New Delhi: Peerless Funds Management Company Limited (PFMCL), a wholly-owned subsidiary of The Peerless General Finance & Investment Company Limited, today announced that it has received the final regulatory approval from the SEBI to launch its Mutual Fund business in the country.
It is the first Mutual Fund to be headquartered at Eastern Region and at Kolkata.
PFMCL now aims to launch its first set of products in early 2010, on approval of the appropriate authorities, a company statement said here.
“We have received SEBI’s final approval. The Asset Management Industry in India is amongst the fastest growing financial services businesses from across the globe. With a growth rate of over 30 per cent CAGR during the last 6 years in India, the mutual fund business presents an interesting opportunity”, Mr. S K Roy, Managing Director of The Peerless General Finance & Investment Co. Ltd., the sponsor company, said in a statement here.
Mr. Roy further added, “Board of Peerless Trust Management Company Ltd. as well as Peerless Funds Management Co. Ltd. are formed with renowned Corporate Professionals. Mr. A C Chakrabortti, a well known Chartered Accountant and Ex-President of Institute of Chartered Accountants of India and Ex-Managing Partner of Ernst & Young is the Chairman of Peerless Funds Management Co. Ltd. Mr. S B Ganguly, a renowned Corporate Professional and Ex-Chairman of Exide Industries Ltd. is the Chairman of Peerless Trust Management Co. Ltd.”
The Peerless General Finance & Investment Co. Ltd., which has a strong retail base, will focus on creating solutions for the existing retail customer base along with solutions for the entire investing universe.
“Low retail penetration levels in MF industry and a large institutional appetite only add to the tremendous opportunity that our country presents. We hope to capture this growth and participate in the development of the Mutual Fund Industry”, said Mr. Akshay Gupta, CEO of PFMCL.
“A very balanced and strong Fund Management team has been put in place with special focus on consistency and risk-management to ensure that delivery of performance is in accordance with objectives stated” Mr. Gupta added.
The Peerless General Finance & Investment Co. Ltd. has been a pioneer in the small savings sector in the country for over 77 years. It has helped people build up their financial security by providing them with innovative financial products and creating livelihood solutions. 40 million satisfied account holders, over 100% of assets in secured approved investments.
Capital Adequacy Ratio, bear testimony to its success and commitment to serve all its stakeholders.