Bajaj Finserv announced that it has received the in-principal nod from SEBI to set up an Asset Management Company (AMC) and mutual fund.
Accordingly, the company would be setting up an AMC and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws.
The market is happy with this news as mutual funds have gained immense popularity – assets under the industry till 31st July’21 surged to an all-time high at Rs.35 lakh crore.
The stock price, opened at Rs.15,340 from yesterday’s close of Rs.15,268 and went on to hit a new record high at Rs.16,391.05. Volumes were up almost 2.5 times.
Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.