Emkay Global zooms 20% on Sebi's in-principle nod to enter MF business

The company said it has received in-principle approval from Securities and Exchange Board of India, Investment Management Department for sponsoring a Mutual Fund

Shares of Emkay Global Financial Services were locked in the 20 per cent upper circuit at Rs 80.38 on the BSE in Thursday’s intra-day trade on heavy volumes after the company received an in-principle approval from the Securities and Exchange Board of India (SEBI) for launching a mutual fund business.

“The company has received in-principle approval from Securities and Exchange Board of India, Investment Management Department for sponsoring a Mutual Fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,” Emkay Global said in an exchange filing.

Till 10:14 am; a combined around 510,000 equity shares had changed hands and there were pending buy orders for 210,000 equity shares on the NSE and BSE. The stock had hit a 52-week high of Rs 122.65 in April 2022 and a 52-week low of Rs 61.05 in June 2022.

The company together with its subsidiaries, associate and associates of its subsidiaries, is a diversified financial services group and is primarily engaged in the business of providing stock, commodity and currency broking, lending, investment banking, depository participant services, asset management services, wealth management including distribution of third party financial products, investment advisory services and exempt financial advisors as per Singapore laws.