Kolkata-based residuary non-banking finance firm, Peerless General Finance and Investment Co, will launch its own mutual fund next year.
"We have got in-principle approval from Sebi (Securities and Exchange Board of India) for floating the mutual fund company. Within the next six months we hope to get the final approval," said Jayanta Roy, director of financial products distribution, Peerless General Finance, on the sidelines of a press conference to announce a distribution tie-up with Max New York Life.
Peerless has also recruited a chief executive officer (CEO) for the MF business, and is looking for a partner. Max New York has targeted sales of over 5,00,000 Max Vijay policies in one year through the Peerless network.
Last year, Peerless General Finance and Investment had forayed into the mutual fund distribution business, under Peerless Smart Money. Peerless Smart Money will recruit about 30,000 employees this fiscal. At present, Peerless Smart Money employs about 50,000 people.