Samco Securities has received SEBI's final approval to start mutual fund business. The discount broker applied for the licence in June 2018 and received in-principle approval in August 2019.
"I am glad to inform that on 30th July, we secured our mutual fund license. Our team is in place and we are super excited to do some clutter breaking work in the active mutual funds space," said Omkeshwar Singh, who heads the company's MF distribution arm Rank MF.
Samco Securities plans to offer only active funds as of now. "To start with, we are focusing on active side. We will look at passive space after some times," Singh said.
According to him, the company will take a different approach and offer unique mutual fund products, the details of which are yet to be finalised.
Samco is the second applicant to get mutual fund licence this year. NJ IndiaInvest received SEBI's final go ahead in May. The company plans to launch two rules-based passive schemes.
