Sebi speeds up NFO approval process; move comes as boost for newer players

The Securities and Exchange Board of India (Sebi) has sped up the process of clearing applications for raising funds via mutual funds (MFs) new fund offers (NFOs), said people in the know.

Industry players said the pendency of applications has reduced drastically compared to last year. In several cases, NFOs have managed to obtain regulatory clearances in less than a month.

The move has helped the Rs 48-trillion domestic MF industry time their product launches better, and also roll out topical schemes.

Earlier this year, a fund house applied to the regulator for NFO to launch a smallcap