Nimesh Shah, the MD & CEO of ICICI Prudential Mutual Fund, has been elected as new Chairman of Association of Mutual Funds in India (AMFI). He succeeded A Balasubramanian, CEO of Aditya Birla Sun Life Mutual Fund. Shah has been appointed as Chairman at a time when volatile equity markets and fears of liquidity at IL&FS are keeping investors jittery. As Chairman of AMFI, Shah’s challenge will be to focus on investor-centric initiatives through which industry will be able to attract inflows and grow its Assets under Management (AUM).