Mahindra MF gets Sebi aproval
Mahindra Finance, a part of Mahindra Group, on Friday said its subsidiary Mahindra Asset Management Company Private Limited has received a license from market regulator Sebi to manage the Mahindra Mutual Fund.
Hyderabad: Mahindra Finance, a part of Mahindra Group, on Friday said its subsidiary Mahindra Asset Management Company Private Limited has received a license from market regulator Sebi to manage the Mahindra Mutual Fund.
The Mahindra Asset Management Company is now in the process of putting together its team, product portfolio and strategy for market entry, which will be announced in due course.
Ashutosh Bishnoi, the company’s Managing Director & CEO, however said that the focus of the mutual fund business would remain in the same markets where Mahindra Finance had been focusing.
“The semi-urban and rural markets will remain the priority for the Mahindra Mutual Fund. We believe that investors in these markets have an even greater savings potential than urban markets, but they do not have either the access or awareness of market related financial instruments such as mutual funds.
So our task will be to create access and awareness,” he explained. With the proven success and strength of the relationships that Mahindra Finance already has, we believe that we are well-poised to take this business forward in same markets, he added.
For Mahindra Finance, investment in the mutual fund business is a long-term bet. "We will adopt a developmental approach and build the mutual fund market in smaller towns and rural India.
Investments products are a subject of advised sales and require the support of trained advisors,” said V Ravi, Executive Director, Mahindra Finance and Chairman of Mahindra Asset Management.