Financial services company Choice International Ltd on Thursday said it has received regulatory approval from market regulator Sebi to start operating a mutual fund. Development positions Choice International to expand its financial services portfolio and cater to a wider range of investors.
Pursuant to Sebi’s approval, Choice International will establish an asset management company (AMC) and trust company, complying with all applicable laws and regulatory requirements, the financial services company said in a statement.
“This approval marks an important step forward in our journey to become a complete financial services provider. By entering the mutual fund industry, we aim to empower investors with complementary investment products and create value through disciplined and transparent fund management,” said Choice International’s CEO and Director Senior Arun Poddar said.
The final approval of the registration will be subject to the fulfillment of all the requirements specified in the approval of the policy by Sebi.
Choice International said it is fully committed to meeting these requirements in order to start operating in the mutual fund area.
The mutual fund industry of 45 players manages assets worth over Rs 68 lakh crore.
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