Shares of this financial services company hit 20 per cent upper circuit after getting the nod from SEBI!

Company got permission for starting a mutual fund business.

Following the company's receipt of in-principal approval from the Securities and Exchange Board of India (SEBI) for the launch of a mutual fund business, shares of Emkay Global Financial Services were locked in the 20 per cent upper circuit at Rs 80.38 on the BSE on Thursday in intraday trade on high volumes. 

The company has received in-principal approval from the Securities and Exchange Board of India, Investment Management Department for sponsoring a Mutual Fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996," Emkay Global reported in a filing with the stock exchange. 

Today the scrip opened at Rs 69.01 and has touched a high and low of Rs 80.38 and Rs 69.01 respectively. So far around 6,72,600 equity shares are traded on the counter BSE and NSE combine. 

This stock has a face value of Rs 10 and has touched a 52-week high of Rs 122.65 and a 52-week low of Rs 61.05.  

Emkay Global Financial Services Ltd is engaged in the business of providing Stock Broking Services, Investment Banking, Depository Participant Services and Wealth Management Services.