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India’s MF industry to have foreign players

India’s MF industry to have foreign players
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First Published: Sun, Jul 29 2007. 03 37 PM IST
Updated: Sun, Jul 29 2007. 03 37 PM IST
PTI
Mumbai: Six new players are slated to enter the Indian mutual funds industry shortly and have already received preliminary approvals from SEBI, a top industry official said. Of these, five are foreign majors while one is a domestic firm.
“Six more players are slated to enter the market this year,” Association of Mutual Funds in India (AMFI) Chairman A P Kurian told PTI here.
The domestic mutual funds industry has registered a healthy growth in recent years and the industry’s assets under management (AUM) crossed the Rs 4,00,000-crore mark as on June 30.
The foreign majors are Axa of France, Mirae from Korea, Nomura and Shinsei from Japan and Dawny Day of the UK. The aspiring Indian entrant is brokerage house Edelweiss India.
Presently, there are 32 players in the Indian market and once these six aspirants obtain approval to start their business, the tally will go up to 38.
The six aspirants have filed their application before SEBI and are now awaiting final regulatory clearances. Once the five foreign asset management companies (AMCs) receive their regulatory clearances, the number of foreign companies operating in India will go up from the present 17 to 22.
Kurian revealed that five aspirants would be going in for joint ventures with a domestic partner while one intended to venture out on its own.
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First Published: Sun, Jul 29 2007. 03 37 PM IST