AMFI (Association of Mutual Funds in India)

AMFI is an industry association formed by mutual fund houses themselves, not a government statutory regulator - SEBI remains the actual government regulator for mutual funds, with AMFI operating within and supporting SEBI's framework. AMFI's practical, investor-facing role includes maintaining standardized fund categorization (so a 'large-cap fund' means broadly the same thing across different fund houses), publishing the monthly mutual fund Riskometer for every scheme, and running AMFI-Registered Mutual Fund Distributor registration for distributors. When you see a fund's category or its risk level disclosed in a standard format across every AMC's website, that standardization traces back to AMFI's rules, operating under SEBI's oversight.