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 Securities and Exchange Board of India (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.
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“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 and a high
Capital Adequacy Ratio, bear testimony to its success and commitment to serve all its stakeholders.
About Peerless General Finance & Investment Company
The Peerless General Finance & Investment Company Ltd. is a premier financial institution occupying a prestigious position in the corporate map of India. It helps people build up their financial security by providing them with innovative financial products and creating livelihood solutions. More than 75 years of experience, 40 million satisfied account holders, 100% investments in approved securities indicating a high Capital Adequacy Ratio, bear testimony to its success and commitment to serve all its stakeholders. Over 50,000 self employed financial advisors, doorstep service and timely maturity payment of over Rs.15, 500 crore have given it a unique and rare distinction among financial organizations. The company has diversified into Financial Product Distribution (FPD) business through Financial Supermarket-Peerless Smart Money comprising of Life Insurance, General Insurance, Mutual Funds and others. A network of offices in 148 towns and cities in 24 states and union territories with total IT connectivity enables the company to achieve its vision of providing the common man with personal finance options and self-employment opportunities across India.