Ashika Group gets Sebi's in-principle nod to launch mutual fund biz

Ashika Group on Wednesday announced that it has received in-principle approval from the markets regulator, Sebi, to launch mutual funds.

This move allows the company to proceed with establishing an Asset Management Company (AMC) and preparing for the launch of mutual fund schemes, subject to fulfilling Sebi's final registration requirements and conditions, Ashika Group said in a statement.

Ashika Group's foray into mutual funds builds on its experience across capital markets and financial services, including retail & Institutional broking, investment banking, research advisory, global family office services, Alternative Asset Management and Private Equity.

"The launch of Ashika Mutual Fund is a natural extension of our vision to contribute meaningfully to India's evolving asset management ecosystem," Pawan Jain, Chairman & Managing Director, Ashika Group, said.

The proposed fund house aims to offer a range of investment schemes tailored to diverse investor needs.

 

MCX surges with Morgan Stanley upgrade 

Shares of Multi-Commodity Exchange of India (MCX) gained over 2 per cent on Wednesday, closing at ₹11,138 apiece following a rating change by Morgan Stanley. The firm has upgraded the rating from ‘Underweight’ to ‘Equal-weight’, raising the target from ₹6,710 per share to ₹11,135 per share. The brokerage noted, “Average daily transaction revenue has surged in the past three months on price action in commodities, which doesn’t appear to be ebbing. We raise estimates materially and see potential upside risks if transaction volumes (volatile) are sustained.”