Lotus India AMC receives SEBI approval to start MF operations

Mumbai, July 31 (UNI) Lotus India Asset Management Company Pvt Ltd (Lotus India AMC), a joint venture between Fullerton Fund Management Group and Sabre Capital Worldwide, has received the regulatory approval from the Securities and exchange Board of India (SEBI) to start its mutual fund (MF) operations in the country, said a company release here today.

The sponsor of Lotus India AMC is Alexandra Fund Management, an affiliate of Fullerton (both Fullerton and Alexandra and wholly owned by Temasek Holdings Pvt Ltd). Also, the company has appointed Ajay Bagga as its CEO, the release added.

Reacting on the SEBI approval, the chairman of the company, Ratan Talwar said that given the growth in mutual fund AUM of 61 per cent over the last year and of 36 per cent over the last three years coupled with a penetration of less than two per cent of households, we feel that the Indian mutual fund industry offers strong growth potential.

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