``We have made a representation to the government and sought complete exemption of dividend declared by the mutual funds from taxable income,'' Association of Mutual Funds of India chairman A P Kurian said.

``We have also asked for the extension of benefits under the equity linked savings scheme (ELSS) from the current Rs 10,000 to Rs 30,000 in the ensuing budget,'' he said.

As recommended by Dave committee also, AMFI has called for a provision to be made for allowing mutual fund schemes to invest in pension funds, Kurian said.

The mutual fund industry was all set to turnaround in the current year, he said adding the total collections in the first three quarters had already crossed Rs 12,000 crore and another Rs 5000 crore was expected in the last quarter of the current fiscal.

About 60 per cent of the investments so far has come from income schemes and the rest by equity schemes. The association was also making efforts to increase investor awareness about the industry and had already launched a training programme for the agents and intermediaries in Mumbai, Delhi and Chennai, Kurian said.

The training course covers the concept and working of mutual funds, the technical aspects, their advantages, valuation and computation of net asset value, disclosures and rights of unit holders, Kurian said.

AMFI, an association of 34 mutual funds in the country, is aiming to achieve uniformity in the valuation of various securities, both debt and equity, tradeable and untradeable by developing methodologies for the same.

On rating of mutual funds, he said only income schemes could be rated and that too only after the funds had been invested. "The industry is highly regulated and closely monitored compared to others," he said adding the only thing needed was greater and frequent disclosures of the portfolios and the net asset values of various schemes.