Flipkart-Walmart backed digital payment service provider PhonePe has recently applied for mutual fund license with SEBI.
The Bangalore based company is already into distribution of financial products like mutual funds and insurance.
With this, eight companies are waiting for SEBI's approval to start mutual fund business. The other applicants are Frontline Capital, Wizemarkets Analytics, Unifi Capital, Alchemy Capital, Helios Capital, Old Bridge and Angel One.
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.
Experts believe that multiple factors have resulted in the enhanced interest in the mutual fund business in the past few years. One obvious reason is the projections of huge growth in the future given the under-penetration at present.
