Mutual fund business is buzzing with new entrants even as many firms await SEBI nod to enter the industry.
This month, mutual fund industry saw the entry of two new players — Groww and NJ Mutual Fund. While Groww took the M&A path by acquiring Indiabulls, NJ Mutual Fund made its entry by obtaining license from SEBI.
Groww’s acquisition of Indiabulls is subject to SEBI’s approval but there’s a good chance that the deal will get the regulator’s nod.
Another fund house in the offing is White Oak which acquired Yes AMC subject to regulatory approval.
And this is just the start. Many firms (almost 10) are waiting for SEBI’s go ahead. A large chunk among them are PMS and fintech firms like Zerodha, Helios Capital Management, Capitalmind, Unifi Capital and Rakesh Jhunjhunwala’s Alchemy Capital. Paytm Money is also said to be considering the option.
