MF distributors: putting on a more professional face
Mint Money looks at how a change in financial regulations is impacting mutual fund distributors. In the second instalment of a 3-part series, we tell you stories of distributors who left their mom-and-pop shop days far behind to institutionalise their businesses
Nikhil Naik’s office in Goregaon (East), a Mumbai suburb on the Western railway line, is a throwback to the old times. The building, Jyotsna Prakash, which is right next to Goregaon railway station, is an almost 60-year-old. Naik’s office, a modest 130-sq.-ft space, is sandwiched between a kirana store and a chemist. It looks like just another shop and can be easily missed in the hustle and bustle. Inside is a decrepit reception and a room with a few tables, chairs, computers and some staff. The office is listed as his firm Naik Wealth’s head office on his website. But this is not where Naik sits anymore.