AIFs can play critical role in promoting job creation, says former Sebi chief UK Sinha
alternative investment funds can play a crucial role in helping the economy meet the challenge of job creation. The career bureaucrat who served as the Sebi chairman for six years said there are other challenges confronting the economy as well, but singled out jobs as a critical function where AIFs can be of help.
«Going by many of the macro data that we have, there are problems in our economy today, for example on employment generation,» Sinha said while addressing a CII event on AIFs here.
«The AIF industry does not exist for itself. It has to serve a larger purpose,» said Sinha, who is widely credited to have played an important part in the AIF industry by introducing regulations on the aspect during his tenure as the Sebi chief.
He said the AIF industry, which has invested around Rs 5 lakh crore as of now, reminds him of the mutual fund industry of 2012.
The AMCs had Rs 6 lakh crore of assets under management and were also facing some or the other challenges, Sinha said, noting that the sector's AUM has risen 10x to over Rs 60 lakh crore at present.
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