Two new companies have joined the queue to enter the 37-lakh-crore mutual fund industry. AIF/PMS firm promoted by the former MF fund manager Kenneth Andrade Old Bridge Capital Management and brokerage house Angel One have recently applied for mutual fund licence with SEBI.
While Old Bridge filed the papers in July, Angel One submitted the application in September.
At present, there are seven companies, including the above two, which are waiting for SEBI's approval to start mutual fund business. The other applicants are Frontline Capital Services, Wizemarkets Analytics, Unifi Capital, Alchemy Capital Management and Helios Capital Management.
This year, SEBI has granted in-principle approval to two players — Bajaj Finserv and Zerodha Broking. The regulator has also given its final go-ahead to two companies this year - NJ India and Samco Securities.
There are several factors that have resulted in the enhanced interest in the mutual fund business in the past few years. One is the projections of huge growth in the future given the under-penetration at present.
