New Delhi, Sept 25: Financial services firm Religare Enterprises on Thursday, Sep 25 said its joint venture (JV) with Dutch insurer Aegon has received Securities&Exchange Board of India's (SEBI) approval to commence mutual fund business in the country.
The JV Company--Religare Aegon Asset Management Company Pvt Ltd-- has got the final regulatory approval of SEBI to start fund operations and the AMC expects to launch its first product for the Indian retail investor by November. Religare Aegon will launch at least seven funds in the first year of operations and plans to have 15 branches at the time of the launch and 30 in over 25 cities by March next year. ''Over the next two to three years, the company will focus on creating wide reach across India, especially in Tier II and Tier III cities, with an initial target of opening at least 100 branches in the first two years of operations,'' Religare Aegon CEO Saurabh Nanavati said in a statement.
As part of Aegon's wider strategy to expand its footprint in Asia, the JV also commenced life insurance operations more than a month ago.