The SEBI granted in-principal nod for Bajaj Finserv for sponsoring a mutual fund. Credit: Jimmy vikas/ Wikimedia.

Indian financial service firm Bajaj Finserv has secured regulatory approval to set up a mutual fund business.

The Securities and Exchange Board of India (SEBI) granted in-principal nod for the firm for sponsoring a mutual fund.

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The company is also planning to establish an asset management company (AMC).

Bajaj Finserv in an exchange filing said that it would set up an AMC and the Trustee Company, directly or indirectly, ‘i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws.’

Bajaj Finserv was founded in 2007 following its demerger from Bajaj Auto. The firm specialises in lending, asset management, wealth management and insurance services.

Bajaj Finance, the firm’s sister entity, has a presence in 2,392 locations, including 1,357 in rural areas, small towns and villages.

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