Bajaj Finserv gets Sebi approval for starting mutual fund business

The company's shares rose 7.91 per cent or Rs 1,207.05 on Tuesday and ended the session at Rs 16,475.25 apiece

Bajaj Finserv will be the latest entrant to the Rs 35-trillion mutual fund (MF) industry after the company received in-principle approval from the Securities and Exchange Board of India (Sebi).

In an exchange notification on the BSE, Bajaj Finserv stated that the company has received approval from Sebi through its letter dated August 23 for sponsoring an MF.

“Accordingly, the company would be setting up an asset management company (AMC) and the trustee company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable Sebi regulations and other applicable laws,” said the notification.  Bajaj Finserv had applied to the