Indiabulls Financial Services has received approval from Securities and Exchange Board of India (Sebi) to set up an asset management company (AMC).Indiabulls had recently received approval from Reserve Bank of India (RBI) to start a non-banking financial company (NBFC). The licence will be utilised to set up a company, Indiabulls Commercial Credit (ICC), that will launch products targeting the small and medium enterprises (SME) sector.Indiabulls Credit Services (ICSL), which was in the consumer finance sector, was merged with Indiabulls Financial Services (IBFSL) and Indiabulls Securities (ISL) was hived off from IBFSL.
