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Mumbai, Aug. 29 Motilal Oswal Financial Services on Friday received an in-principle approval from SEBI to set up an asset management company in the country.

The mutual fund arm of Motilal Oswal would be known as Passionate Investment Management Ltd, said a statement from the company.

“We are waiting for the final approval from SEBI. Hopefully, in another four to six months we will be able to start the business”, said Mr Motilal Oswal, Director, Motilal Oswal Financial Services Ltd. The sorts of products that the company plans to launch are yet to be finalised, said Mr Oswal.

Edelweiss Capital was the last brokerage to start its own mutual fund business.

The firm had announced the launch of the first of its funds on Tuesday. Before that Delhi-based Religare Enterprises tied up with AEGON for its mutual fund arm called Religare AEGON.

On the competition that Motilal Oswal would have to deal with in a market which already has several established operators, Mr Oswal said:

“The mutual fund industry in the country is large enough for everyone and there is a good demand for mutual fund products in the market currently.”

The share price of Motilal Oswal Financial Services rose 3.87 per cent to close at Rs 115.30 on the BSE on Friday.

More Stories on : Mutual Funds | Financial Services | Regulatory Bodies & Rulings

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