Read the following statements carefully:
1. Nimesh Shah, Managing Director and Chief Executive Officer of ICICI Prudential Mutual Fund, has been elected as Chairman of Association of Mutual Funds in India (AMFI).
2. Shah was elected as Chairman on October 12 and replaced A Balasubramanian who took over as AMFI Chairman in October 2016.
3. Kailash Kulkarni, CEO, L&T Mutual Fund, will continue to remain Vice-Chairman of AMFI.
Which of the above statements is/are true ?