The final nod for registration is subject to the fulfilment of SEBI’s conditions specified in the in-principle approval. Credit: Thapana_Studio/Shutterstock.

Indian financial services company Choice International has obtained in-principle approval from the India’s Securities and Exchange Board of India (SEBI) to sponsor and set up a mutual fund.

With the approval, the company will now establish an Asset Management Company (AMC) and a Trustee Company in line with SEBI’s regulations and legal requirements.

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This move forms part of Choice International’s efforts to expand its financial services portfolio and cater to a wider range of investors.

The final nod for registration is subject to the fulfilment of SEBI’s conditions specified in the in-principle approval.

Choice International CEO and executive director Arun Poddar said: “This approval marks a significant step forward in our journey to becoming a comprehensive financial services provider.

“By entering the mutual fund industry, we aim to empower investors with tailored investment products and create value through disciplined and transparent fund management.”

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Earlier this year, investment management firm Capitalmind Financial Services secured in-principle approval SEBI to launch new mutual fund.

Capitalmind Financial Services founder and CEO Shenoy said: “Receiving SEBI’s in-principle approval for a mutual fund is both an honour and a privilege.

“We plan to leverage technology, partnerships, and distribution channels to capitalise on India’s robust growth story. We look forward to establishing Capitalmind Asset Management Company to meet SEBI’s final approval requirements.”