Mutual Fund Observer – Bajaj Finserv May Soon Bring Its Own Mutual Fund, These Companies Are Also In Line – Finance company Bajaj Finserv can start its mutual fund business soon. The company has applied to SEBI for its license. After that many more companies are included in this queue.
Mutual Fund Observer – Bajaj Finserv May Soon Bring Its Own Mutual Fund, These Companies Are Also In Line
SEBI in-principle approval
Bajaj Finserv had applied to the market regulator SEBI to start the mutual fund business. In this regard, Bajaj Finserv said on Tuesday that it has received in-principle approval from SEBI for this. In such a situation, now another new mutual fund company is expected to appear in the country. The company had applied for the license on 28 September 2020.
Will make asset management company
Bajaj Finserv said in its statement that now it will form an asset management company and trustee company to start mutual fund business. It could also be a subsidiary of Bajaj Finserv, which will be fully compliant with SEBI norms and other laws.
These companies can also bring mutual funds
Apart from Bajaj Finserv, many other finance companies have sought license from SEBI to start mutual fund business. This includes Zerodha Broking, Helios Capital Management, Alchemy Capital Management, Frontline Capital Services, Unifi Capital and Wizemarkets Analytics etc. Recently Samco Securiies has also got permission from SEBI to start mutual fund business.
Fast growing mutual fund market
The mutual fund market is growing rapidly in the country. As on 31 July 2011, mutual fund companies were managing assets worth Rs 7.28 lakh crore, which has increased to Rs 35.32 lakh crore as on 31 July 2021. At present there are 44 mutual fund companies operating in the country.