Online stock broking firm Groww has received approval from the market regulator Securities and Exchange Board of India (SEBI) to launch its first index fund. “Groww Mutual Fund got approval for its first NFO – Groww Nifty Total Market Index Fund,” posted Groww’s cofounder Lalit Keshre on X (formerly Twitter).
This comes just three days after Zerodha submitted draft offer documents to the market regulator for the launch of two schemes, the Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and the Zerodha Nifty Large Midcap 250 Index Fund (ZN250), in accordance with its mandate to establish passive schemes.
In September 2021, the Competition Commission of India (CCI) gave its approval to stock and mutual funds platform Groww’s parent Nextbillion Technology Pvt Ltd’s to acquire Indiabulls Asset Management Company (AMC) and Indiabulls Trustee Company. Nextbillion Technology (Groww Group) is India’s investment tech platform.
Bengaluru-based Groww founded in 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal offers new ways for stockbroking, equity-linked savings, SIPs, IPOs, ETFs, and direct mutual funds.
Old Bridge Capital Management (OBCM) , a premier portfolio management firm , today announced that it has received the final approval from the Securities and Exchange Board of India (SEBI) to commence its mutual fund operations under Old Bridge Mutual Fund.
“We are delighted to receive this license to commence operations for Old Bridge Mutual Fund and will be launching our maiden actively managed equity scheme. As we move forward with our newly acquired license, we remain committed to providing investors with long-term investment solutions on its mutual funds platform as well,” said Kenneth Andrade , Founder of OBCM.
Samir Arora’s Helios Capital Asset Management (India) Private Ltd is making its foray into the mutual fund space with the filing of a scheme information document (SID) with markets regulator Sebi for an overnight fund.
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Updated: 07 Sep 2023, 01:02 PM IST