Financial services company Bajaj Finserv on Tuesday announced that SEBI has given its in-principal nod to the company for sponsoring a Mutual Fund. The company would also be setting an Asset Management Company (AMC).
“Accordingly, the company would be setting up an Asset Management Company (AMC) and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws,” Bajaj Finserv said in an exchange filing.
The SEBI approval for the mutual fund business for Bajaj Finserv comes at a time when MFs have become a popular mode of investment with the industry’s assets under management (AUM) surging to an all-time high of ₹35 lakh crore in July-end.
