The Hindu Business Line : Religare-Aegon AMC may be operational in 3-4 months

New Delhi May 2 The 50:50 asset management joint venture between Religare, the financial services arm of Ranbaxy promoter group, and Dutch financial group Aegon is expected to be operational over the next three to four months.

Speaking to Business Line on the sidelines of a press conference here on Wednesday, Mr Shachindra Nath, Group Chief Operating Officer, Religare Enterprises Ltd, said, "We would be filing with the Securities and Exchange Board of India (SEBI) to obtain the necessary regulatory clearances shortly and as soon as we get the nod, we would launch the mutual fund products. The whole process might take around three to four months."

According to Mr Nath, the company would also be filing with the Insurance Regulatory and Development Authority (IRDA) for getting the clearance to enter the life insurance business in the country. The company already has a tie-up with Aegon for its insurance foray. He, however, did not give a time frame by which the company would get the regulatory approvals and launch its operations.

Personal finance

The company is also looking at entering into the personal finance business by the second quarter of the current financial year. "At the moment we offer personal credit to a few of our customers and we would like to expand our business in this segment. Also we are looking at launching a personal finance service (PFS), wherein we would be providing customers information on how to manage their finances," Mr Nath said.

Religare is also looking at having a bigger international presence, "Currently, we have an office in London but we are looking at having a presence in other parts of Europe so that if an individual or an institution wants to invest in India, they have a medium. We are in the process of getting clearances in this regard," he added.

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Religare-Aegon AMC may be operational in 3-4 months