India’s third-largest mutual fund manager Reliance Nippon Life Asset Management (RNAM), operated by Anil Ambani-led Reliance Group, has received the Securities and Exchange Board of India’s approval for an initial public offering (IPO).
The capital markets regulator gave its final observation to RNAM’s draft proposal on 5 October. This makes the mutual fund arm of Reliance Capital the 33rd company to receive the regulator’s clearance for IPO this calendar year, information on SEBI’s website showed.
