Axis Bank board nod to set up mutual fund

Axis Bank today informed the BSE that its board of directors have agreed to setting up a mutual fund, besides incorporating two subsidiaries for undertaking trustee services and asset management.

The board has agreed to establishing a mutual fund, in the form of a Trust, in accordance with the provisions of the SEBI (Mutual Funds)  Regulations, 1996 and other applicable laws.

The bank will set up a public limited company, as a wholly owned subsidiary of the bank to undertake among other things, the trustee services business.

It will also incorporate an asset management company that will carry out the activities of asset/fund management, advisory and other related activities.

The incorporation of the above two subsidiary companies as well as the establishment of the mutual fund will be subject to the approval of the Reserve Bank of India, SEBI and other Regulatory Authorities.