The Hindu Business Line : StanChart Mutual plans to launch maiden equity fund

Mr Jaspal Bindra, General Manager, South Asia, Standard Chartered Bank, on Thursday said that the bank's asset management company has received the Securities and Exchange Board of India permission to start equity schemes.

The five-year old mutual fund has been focusing purely on debt and currently has a corpus of over Rs 8,500 crore.

"We feel the time is now right to get into equities," Mr Bindra said, addressing a media conference. This view stems from two important factors: Growing competitiveness of Indian companies and maturing of stock markets, he said, adding that the quality of equity assets in India has improved over the last five years.

Mr Naval Bir Kumar, Managing Director, Standard Chartered Asset Management Company, said the first equity scheme would be a diversified scheme. The AMC will file the IPO prospectus with SEBI shortly.

According to him, Indian equity markets are getting re-rated as the country moves to a higher growth rate on the back of global integration and liberalisation. Though the bank is a late entrant in the equity funds market, Mr Kumar feels that it's the right time as Indian equity market is in for expansion with better quality assts.

Standard Chartered Bank has mutual fund operation only in India.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
StanChart Mutual plans to launch maiden equity fund

Range-bound movement

Advik Laboratory up on reverse merger hopes

Volatile trading in textile stocks

Revamp fuels rally in Rane Madras

Pivotals prop up Sensex to positive territory

Govt says no link between granting rights, airline's IPO