Association of Mutual Funds in India (AMFI) is a non-profit industry body of the asset management companies (AMCs) of all Mutual Funds in India that are registered with Securities and Exchange Board of India (SEBI).AMFI was incorporated on August 22, 1995 under section 25 of the Companies Act, 1956 (corresponding Section 8 of the new Companies Act, 2013), as a non-profit organisation.AMFI is dedicated to developing the Indian Mutual Fund industry on professional, healthy and ethical lines, and to enhance and maintain standards in all areas in the best interest of investors and other stake holders.The role of AMFI, inter-alia, is to (i) address the issues and challenges concerning the mutual fund industry to facilitate ease of doing business for its members, unitholders and various stakeholders; (ii) liaison / advocacy with the SEBI/ Reserve bank of India, Government of India etc. with regard to the issues and policy matters concerning the mutual fund industry; (iii) introduce best practices and standardised operational guidelines for being uniformly followed by all AMCs (iv) disseminate important information pertaining to mutual funds on AMFI's website, such as displaying daily NAVs of all MF schemes , performance of all MF Schemes and other useful and informational data pertaining to MF Industry; and (v) creating awareness about mutual funds through mass media.AMFI functions under the broad guidance of the AMFI Board, comprising of fifteen Directors, elected from various categories of AMCs and operates on a co-operative model with the help of various standing committees and working groups.AMFI has evolved an effective approach for introducing best practices using collective knowledge and expertise of members on various subjects pertaining to the Mutual Fund Industry by setting up various standing committees.