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MUMBAI : Stockbroker firm Angel Broking has said that the directors of the company have approved the setting up of a new line of business—asset management company (AMC)—subject to the necessary statutory approvals required from various regulators, including the Securities and Exchange Board of India.

The shares of the retail broking firm surged 9.55% to 556.85 on BSE on Friday.

Over the last year, the mutual fund has seen a big jump in investor base and asset growth. The mutual fund industry added more than 8.1 million investor accounts in 2020-21, taking the total tally to 97.8 million. The industry had assets under management (AUM) of Rs31.43 trillion at the end of March 2021 compared with Rs22.26 trillion in March last year.

According to Angel Broking’s investor presentation, the company added 2.36 million clients to have a total of 4.12 million customers as of March end.

For the quarter ended 30 March, the company reported a profit after tax of Rs102 crore, a jump of 39% on a sequential basis. The total income also jumped 33% to Rs418.90 crore quarter-on-quarter.

“Being one of the foremost digital brokers in the country, we have registered a record growth in FY21 and accomplished many milestones, such as highest ever quarterly and yearly gross client addition of approximately 1 million and 2.4 million clients in Q4FY21 and FY21, respectively. This translated into significant market-share gain in NSE active client base, overall ADTO (average daily turnover) and overall retail equity turnover market share," said Dinesh Thakkar, chairman and managing director of Angel Broking.

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