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Samir Arora's PMS firm Helios Capital has got the in-principle nod from SEBI to start mutual fund business in India.
“I am very pleased to share that SEBI has granted Helios Capital in-principle approval to sponsor Helios Mutual Fund. We deeply respect this approval & will work hard to offer mutual funds for retail investors, focusing on performance & service. Think Bullish,” Arora announced on Twitter.
An in-principle approval is a partial approval that allows the firm to start the process of setting up an AMC. The launch of products can only happen after SEBI gives its final go-ahead.
Helios is the first firm to get an in-principle nod from the regulator this year. In 2021, three companies — Bajaj Finserv, Zerodha Broking and Frontline Capital Services — had received the partial approval from SEBI and are yet to get the final go-ahead.
In addition, there are at least 8 companies whose applications for a mutual fund licence is under consideration. Wizemarkets Analytics, Unifi Capital, Phonepe and Angel One are some of the names.
