Mumbai: Financial services firm Edelweiss Capital said on 5 May it has received final regulatory approval from the Securities and Exchange Board of India (Sebi) to start its mutual fund business.
“Registration has been granted to Edelweiss Mutual Fund and approval has been granted for Edelweiss Asset Management to act as investment manager to Edelweiss Mutual Fund,” the company said in a filing to the Bombay Stock Exchange.
Edelweiss Asset Management plans to launch eight or nine products over the next 12 months. The product portfolio would include broad based equity funds, structured products, arbitrage funds and other innovative fixed income and equity funds in line with requirements of the market.
“We believe that the time is right for us to enter the market by offering customer-specific solutions across the range of debt, arbitrage and equity products,” chief executive officer of Edelweiss Asset Management, Jimmy A Patel, said.
“Going ahead, we feel that the key drivers of the business will be customer reach and servicing, performance of funds and pedigree of the sponsor,” Patel added.
Edelweiss Capital shares were trading at Rs863, up 4.18% on BSE in the afternoon.