PPFAS Mutual Fund achieves SEBI-mandated minimum networth mark

In compliance with SEBI's stipulation, PPFAS Mutual Fund, sponsored by Parag Parikh Financial Advisory Services (PPFAS), has raised its networth to Rs 50 crore, the minimum requirement set by the market regulator.
The specified networth mark has been attained well before the mandated deadline of May 2017, the private fund house said in a statement here today.
The audited networth of PPFAS Asset Management Company (PPFAS AMC) was Rs 51.53 crore as on November 30, 2016. It has infused capital of Rs 4.66 crore by undertaking a rights issue. This issue was approved by the board of PPFAS AMC at its board meeting held on September 26, it said.

"We were confident of achieving the requirement of Rs 50 crore of networth and I am happy to inform you that we have reached that mark before the time set by the regulator," PPFAS Mutual Fund Chairman and Chief Executive Neil Parag Parikh said.
"Apart from the rights issue, we have relied on internal accruals for this accretion," he added.
The minimum requirement of networth for asset management companies was raised by SEBI to Rs 50 crore from the previous Rs 10 crore in 2014.