India Infoline has rallied 8% to Rs 77, extending its 7% gain in past three trading sessions after the broking firm said that it has received approval from the Securities and Exchange Board of India (Sebi) for launching its alternative investment funds (AIFs).
“The company have received the approval from SEBI for all the three categories namely, IIFL Venture Fund (Category I — Venture Capital Fund), IIFL Private Equity Fund (Category II) and IIFL Opportunities Fund (Category III), of alternative investment funds,” India Infoline said in a statement.
India Infoline believes that the newly opened up sector of pooled investment vehicles through AIFs under the regulatory ambit of SEBI’s AIF regulations provide enormous opportunities for providing fund management and advisory services to the growing HNI’s (high networth individuals) and corporate segment, said R Venkataraman, managing director of the company.
The stock opened at Rs 71 and hit a 52-week high of Rs 80 on the BSE. The trading volumes on the counter surge by almost five-fold with a combined 1.51 million shares changing hands so far on both the exchanges.
