Motilal Oswal Mutual Fund has raised its net worth to Rs. 52 crore in order to comply with SEBI’s new rules. Last month, Religare Invesco raised its net worth to Rs. 57 crore.
SEBI has mandated fund houses to raise their net worth to a minimum of Rs. 50 crore in three years. Fund houses are not allowed to launch any new schemes until they have Rs. 50 crore net worth.
In a press release, the fund house said that their sponsors have infused the capital required to meet SEBI norms. “Motilal Oswal AMC has received capital infusion from its sponsor and currently the net worth stands at approx. Rs. 52 crore to have fulfilled SEBI requirement within less than a month of their notification.”
Earlier, the fund house had a net worth of close to Rs. 23 crore as on March 31, 2014.
In a press release, Aashish Somaiyaa, Managing Director & Chief Executive Officer, Motilal Oswal AMC said, "Motilal Oswal is confident of carving a niche as a specialist equity house following a focused buy right : sit tight philosophy. We respect that for appropriate discharge of fiduciary responsibilities towards investors and ?to ensure spread of equity investing which would transform India from a nation of savers to a nation of investors calls for investment in the business. We are committed to this cause."
14 more fund houses need to comply with the SEBI’s net worth requirement.
