Fintech to wealthtech

The Securities and Exchange Board of India (Sebi) has made several important changes to the norms governing mutual funds, which should lead to more players entering this space. Previously, any entity wishing to open an asset management company (AMC) had to demonstrate five years of continuous profitability and maintain Rs 50 crore in net worth at the end of each financial year. Sebi has now proposed that firms which can continuously maintain Rs 100 crore of net worth should be allowed to start AMCs, with the higher net worth norm remaining until these entities register five years of continuous profits. 

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