Non-banking finance company SREI Infrastructure today said it has got in-principle approval from the Securities & Exchange Board of India (Sebi) to launch its mutual fund business in the country.
The company would be incorporating two wholly-owned subsidiaries for carrying out the asset management business.
"Pursuant to an in-principle approval received by the company from the Sebi for setting up a mutual fund, the board has decided to incorporate two wholly owned subsidiary companies for carrying out the activities of asset or fund management and trusteeship services," SREI Infrastructure said in a filing to the Bombay Stock Exchange.
Besides, the board has approved the resignation of Somabrata Mandal as the Director of the Company with effect from September 12.
Earlier this month, Axis Asset Management Company (Axis AMC), a wholly owned subsidiary of Axis Bank Ltd, had received the final regulatory approval from the Sebi to launch its mutual fund business in the country.
Shares of SREI Infra were trading at Rs 75.30, up 4.37 per cent in late afternoon trade on the BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app