Choice International gains 5% after Sebi approves setting up mutual fund

Choice International shares rose after Sebi gave nod to set up mutual fund to the company

Choice International shares gained 4.8 per cent on BSE, logging an intraday high at Rs 563.05 per share. The buying in the stock came after the market regulator Securities and Exchange Board of India (Sebi) gave its approval to the company for setting up a mutual fund.

 

Around 10:04 AM, Choice International share price on BSE was up 3.6 per cent at Rs 556.05 per share on BSE. In comparison, the BSE Sensex was up 0.68 per cent at 79,004.49. The market capitalisation of the company stood at Rs 11,086.47 crore. The 52-week high of the stock stood at Rs 568.85 per share and the 52-week low stood at Rs 221.8 per share.

 

"We wish to inform you that the company has received an in-principle approval from Securities and Exchange Board of India (Sebi) vide their letter dated December 26, 2024, for sponsoring/setting up of mutual fund," the filing read. 

 

It added: Accordingly, the company would be setting up an asset management company and the trustee company in accordance with applicable Sebi regulations and other applicable laws.  

 

Further, the final approval for registration will be granted by Sebi subject to fulfillment by the company of the requirements stipulated in the in principal approval letter.

 

Choice International Ltd. is a leading financial services company in India, established in 1993 and headquartered in Mumbai. Operating under the brand name Choice Group, it offers a diverse range of services, including investment banking, stockbroking, wealth management, and financial consulting. 

 

The company caters to retail, corporate, and institutional clients, providing solutions such as equity and commodity trading, mergers and acquisitions advisory, portfolio management, and tax planning. With a focus on innovation and customer-centric services, Choice International also operates a non-banking financial company (NBFC) arm for lending solutions. Leveraging advanced technology, the company has positioned itself as a reliable partner in India's financial landscape.

 

In the past one year, Choice International shares 135 per cent against Sensex's rise of 9 per cent.