India has 35 asset management companies offering more than 950 mutual fund schemes and managing assets worth Rs5.44 trillion as of August
Ravi Krishnan
Mumbai: Seven firms plan to offer new mutual funds, braving choppy stock markets, after receiving in-principle approval from the Securities and Exchange Board of India, or Sebi.
Nineteen firms had applied to the capital market regulator for approval to sell mutual funds, seeking to tap rising incomes and potential savings in the world’s second fastest growing major economy.
Sebi has given approval to Nikko Asset Management, Goldman Sachs Asset Management, Indiabulls Financial Services Ltd, Religare Securities Ltd, Shinsei Bank Ltd, Dawnay Day International Ltd and Matrix Financial Services, according to the regulatory body’s website. Approval for the remaining 12 is pending.
Private equity firm New Silk Route Advisors spent about Rs200 crore last month to buy Dawnay Day AV Financial Services, including UK-based Dawnay Day International’s 50% stake, chairman and managing director Alok Vajpeyi’s 25% holding and a further 25% owned by an employee trust, Mint reported on 21 August.
http://www.livemint.com/2008/09/08003143/Seven-more-firms-get-Sebi-appr.html
Mumbai: Seven firms plan to offer new mutual funds, braving choppy stock markets, after receiving in-principle approval from the Securities and Exchange Board of India, or Sebi.
Nineteen firms had applied to the capital market regulator for approval to sell mutual funds, seeking to tap rising incomes and potential savings in the world’s second fastest growing major economy.
Sebi has given approval to Nikko Asset Management, Goldman Sachs Asset Management, Indiabulls Financial Services Ltd, Religare Securities Ltd, Shinsei Bank Ltd, Dawnay Day International Ltd and Matrix Financial Services, according to the regulatory body’s website. Approval for the remaining 12 is pending.
Private equity firm New Silk Route Advisors spent about Rs200 crore last month to buy Dawnay Day AV Financial Services, including UK-based Dawnay Day International’s 50% stake, chairman and managing director Alok Vajpeyi’s 25% holding and a further 25% owned by an employee trust, Mint reported on 21 August.
http://www.livemint.com/2008/09/08003143/Seven-more-firms-get-Sebi-appr.html
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