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Principal PNB Asset Management Company Pvt. has raised its net worth to Rs. 77 crore. The fund house filed the letter confirming compliance of capital adequacy with SEBI on December 11, said a statement from the company.
SEBI had revised the net worth requirement for fund houses (through a gazette notification on May 6, 2014) from Rs 10 crore to Rs 50 crore.
Rajan Ghotgalkar, Country Head, Principal India said, “We are very upbeat about the long term potential of the Indian Mutual Fund Industry. We now look forward to aggressively pursue our plans to introduce new products with distinct value proposition in line with our true-to-label philosophy.”
The company manages assets worth Rs 4,753 crore through its 100 locations as on date.
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