Six firms in queue for MF licence; AlphaGrep Securities latest applicant | Mutual Fund – Top Stories
AlphaGrep Securities, a quantitative trading and investment firm, filed an application for a mutual fund (MF) licence with the Securities and Exchange Board of India (Sebi) in June. According to the latest update put out by Sebi, six applicants were in the fray for an MF licence at the end of June.
In addition to AlphaGrep, Cosmea Financial Holdings has also re-filed its application under the name of Cosmea Investments.
The joint venture of Jio Financial Services and Blackrock Financial, which filed the application on October 19, 2023, is one of the four companies awaiting in-principle approval from the regulator.
Sebi gives MF licences in two parts, the first being in-principle approval and the second being final registration.
Apart from Jio Financial and the new applicants, Capitalmind Financial Services is in the fray for the initial go-ahead.
Angel One and Unifi Capital, which received in-principle approval in February 2023 and November 2023, respectively, make up the list of applications awaiting final approval.
Entities start setting up their AMCs post the in-principle approval. Angel One has hired Hemen Bhatia as the CEO of the AMC. He was previously with Nippon India AMC.
First Published: Jul 16 2024 | 8:06 PM IST
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