Six firms in queue for MF licence; AlphaGrep Securities latest applicant
AlphaGrep Securities joins Jio and two others in line for in-principle approval
 "Six firms in queue for MF licence; AlphaGrep Securities latest applicant")
AlphaGrep Securities, a quantitative trading and investment firm, has filed an application for a mutual fund (MF) licence with the Securities and Exchange Board of India (Sebi) in June. According to the latest update put out by Sebi, six applicants were in the fray for a MF licence at the end of June.
In addition to AlphaGrep, Cosmea Financial Holdings has also re-filed its application under the name of Cosmea Investments.
The joint venture of Jio Financial Services and Blackrock Financial, which filed the application on October 19, 2023, is one of the four companies waiting in-principle approval from the regulator.
Sebi gives MF licence in two parts, first being in-principle approval and the second being final registration.
Apart from Jio Financial and the new applicants, Capitalmind Financial Services is in fray for the initial go-ahead.
Angel One and Unifi Capital, which received the in-principle approval in February 2023 and November 2023, make up the list of applications awaiting final approval.
Entities start setting up their AMCs post the in-principle approval. Angel One has hired Hemen Bhatia as the CEO of the AMC. He was previously with Nippon India AMC.