The asset management business is certainly catching a lot of institutions’ fancy. The latest one to get an entry is the non-banking finance company SREI Infrastructure.
The company has got an in-principal approval from the Securities and Exchange Board of India (SEBI) to set up a fund house on its own.
In a filing to the Bombay Stock Exchange, the company has said that pursuant to the in-principle nod by SEBI, the board has decided to go ahead with incorporating two wholly owned subsidiaries for carrying out asset management activities as well as provide trusteeship services.
The company is expected to file offer documents after getting the final approval from the market regulator.
Others in waiting in the wings for starting their own AMCs are Motilal Oswal, ASK Investment Holding, Indiabulls, and Mahindra and Mahindra Financial Services – they have applied to the market regulator for approval.