India Infoline receives in-principle approval from SEBI for MF

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Mumbai, Nov 4 (UNI) India Infoline Limited, one of the leading players in the Indian financial service space, today announced that it has received in-principle approval from Securities&Exchange Board of India (SEBI) for sponsoring mutual fund.

Company Executive Director R Venkataraman, in a statement here, said, ''In line with the trend in the developed markets, we expect Mutual Funds to be the vehicle of choice for the retail investors to participate in the equity markets. An entry into the Mutual Funds space is an opportunity for us to continue to expand our offerings under the financial services domain in line with our long-term strategy.'' ''We will look to build up a strong team to run this business and will leverage upon our existing distribution strengths and proven research capabilities to grow the asset management business,'' he said.

The company's distribution network comprises 886 business locations spread across 350 cities and towns in India.

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