Bajaj Finserv Gets Sebi's Approval To Foray Into Mutual Fund Business

Bajaj Finserv has secured the final approval from the Securities and Exchange Board of India (SEBI) to foray into the mutual fund (MF) business.

The final approval comes more than a year after getting Sebi's in-principle approval to set up a fund house. Since the approval in August 2021, the company has been working to build investment and sales teams.

In January 2022, Bajaj Finserv hired Canara Robeco MF's equity head Nimesh Chandan to lead the investment team. The company also roped in Aniruddha Chaudhuri from ICICI Prudential AMC to head the sales team.

The company has appointed Ganesh Mohan as the chief executive officer of the AMC. Previously, he was the group head of corporate strategy at the financial services firm.

The fund house plans to offer products from across categories.

"Bajaj Finserv Mutual Fund, with Bajaj Finserv Asset Management as the Investment Manager, will soon offer a range of mutual fund products including equity, debt, and hybrid funds, both in the active and passive segments," the company said in a press release.

The addition of Bajaj Finserv Mutual Fund has taken the total count of fund houses in India to 42. The industry manages assets worth over Rs 40 trillion.

"The approval from Sebi is strategically important for Bajaj Finserv as it enables the company to complete its suite of financial solutions for retail customers," said Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv.

Shares of Bajaj Finserv on Wednesday closed at Rs 1,345, valuing the firm at Rs 2.14 trillion.