Motilal Oswal gets SEBI`s final approval to set up MF biz
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Last Updated: Monday, January 04, 2010, 20:46
  
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.

PTI


First Published: Monday, January 04, 2010, 20:46


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