| Nilesh Shah, Managing Director of Kotak Asset Management Company (AMC), has been appointed as the new chairman of the Association of Mutual Funds in India (AMFI). He will replace the Managing Director, and CEO of ICICI Prudential Asset Management Company, Nimesh Shah. The AMFI also elected Saurabh Nanavati, Chief Executive Officer, Invesco Mutual Fund as the vice-chairman of AMFI, for a period of one year. AMFI was incorporated on August 22, 1995, as a non-profit organisation. As of now, all the 44 asset management companies that are registered with Sebi, are its members.