Last week, Aditya Birla Sun Life Asset Management Company (AMC) filed a prospectus to list itself on Indian stock markets. If it manages to, it will become only the fourth mutual fund in India to go public.
For an industry that has got millions of Indian households on board, and has seen 65 firms try to make their mark over the past three decades, four’s a small number. It highlights the capital-light nature of the industry and how it has flattered to deceive even global giants who thought they could make inroads quickly. Equally, it has rewarded some who stayed the course, such as Aditya Birla Sun Life AMC.