The specified networth mark has been attained well before the mandated deadline of May 2017, the private fund house said in a statement here today.
The audited networth of PPFAS Asset Management Company (PPFAS AMC) was Rs 51.53 crore as on November 30, 2016. It has infused capital of Rs 4.66 crore by undertaking a rights issue. This issue was approved by the board of PPFAS AMC at its board meeting held on September 26, it said.
"Apart from the rights issue, we have relied on internal accruals for this accretion," he added.
The minimum requirement of networth for asset management companies was raised by SEBI to Rs 50 crore from the previous Rs 10 crore in 2014.
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