Samco Securities gets Sebi nod for mutual fund biz

Online discount broker Samco Securities has received capital markets regulator Sebis approval to launch its mutual fund business. Umeshkumar Mehta, CEO of Samco Asset Management, said, We have a great team in place which is capable of creating a distinct mark in this highly competitive industry. Since now the team is in place, we will launch our first NFO within the mandatory six months period.

Online discount broker Samco Securities has received capital markets regulator Sebi's approval to launch its mutual fund business. ''We have received final approval from Sebi on July 30, 2021,'' Samco Securities founder Jimeet Modi told PTI on Thursday. The company has already built a team for its mutual fund operations and plans to launch its first new fund offer (NFO) within the mandatory six months period. This comes months after the markets regulator had allowed fintech firms to enter the mutual fund (MF) space. Companies like Frontline Capital Services, Zerodha Broking, Bajaj Finserv, Wizemarkets Analytics, Unifi Capital, Alchemy Capital Management and Helios Capital Management Pte Ltd are also eyeing an entry into the MF segment. These companies have already approached Sebi for a mutual fund licence. At present, 44 mutual fund houses manage assets to the tune of over Rs 33 lakh crore. Samco will be the 77th entity to receive mutual fund registration from Sebi. However, in terms of active players, it would be the 45th when it gets industry body AMFI's membership. Jimeet Modi, who is also founder and director at Samco Asset Management, said the mutual funds space is ripe for disruption with a massive opportunity to create huge value for investors. ''We at Samco are focussed on building a technology driven investor-first and investor-centric company to deliver value to millions of Indian retail investors,'' he added. Umeshkumar Mehta, CEO of Samco Asset Management, said, ''We have a great team in place which is capable of creating a distinct mark in this highly competitive industry.'' ''Since now the team is in place, we will launch our first NFO within the mandatory six months period. We have financial industry veterans who will guide us to make Samco as one of the most desired mutual fund to invest with,'' he added. Samco Ventures was incorporated in March 2015. The company was founded by Modi, who is currently the CEO of the company. It acquired Samruddhi Stock Brokers Ltd and re-branded it to Samco Securities.

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