After waiting for over a year, the state-run Union Bank of India has got the approval from the market watchdog Sebi to enter the mutual fund arena.
Meanwhile, Indiabulls Financial Services, too, said it got the regulatory nod for launching its mutual fund company.
"We have received the licence from Sebi today. We hope to launch the business within the next two months," Union Bank Chairman and Managing Director MV Nair told PTI here today.
On the kind/number of products that the company would come out with, Nair said, "we will launching two products for sure. The details are yet to be worked."
"Indiabulls Mutual Fund, sponsored by Indiabulls Financial Services, has got the final approval from Sebi to launch its mutual fund business. It plans to hit the market with its maiden offering in both equity and fixed income segment in a couple of months," it said in a release here.
Way back in November 2008, the city-headquartered Union Bank had tied up with the Belgian financial powerhouse KBC Asset Management to enter the MF business.
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At a time the domestic MF market was down in the dumps following the global financial meltdown that began in September 2008 with the fall of Lehman Brothers and many other Wall Street titans.
After getting shareholders' approval, the bank moved the Sebi for approval in early 2009. Announcing the tie-up, the public lender had then indicated that it was looking forward to launch the business by January 2011.