HDFC Group chairman Deepak Parekh said the process of appointing a successor to HDFC Bank managing director Aditya Puri was ongoing and that the company would form a committee to vet candidates by October of this year.
"We have mentioned that exactly two years before the date which is October 2018 and we will form a committee and we will do a process because we want the new person to work with Mr. Aditya Puri side by side for 9 months to one year. So, we have enough time for that, but it is engaging our mind," Parekh said.
Speaking about current market conditions, Parekh said the markets are skittish and that emerging markets were not the "flavour of the month."
He, however, reposed faith in the mutual funds industry and said the growth seen over the past 18 months would continue.
Penetration of mutual funds as a percentage share of the GDP is very low in India, compared to the world, Parekh further added.
"Equities under management of all mutual funds is only 4 percent of market cap so there is a huge opportunity," he said.
Large sums of capital flowed into markets post demonetisation before it tapered down, Parekh said, and added, net inflows have been reasonably positive.