Dawnay, Day gets SEBI in-principle nod for mutual fund business

New Delhi, Oct 16 (UNI) Dawnay, Day International Ltd (DDI) today said it has received the in-principle nod from market regulator Securities and Exchange Board of India (SEBI), for setting up a mutual fund business in the country.

Through its Asset Management Company (AMC), DDI, which plans to roll out its mutual fund schemes early next year after all final approvals from SEBI, is aiming at building its AMC to over Rs 5,000 crore within three years. The company will announce the CEO for the AMC shortly.

''Given the 45 per cent growth in mutual fund AUM last year, we feel that the Indian mutual fund industry offers strong growth potential. Our team comprises experienced and high quality finance professionals, who have a superlative track record. Our vision is to create a world class, global scale AMC that can offer Indian investors solutions to their financial needs, across asset classes and across customer segments,'' Dawnay Day AV Financial Services Pvt Ltd MD&Vice Chairman Alok Vajpeyi said.

In India, Dawnay, Day as a group already has a presence in retail stock broking, portfolio management services, wealth management&hotel sector through its joint venture with Alok Vajpeyi.

Dawnay Day AV Financial Services Pvt Ltd (DDAV) is a joint venture between DDI (UK) and Alok Vajpeyi, and was launched in India in response to the dynamics presented by the country's rapidly growing economy.

DDAV ventures into the area of financial services, providing high-end, client-focused and specialised investment and advisory services to individual&institutional clients in India and abroad.

UNI RA PV BS1911