PhonePe applies for MF license, joins six other fintechs awaiting Sebi nod

Most players are trying to establish a certain niche to gain a foothold into the Rs 38-trillion MF industry which has around 45 AMCs

Walmart-owned Phonepe has applied with the Securities and Exchange Board of India (Sebi) for a mutual fund (MF) license, joining other fintech rivals to harbour an ambition to set up an asset management company (AMC).

Recently, India's largest brokerage Zerodha received in-principle approval to start MFs operation. Flipkart co-founder Sachin Bansal-backed Navi Mutual Fund has aggressively launched passive schemes at a low cost.  

PhonePe entered financial services in 2017 with the launch of gold providing users with a safe and convenient option to buy 24-karat gold, and recently also launched silver on its platform.

Currently, The digital payments major through