Bajaj Finserv gets SEBI license to start mutual fund business
- Bajaj Finserv has received the market regulator's license to start its mutual fund business
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Financial services company Bajaj Finserv on Wednesday announced that the capital market regulator Securities and Exchange Board of India (SEBI) has given a license to the company for starting its mutual fund business.
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"The Company informed the Stock Exchanges that it had received an in-principle approval from the Securities and Exchange Board of India (SEBI) for sponsoring a Mutual Fund," the financial services company said in a filing.
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In connection with the same, the company said it has formed two wholly owned subsidiaries -- Bajaj Finserv Mutual Fund Trustee Limited (BFMFTL) and Bajaj Finserv Asset Management Limited (BFAML).
Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products including equity, debt, and hybrid funds, both in the active and passive segments, to investors, the company said.
“We now wish to inform that pursuant to our application to sponsor a Mutual Fund, SEBI has granted a certificate of registration to Bajaj Finserv Mutual Fund," the company statement read.
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Further, Bajaj Finserv Asset Management Limited has also been accorded an approval to act as an asset management company for Bajaj Finserv Mutual Fund, it said.
“A resurgent India, rising investor confidence and digital access to financial services is leading to high adoption of mutual funds. The approval from SEBI is strategically important for Bajaj Finserv as it enables the company to complete its suite of financial solutions for retail customers. With Ganesh Mohan at the helm, our mutual fund business will inspire a new approach to investing and sustained, long-term wealth creation," said Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv.
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