By IANS,
Mumbai : Mumbai based Edelweiss Capital Limited, a financial services company, Monday said it had received approval from the market regulator Securities Exchange Board of India to start its mutual fund business.
Registration has been granted for Edelweiss Mutual Fund and approval has been granted for Edelweiss Asset Management Ltd to act as an investment manager for the mutual fund company, its press release said.
Jimmy A. Patel, Chief Executive Officer, Edelweiss Asset Management Limited, said: “The Indian mutual fund industry has been growing at a rapid pace and this is the right time for us to enter the mutual fund market.”
Edelweiss Asset Management Ltd plans to launch more than 10 products in the mutual fund domain within one year. The product portfolio will include broad based equity funds, structured products and other fixed income and equity funds.
Edelweiss operates in 19 cities in the country and employs over 1,600. The group’s services include investment banking, insurance brokerage and wealth management.