Arihant Capital Markets has received in-principle approval from the Securities and Exchange Board of India (SEBI) to set up a mutual fund business, marking its entry into the asset management industry.
The Indore-based financial services company said it would now proceed with establishing an Asset Management Company (AMC) and a trustee company, subject to meeting applicable regulatory requirements.
The approval allows Arihant Capital to move to the next stage of setting up its mutual fund business. However, the company will need to fulfil the remaining regulatory requirements before commencing operations.
Founded in 1992, Arihant Capital operates across stockbroking, wealth management, depository services, portfolio management, merchant banking and investment research.
Commenting on the development, Ashok Kumar Jain, Chairman of Arihant Capital Markets, said the proposed mutual fund business would draw on the company’s experience in financial markets and research.
The company plans to develop investment products catering to different investor requirements, with a focus on long-term investing, Jain said.
Arpit Jain, CEO and Joint Managing Director of Arihant Capital Markets, said the proposed expansion would allow the company to extend its market experience to a wider investor base.
Arihant Capital said it has a presence across more than 300 cities, supported by a network of over 800 investment centres.
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