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Peerless General Finance & Investment Company today said it has infused Rs 24 crore in its mutual fund arm, Peerless Funds Management Company, in compliance with Sebi's minimum networth requirement.
This infusion takes the total networth of PFMC to Rs 64 crore from Rs 40 crore.
The move follows directive by the Securities and Exchange Board of India to mutual fund houses in February last year to increase their minimum networth to Rs 50 crore, from Rs 10 crore earlier. Fund houses had been given three years to comply with this norm.
PFMC acts as asset manager to Peerless Mutual Fund.
"This capital infusion by Peerless General Finance & Investment Company supports our growth strategy and will allow us to launch products suited to the retail investing population the group has served for decades," PFMC Managing Director and CEO Rajiv Shastri said in a statement.
Incorporated in 2009, Peerless Mutual Fund is present in 30 locations across the country.
