Peerless gets Sebi nod to set up AMC

Peerless General Finance and Investment Company today said it has become the first financial services company in eastern India to receive market regulator Sebi's preliminary in-principle approval to enter the mutual fund business.

The company has appointed Akshay Gupta as the Chief Executive Officer for the proposed asset management company (AMC), a press release issued here said.

Gupta is a former senior executive from ICICI Prudential Mutual Fund, the release said.

PGFI's Managing Director S K Roy said: "We are delighted to get the preliminary Sebi nod for setting up a mutual fund business which will allow us to leverage our expertise in managing depositors' money and offering investors a wide array of financial solutions to fulfill their diverse financial needs."

"This venture is consistent with our plan to emerge as the country's leading financial supermarket for retail distribution of various financial products under one umbrella--Peerless Smart Money (PSM)," he added.