SEBI allows Bajaj Finserv to launch mutual fund business

Apart from Helios Capital, Old Bridge Capital, Zerodha and Angel One, SEBI now allowed Bajaj Finserv to launch a mutual fund business. Read on to find out more.

Bajaj Finserv states that to launch asset management operations as Bajaj Finserv Mutual Fund, it has got the final registration from the Securities and Exchange Board of India (SEBI). 

According to a statement from the core investment company, Bajaj Finserv Mutual Fund, with Bajaj Finserv Asset Management Ltd (BFAML) as the investment manager, will shortly provide an array of mutual fund products to investors, such as equity, debt, and Hybrid Funds in both active and passive segments. To construct a future-ready asset management business, BFAML is said to develop a tech-driven, multi-channel strategy for serving investors across several locations and regions. High acceptance of mutual funds is being fuelled by a resurgent India, increased investor confidence, and digital access to financial services. 

According to Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, “With Ganesh Mohan at the helm, our mutual fund business will inspire a new approach to invest and sustained, long-term wealth creation.” 

The venture launches at a time when, despite the turbulence in the financial markets, investors have maintained their trust in mutual funds. According to the most recent Association of Mutual Funds in India (AMFI) statistics, the interest of retail investors in the domestic mutual fund business is growing, with the value of assets owned by them increasing by 9.3 per cent to Rs 23.4 lakh crore in January vs Rs 21.40 lakh crore in January 2022. A major contributor to the growth of this asset base has been a systematic investing plan (SIP).