Dsp Merrill Gets Green Signal For Amc
DSP Merrill Lynch Ltd, the Mumbai-based non-banking finance company, has received a licence from the Securities and Exchange Board of India (Sebi) for setting up an asset management company (AMC).
A highly-placed source in DSP Merrill Lynch told Business Standard: We have received the licence to set up the asset management company only last week.
We will soon get down to working out the modalities of the fund that we intend to launch.
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While Merrill Lynch will hold a 40 per cent stake in the asset management company, DSP Merrill Lynch will hold the remaining 60 per cent stake.
The asset management company proposes to launch its fund by the end of March or sometime during the first half of April.
The entry of Merrill Lynch into the Indian mutual funds market is expected to intensify competition in this part of the financial sector since the company is one of the largest players in the global arena.
Other foreign financial companies operating in the mutual funds market in India include Templeton Asset Management, Sundaram Newton, Kothari Pioneer, Birla Capital, ITC Threadneedle and Morgan Stanley.