Mumbai: Brokerage firm Motilal Oswal
Financial Services today said it has received the final
approval from market regulator SEBI to set up a mutual fund
business in the country.
The BSE-listed company said it has received the final
certificate of registration approval from SEBI through its
subsidiary Motilal Oswal Securities Ltd. It had received an
in-principle approval from SEBI in August last year.
An in-principle approvals means that the rationale behind
a particular proposal has been approved. However, companies
and individuals require a certificate of registration from
SEBI, which acts as a final approval.
"We are delighted to get the final approval for our
mutual fund business. It will be our endeavor to create a
differentiated mutual fund business in the country," Chairman
of Motilal Oswal Asset Management Company Ltd, PJ Nayak, said
in a press release.
The diversified financial services firm, which caters
to customers such as institutional, corporate, HNI and retail
investors, will launch products in ther early part of 2010.
"We plan to launch our first set of products in early
2010 after obtaining necessary approvals. We are putting in
place a robust management team with a focus on launching
products that help expand the mutual fund market," Motilal
Oswal AMC, Managing Director and CEO, Nitin Rakesh, said.