Markets regulator SEBI has granted an in-principle approval to Bajaj Finserv to set up AMC business. In an exchange filing, the financial services company said it will be setting up AMC business either by itself or through a subsidiary.
“Accordingly, the company would be setting up an Asset Management Company (AMC) and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws," Bajaj Finserv said in an exchange filing.
The company had applied for a mutual fund licence with SEBI in September 2020.
The in-principle approval means that the company can start the process of setting up an AMC business. However, the company will have to wait for final approval to launch its schemes.
This year, SEBI has so far granted mutual fund licence to two applicants — NJ IndiaInvest and Samco Securities. They received in-principal approvals in 2019.
