Two new players apply for licence to join the Rs 37-trillion MF market

The industry has seen a flurry of applicants in the past few months, including Samir Arora-led Helios Capital and Rakesh Jhunjhunwala's Alchemy Capital among others

The competition in the Rs 37-trillion domestic mutual fund (MF) industry is set to intensify with two new players submitting applications with market regulator Securities and Exchange Board of India (Sebi) for an MF licence.

These include Old Bridge Capital Management, promoted by former MF fund manager Kenneth Andrade, and brokerage house Angel One.

“As our next phase of transformation, we are foraying into the AMC segment. We plan to manufacture passive investment products for our clients that will be developed on the basis of Artificial Intelligence and Machine Learning. We strongly believe that passive investment products have the ability