THE SECURITIES AND Exchange Board of India's (Sebi) move to bring mutual funds (MF) under the ambit of insider trading regulations may make it difficult for asset managers to attract and retain top talent.
The industry could lose out to alternative investment funds (AIF), portfolio management services (PMS), insurance and banks.
"Incremental talent may move to other industries such as AIF and PMS, which offer greater flexibility in managing funds and offer higher pay," said a senior fund official on condition of anonymity.
In the past, several industry veterans such as Kenneth Andrade and Sunil Singhania moved to the AIF industry. The likes of Samir Arora have set up their own PMS firms.
"When we go for pre-placement to any of the IIMs and I tell them that all your WhatsApp calls and conversations will be recorded, what will their reaction be? Why will they come to us," asked a second fund official.
The Sebi board gave its nod for including trading in units of mutual funds through a separate chapter in Sebi (Prohibition of Insider Trading) Regulations 2015 on Friday.
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