'As long as wife manages home in Rs. 17...': Kotak Mahindra AMC's Nilesh Shah on keeping his job

Nilesh Shah, MD, Kotak Mahindra, was speaking at the Moneycontrol Mutual Fund Summit.

The mutual fund industry can target a Rs 100 trillion-mark over the next five years, according to leaders of India’s top mutual fund houses.

Nilesh Shah, MD, Kotak Mahindra AMC highlighted the various costs and mandatory expenses that mutual funds are put under. Highlighting a scenario on the home front, Shah credited his wife for enabling him to keep his job. He pointed out that the mutual fund industry's talent retention will depend upon a lot upon spouses and how they manage the household expenses.

“I get Rs. 100 salary. Rs. 43 is taken away by government straight. So I am left with Rs. 57. To secure my future, I give Rs. 10 in NPS and Rs. 10 in provident fund. Effectively, Rs. 37 comes to my hand of which SEBI takes over Rs. 20 by skin in the game circular. And I give Rs. 17 to Parul Shah. As long as she manages my house in Rs. 17, I can work in Kotak Mutual Fund,” Shah said in a panel discussion at the Moneycontrol Mutual Fund Summit on December 14.

“So as long as we have women like Parul Shah, I am sure there will be talent in mutual fund industry. The day we miss that, I don't know what will happen.”

Edelweiss CEO Radhika Gupta, who was part of the panel, cited her own example of returning to work in just six months after giving birth to her son. She returned to work in just six weeks after giving birth to her son in June this year and that time, had spoken about juggling motherhood and her career.

“I am still supposed to be on maternity leave because the government rule is six months and my son is five months. I started working after six weeks, because I love this industry and that's the respect it gives you."

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