India's Bajaj Finserv gets regulatory license to start mutual fund business (updated)

Bajaj Finserv

01/03/2023 13:19

(Adds details, background)
       BENGALURU, March 1 (Reuters) - India's Bajaj Finserv  BJFS.NS  said on
Wednesday it has received the market regulator's license to start its mutual
fund business.
    Bajaj Finserv Mutual Fund, with Bajaj Finserv Asset Management as investment
manager, will soon offer mutual fund products including equity, debt, and hybrid
funds in the active and passive segments, Bajaj Finserv said in a regulatory
filing.
        "A resurgent India, rising investor confidence and digital access to
financial services is leading to high adoption of mutual funds," said Sanjiv
Bajaj, chairman and managing director of Bajaj Finserv.
    Inflows into Indian equity mutual funds jumped nearly 72% to 125.47 billion
rupees ($1.52 billion) in January, their highest in four months, offsetting some
heavy selling by foreign investors, data from the Association of Mutual Funds in
India showed last month.
    Nimesh Chandan is chief investment officer at the mutual fund.
    Bajaj Finserv is a holding company for financial services businesses
including non-bank lender Bajaj Finance  BJFN.NS . Both firms are listed on the
blue-chip Nifty 50 index  .NSEI .

($1 = 82.4250 Indian rupees)

 (Reporting by Chris Thomas and Anuran Sadhu in Bengaluru; Editing by Shailesh
Kuber)
 ((chris.thomas@thomsonreuters.com; +91 80 6210 0487;))