The AAPCI held a discussion on the matter with the Securities and Exchange Board of India (SEBI) and the SA Dave committee yesterday, the association president Mamta Sinha told a press conference here today.

``The discussion took place in a positive and open spirit and we are hopeful that long- term benefit for the investors, employers and field workers in the industry will be ensured,'' she said.

The association was of the opinion that the credit rating should be made optional, the requirement of trustees be dropped and net worth requirements be reduced to Rs three crore, Sinha said.

AAPCI felt that the period for adherence to norms by existing companies should be linked to funds mobilised.

The association also suggested a single entity system in contrast to the Dave committee's proposal for a two-tier system consisting of an investment management company and a board of trustees.

In order to meet liquidity obligations, AAPCI suggested that plantation companies be allowed to invest at least 25 per cent in allied activities which generate funds at a faster pace.