The Association of Mutual Funds in India on Tuesday said Kotak Asset Management Company Managing Director Nilesh Shah has been elected as its chairman.
Shah has replaced Nimesh Shah, Managing Director and chief executive officer of ICICI Prudential Asset Management Company, who took over as AMFI chairman in 2018.
Besides, Saurabh Nanavati, CEO at Invesco Mutual Fund, has been named as the vice-chairman of AMFI.
Both the executives have been elected for a period of one year, AMFI said in a statement .
The decision was taken at the industry body's board meeting on Monday.
Shah and Nanavati have taken charge as the chairman and vice-chairman of AMFI with immediate effect.
With 44 players, the mutual fund industry manages assets to the tune of over Rs 25 lakh crore.
AMFI said it is "dedicated to developing the industry on professional, healthy and ethical lines and to enhance and maintain standards in all areas with a view to protecting and promoting the interests of mutual funds and their unit holders".
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