he said.
They credited the sector's progress over the last 30 years to this spirit of collaboration, not just among AMCs, but also with distributors, RTAs, KRAs, and regulators. “This is a rare example, even globally, of an industry that has collectively built trust, expanded financial literacy, and shaped market practices for the better,” he said.
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