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.”
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.”
