Mumbai: Financial services firm Religare Enterprises today said its joint venture firm Religare AEGON Asset Management Company has received market regulator SEBI’s approval for entering into the mutual fund business in the country.
The company will launch its first product by the end of this year.
“Religare AEGON Asset Management Company has received the final approval from Securities and Exchange Board of India to launch mutual fund business in the country,” Religare Enterprises said in a filing to the Bombay Stock Exchange.
The company is looking to launch its first product by November-December this year for Indian retail investors, Religare added.
Religare AEGON Asset Management Company (Religare AEGON AMC) is a joint venture between Religare and Netherland-based AEGON.
“We will be shortly filing for both debt and equity products with the regulator. The company has an initial target of opening at least 100 branches in the first two years of operations and offering the entire range of products across the client’s asset allocation spectrum,” Religare AEGON AMC CEO Saurabh Nanavati said.
The AMC would have around 15 operational branches in over 25 cities at the time of its first product launch and this will increase to around 30 branches in over 25 cities by March 2009, he added.
Shares of the company were trading at Rs382.75, down 0.27% in the afternoon trading on the BSE.