Impossible target for new funds registration

| 12/12/2011

too much work.jpg(CNS Business): Although CIMA says it has put in place the necessary infrastructure to deal with the issue, getting all 4,000 or so funds registered further to the recent amendments to the Mutual Fund law could take them years, not the three months mandated in law, say industry insiders. Local experts say that on present form, a lawyer can prepare up to two funds per day for registration – online or on paper – If they want to do it right. They estimate that a CIMA analyst could manage to register about the same number, possibly up to three a day. With 4,000 new funds to register, that equates to 2,000 "lawyer days" and 1,333 to 2,000 "analyst days". Read more on CNS Business

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