The fund house is planning to de-empanel some distributors if they fail to achieve their sales target by 31st December 2011
ICICI Prudential Mutual Fund has asked some of its distributors across India to achieve a sales target by 31st December 2011, failing which they will stop paying trail commission to these distributors from January 01, 2012. The rationale behind ICICI's move is that is a costly affair to service distributors who have less AUM with them.
The move has not gone well with a section of distributors who say that such a clause was not mentioned to them at the time of empanelment.
"Generating business has become increasingly difficult in tier two and tier three cities. At least they should reduce the target," said a distributor who has received a letter from ICICI Prudential Mutual Fund.
Source: http://cafemutual.com/News/InnerNews.aspx?srno=973&MainType=New&NewsType=Industry&id=21
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