Bajaj Finserv gets Sebi nod to set up mutual fund
Published On: Tuesday, August 24, 2021 | By: Team KnowMyStock
Shares of Bajaj Finserv hit a new high of Rs 16,582, up 8 per cent on the BSE in the intra-day trade on Tuesday, after the company said it has received an in-principle approval from Securities and Exchange Board of India (Sebi) for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC).“Accordingly, the company would be setting up an Asset Management Company (AMC) and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws," Bajaj Finserv said in an exchange filing. The market-capitalisation (m-cap) of Bajaj Finserv is now more than Rs 2.6 lakh crore, while that of Bajaj Finance breached the Rs 4.2-lakh crore mark. Bajaj Finserv is focused on lending, asset management, wealth management and insurance services.
“The company plans to offer all financial services and deliver seamlessly through an app-based platform. The business would leverage the digital platform to provide low-cost, high-value services, and the company is expected to benefit from synergies & its customer database."
Tags: Bajaj Finserv sebi Mutual fund
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