The 46-strong mutual fund industry is expected to see a whole new set of players, particularly from the alternative investment fund (AIF) and wealth management industry.
As many as five players, including Saurabh Mukherjea’s Marcellus Investment Managers, Nuvama Wealth Management, and AlphaGrep Securities have applied for mutual fund licences with the Securities and Exchange Board of India, according to the market regulator’s website. Recently, Jio Financial (with Blackrock Financial Management), ASK group, Capitalmind and Pantomath have received licences. Sources say Naresh Kothari-led Alpha Alternatives has also applied for a mutual fund license.
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