India Infoline Ltd, a financial services company, said it received in-principle approval from SEBI for sponsoring a mutual fund.
Speaking on the occasion, Mr R Venkataraman, Executive Director, India Infoline, said "We are indeed pleased to receive this in-principle approval from SEBI. In line with the trend in the developed markets, we expect mutual funds to be the vehicle of choice for the retail investors to participate in the equity markets.
An entry into the mutual funds space is an opportunity for us to continue to expand our offerings under the financial services domain in line with our long-term strategy. We will look to build up a strong team to run this business and will leverage upon our existing distribution strengths and proven research capabilities to grow the asset management business."
India Infoline's distribution network comprises 886 business locations spread across 350 cities and towns of India. Its acclaimed research team provides insights into equities, mutual funds, commodities and other sectoral themes.
