AMFI asks mutual fund staffs to start working from office by June 10

The Association of Mutual Funds in India (Amfi) has asked mutual fund houses to have all their staff working from offices by June 10. Sources said that the new directive has come after the allegations of front-running surfaced in Axis Mutual Fund recently. Amfi‘s latest advisory was sent to CEOs of fund houses and said that work from home guidelines are hereby withdrawn.

“Members are requested to advise all their staff to resume working from offices, at the earliest but no later than June 10, 2022. Further, the flexibility given to employees to work from homes, especially those handling critical functions that deal with the markets, such as investments, dealing, operations, compliance and risk management, etc. may be withdrawn,” the AMFI Chief, NS Venkatesh said in the communication.

Many market sources were expecting this directive from AMFI as work from home had made it difficult for AMCs to keep a check on malpractices. These sources suggest that the work from home directive is specifically for investment and trading employees of AMCs.

The communication also said that the back to office norms are in line with the government advisory and that all employees should follow covid-related protocols.

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