New Delhi, Feb 22: Indiabulls Financial Services Ltd today said it has received approval from the Securities and Exchange Board of India (SEBI) to start mutual fund operations.
The company is in the process of setting up an asset management company and a trustee company, a statement said. Reserve Bank of India (RBI) has recently approved Indiabulls' proposal to start non-banking financial services (NBFC) business. The licence will be utilised to set up a company that will launch products targeting the small and medium enterprises (SME) sector. The business will be called Indiabulls Commercial Credit (ICC) and will start in a couple of months.