Peerless General Finance & Investment Company Limited (PGFI) has got preliminary in-principle approval from the Securities Exchange Board of India (Sebi) to set up an asset management company. It is the first financial services company in eastern India to have received Sebi's preliminary in-principle approval to enter the mutual fund business.
However, the company is waiting for a final approval from the regulator for foraying into the business.
Jayanta Roy, director, corporate planning and strategy, PGFI, said, "Based on an internal study, conducted by the three global firms, we understand that India will come out of the financial crisis by the last quarter of 2009. If we get Sebi's final approval by three-six months, the timing will be absolutely right for starting the business."
The company has appointed Akshay Gupta as the chief executive officer for the proposed company.
Gupta is a former senior executive from ICICI-Prudential Mutual Fund.
S K Roy, managing director, PGFI, said, “We are delighted to get the preliminary Sebi nod for setting up a mutual fund business, which will allow us to leverage our expertise in managing depositors’ money and offering investors a wide array of financial solutions to fulfill their diverse financial needs. This venture is consistent with our plan to emerge as the country’s leading financial supermarket for retail distribution of various financial products under one umbrella – Peerless Smart Money (PSM)”.
PGFI, a 75 year-old company, has a customer base of 40 million people, with assets secured approved investments and a high capital adequacy ratio.
It employs over 100,000 self employed financial advisors.
It has done maturity payment of over Rs 14,500 crore.
The company has a a network of offices in 148 towns and cities in 24 states and union territories, with total IT connectivity enables the company to achieve its vision of providing the common man with personal finance options and employment opportunities across India.
Jayanta Roy, director, corporate planning and strategy, PGFI, said, "Based on an internal study, conducted by the three global firms, we understand that India will come out of the financial crisis by the last quarter of 2009. If we get Sebi's final approval by three-six months, the timing will be absolutely right for starting the business."
The company has appointed Akshay Gupta as the chief executive officer for the proposed company.
Gupta is a former senior executive from ICICI-Prudential Mutual Fund.
S K Roy, managing director, PGFI, said, “We are delighted to get the preliminary Sebi nod for setting up a mutual fund business, which will allow us to leverage our expertise in managing depositors’ money and offering investors a wide array of financial solutions to fulfill their diverse financial needs. This venture is consistent with our plan to emerge as the country’s leading financial supermarket for retail distribution of various financial products under one umbrella – Peerless Smart Money (PSM)”.
PGFI, a 75 year-old company, has a customer base of 40 million people, with assets secured approved investments and a high capital adequacy ratio.
It employs over 100,000 self employed financial advisors.
It has done maturity payment of over Rs 14,500 crore.
The company has a a network of offices in 148 towns and cities in 24 states and union territories, with total IT connectivity enables the company to achieve its vision of providing the common man with personal finance options and employment opportunities across India.
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