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SEBI has granted in-principle approval to Emkay Global Financial Services. Currently, the company runs businesses across investment research, PMS and wealth management.
In a regulatory filing, Emkay Global said, “We wish to inform you that the Company has received in-principle approval from Securities and Exchange Board of India,
Investment Management Department for sponsoring a Mutual Fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as per attached copy of SEBI letter.”
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.
Emkay Global is the first firm to get an in-principle nod from the regulator this year. In 2022, two companies — Helios and Old Bridge received the partial approval from SEBI and are yet to get the final go-ahead. Zerodha, who received in-principle approval in 2021 will launch its business this year.
In addition, there are at least 4 companies whose applications for a mutual fund licence is under consideration. Wizemarkets Analytics, Unifi Capital, Abira Securities and Alpha Alternatives Fund.
