Bajaj Finserv receives Sebi nod to launch mutual fund business

Non-banking financial services giant Bajaj Finserv received approval from the Securities and Exchange Board of India (Sebi) to begin its mutual fund operations. In a regulatory filing with the exchanges, the firm also announced it formed two wholly owned subsidiaries, namely Bajaj Finserv Mutual Fund and Bajaj Finserv Asset Management.

Sebi granted the mutual fund license to Bajaj Finserv Mutual Fund. Further, Bajaj Finserv Asset Management has also been accorded an approval to act as an asset management company for Bajaj Finserv Mutual Fund. The range of products that the new AMC will offer range from equity, debt, hybrid mutual funds to active and passive funds as well.

“The approval from SEBI is strategically important for Bajaj Finserv as it enables the company to complete its suite of financial solutions for retail customers. With Ganesh Mohan at the helm, our mutual fund business will inspire a new approach to investing and sustained, long-term wealth creation,” said Sanjiv Bajaj, Chairman & MD, Bajaj Finserv.

“With greater awareness among investors to stay invested over the longer term, it is an opportune time for the group to build its mutual fund offering for investors. The mutual fund business will align with the group’s philosophy of being future-focussed and tech-driven,” Ganesh Mohan, CEO, Bajaj Finserv Asset Management, said. “Coupled with our innovation DNA and a win-win approach for our partners, our business model is focused on creating long-term returns for our investors,” he added.