Edelweiss receives SEBI approval for MF business

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Mumbai, May 5 (UNI) Edelweiss Capital Limited, one of India's largest Integrated Investment Banks today announced that it has received final regulatory approval from the Securities and Exchange Board of India (SEBI) to start its mutual fund business.

Registration has been granted to Edelweiss Mutual Fund and approval has been granted for Edelweiss Asset Management Limited to act as investment manager to Edelweiss Mutual Fund, the Company stated in a release issued here.

Edelweiss Asset Management Limited (EAML) CEO Jimmy A Patel said that it was opportune time for the Company to enter the market by offering innovative customer specific solutions across the range of debt, arbitrage and equity products.

The Indian mutual fund industry had been growing at a rapid pace of 47 per cent year-on-year over the last five years. However, current penetration levels were just three to four per cent, clearly indicating the vast untapped potential.

Edelweiss Asset Management Limited plans to launch eight to nine products over the next 12 months. The product portfolio will include broad-based equity funds, structured products, arbitrage funds, ETFs, and other innovative fixed income and equity funds in line with requirements of the market.

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