Emkay Global gets Sebi's in-principle approval for mutual fund business

Emkay Global Financial Services has received in-principle approval from the capital markets regulator to launch mutual fund business in India. With this, Emkay Global will join companies like Angel One, Zerodha Broking and Helios Capital Management in doing so.

“We wish to inform you that the Company has received in-principle approval from Securities and Exchange Board of India, Investment Management Department for sponsoring a Mutual Fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996," said the Board of Directors of Emkay Global Financial Services in a stock exchange filing.

Founded in 1995, Emkay Global Financial Services offers services such as institutional equity, portfolio management services, wealth management, investment banking and global investing.

At present, there are 44 MF players with total assets under management of about Rs 40 lakh crore with top 10 players accounting for a lion’s share of business.

In March, Bajaj Finserv, a diversified financial services group also received the final registration from Sebi to kick off its mutual fund operations under Bajaj Finserv Mutual Fund. It further filed draft for five new funds. The newest entrant to the mutual fund industry, started its journey with a scheme in all major categories, like flexi cap funds, balance advantage funds and liquid funds among others.

Before this, Angel One (formerly known as Angel Broking) had received the in-principle approval for sponsoring a mutual fund in February.

In another development, online stockbroker Zerodha said it will partner with wealth management company smallcase for their upcoming mutual fund business.

Notbaly, Zerodha had gotten an in-principal approval for launching mutual fund business in September 2021.