Mahindra & Mahindra Finance, one of the largest mutual fund distributors, has got SEBI approval to float an asset management business in India, said a senior official from the fund house on the condition of anonymity.
The company has received approval from the market regulator on February 04. The senior official said that the company is likely to
The company had started working on setting up an AMC business almost a year ago. In fact, the company is said to have appointed Ashutosh Bishnoi as the Chief Executive Officer. Bishnoi has over 30 years of experience in financial services. He has held key positions at DSP Merrill Lynch, UTI MF, JM Financial MF, HSBC Investments, Kotak Life and was the CEO of L&T Mutual Fund. Also, the company is said to have deputed V Ravi, Chief Financial Officer of Mahindra Finance and recruited Jatinder Pal Singh (ex-Executive Director of Morgan Stanley) in its senior management team.
Another new entrant in the asset management business - Yes Bank is awaiting SEBI’s approval. The bank has already received RBI nod to set up an AMC.
