Cosmea Financial Holdings (CFH) and Orowealth have together applied for a mutual fund licence. While CFH is a new-age financial firm promoted by financial industry veteran Sam Ghosh, Orowealth is an online financial products distributor.
The two companies have formed a joint venture for the purpose. Nitin Agrawal, the chief executive of Orowealth, will be the CEO of the Torus Oro AMC.
"The idea is to make it a differentiated offering. All three vertical of the AMC — fund management, distribution and operations — will take the digital first approach. For example, in distribution, we see media, telecom and ecommerce players becoming big distributors in times to come. We want to enable such use cases," Agrawal said.
"We will also look to empower individual distributors by providing them technological support," he added.
There are several companies in line to enter the mutual fund industry. As many as 10 companies are awaiting SEBI's approval. Of these, Bajaj Finserv, Zerodha Broking and Frontline Capital Services have received in-principal approval from SEBI and are awaiting the regulator's final go-ahead.
