Industry body Association of Mutual Funds in India (AMFI) on Wednesday said it has appointed Venkat Nageswar Chalasani, former deputy managing director of State Bank of India, as its new chief executive.
This announcement followed the end of NS Venkatesh's tenure, who served two consecutive terms of three years each.
The new chief executive would focus on the mutual fund industry's growth aspects and AMFI 2.0 strategy, the industry body said in a statement.
Chalasani, who comes with over four decades of banking and treasury experience, has held various board positions and has been part of committees set up by the Reserve Bank of India and the Ministry of Finance.
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He has also been the Chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the Foreign Exchange Dealers Association of India (FEDAI).
Navneet Munot, chairman of AMFI, said that Chalasani's extensive experience and strategic vision will undoubtedly lead AMFI to new heights. "The organization and the industry look forward to leveraging Chalasani's experience and leadership as it aims for Rs 100 trillion in assets under management".
The outgoing chief executive Venkatesh will work with Chalasani to ensure a smooth transition.
Speaking on his appointment Chalasani said, "I am truly excited to be joining AMFI at this juncture when the mutual fund industry in India is poised for continued growth. I look forward to working with the industry and the regulator to further strengthen the Indian mutual fund ecosystem.
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During the first half of the financial year 2023-24, the mutual funds industry's average quarterly assets under management (AUM) surged by 16 per cent reaching Rs 47 trillion.
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