Bajaj Finserv gets Sebi nod to set up mutual fund; stock hits new high

The company would be setting up an Asset Management Company and the Trustee Company to sponsor the MF

Shares of Bajaj Finserv hit a new high of Rs 15,875, up 4 per cent on the BSE in the intra-day trade on Tuesday, after the company said it has received an in-principle approval from Securities and Exchange Board of India (Sebi) for sponsoring a mutual fund. The stock surpassed its Monday’s high of Rs 15,416.05 touched in the intra-day trade.

"Accordingly, the Company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary, in accordance with applicable Sebi Regulations and other applicable laws," Bajaj Finserv said in