Mumbai: Financial services company Emkay Global and brokerage Abira Securities have become the latest entities to apply for mutual fund (MF) license from market regulator Securities and Exchange Board of India (SEBI).
Established in 1995, Emkay Global is a diversified financial services company dealing in wealth management, investment banking, equities and derivatives, insurance broking, portfolio management services, currency, depositories and research.
Vikas Gupta, CEO, Emkay Investment Managers, was previously the CEO of ENAM Asset Management Company and Edelweiss AMC. He was a member of the board of Amphi, the industry body for mutual funds. He has a long established background in the mutual fund industry.
Established in 2012, Abira Securities is a Kolkata based stock broking house.
According to the market regulator website, Emkay Global applied for the license on March 3, and on March 24, Abira Securities joined seven other companies awaiting approval.
Flipkart-backed PhonePe Pvt Ltd had applied for the license on 31 December 2021.
Applications of Deepak Shenoy’s Vizmarket Analytics Pvt. Ltd (CapitalMind), Sameer Arora’s Helios Capital, Rakesh Jhunjhunwala’s Alchemy Capital, and Kenneth Andrade-led Old Bridge Capital Management Pvt. Ltd. is under process. Angel One Limited and Unifi Capital Pvt. Ltd. has also applied for licence.
Notably, Bajaj Finserv Ltd., Zerodha Broking Ltd. and Frontline Capital Services Ltd. have received in-principle approval from SEBI for mutual fund business.
The Indian Mutual Fund industry is one of the most competitive sectors with 43 players looking to enter the space.
What was the assets under management (AUM) of the Indian mutual fund industry as on June 30, according to the Association of Mutual Funds in India (Amfi) data? 35.64 trillion.
The AUM of the Indian MF industry has increased 35.64 trillion till 30 June 2022 18.96 trillion as of 30 June 2017, a nearly two-fold increase in five years.
The sector has also seen some consolidation in recent times. In December, the Indian asset management arm of HSBC Holdings Plc agreed to buy out the mutual fund unit of L&T Finance Holdings Ltd for approx. 3,191 crore to boost its wealth management business.
Also, in 2020, global financial services conglomerate Manulife acquired a 49% stake in Mahindra Asset Management Company 265 crores.
catch all Mutual Fund News And updates on Live Mint. download mint news app To get daily market updates & Live business News,