Deepak Shenoy's Capitalmind gets in-principle approval for MF foray

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Bengaluru-based asset management company Capitalmind Financial Services has received in-principle approval from the Securities and Exchange Board of India (Sebi) to enter the mutual fund (MF) business, the company announced on Monday.

At present, the firm manages over Rs 2,200 crore through the portfolio management service (PMS) vertical, the company said in a release, adding that it is the 25th largest PMS player by assets in discretionary equity strategies. It entered the alternative investment fund (AIF) space this year.

"Receiving Sebi's in-principle approval for a mutual fund is both an honour and a privilege. We are grateful for this opportunity and remain committed to building long-term wealth while maintaining the highest standards of regulatory compliance," said Deepak Shenoy, CEO of Capitalmind.

Capitalmind joins the likes of Angel One and Unifi Capital in the queue for a final MF licence.

In-principle approval is a partial go-ahead from the regulator. The firm can start offering MF schemes only after getting the final approval.

Apart from Capitalmind, three other applicants were in the fray for in-principle approval as of June 30. These companies included the Jio Financial and BlackRock Financial joint venture, Cosmea Investments, and AlphaGrep Securities.