Peerless, the first financial services company to enter MF business

The Peerless General Finance & Investment Company Limited(PGFI) today announced that it has got the preliminary in-principle approval from SEBI to set up its Asset Management Company. It is the first financial services company in Eastern India to have received SEBI’s preliminary in-principle approval to enter the Mutual Fund business. It has appointed Mr. Akshay Gupta as the Chief Executive Officer for the proposed Asset Management Company. Mr. Gupta is a former senior executive from ICICI-Prudential Mutual Fund.

Commenting on the development, Mr. S K Roy, Managing Director, PGFI, 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)”.

PGFI has been a pioneer in the small savings sector in the country for the last 75 years. It has helped people build up their financial security by providing them with innovative financial products and creating livelihood solutions. 40 million satisfied account holders, over 100% of assets in secured approved investments and a high Capital Adequacy Ratio, bear testimony to its success and commitment to serve all its stakeholders.

About Peerless General Finance & Investment Company
The Peerless General Finance & Investment Company Ltd. is one of the leading and most trusted residuary non banking companies in India. It helps people build up their financial security by providing them with innovative financial products and creating livelihood solutions. 75 years of experience, 40 million satisfied account holders, over 100% of assets in secured approved investments, indicating a high Capital Adequacy Ratio, bear testimony to its success and commitment to serve all its stakeholders. Over 100,000 self employed financial advisors, doorstep service and timely maturity payment of over Rs.14, 500 crores have given it a unique position among the financial organizations. A network of offices in 148 towns and cities in 24 states and union territories with total IT connectivity enables the company to achieve its vision of providing the common man with personal finance options and employment opportunities across India.