Bajaj Finserv gets SEBI license to commence mutual fund business

NEW DELHI: Financial services firm Bajaj Finserv Limited on Wednesday said it has received the final registration from the Securities and Exchange Board of India (SEBI) to commence its mutual fund operations.

The company would operate the business under Bajaj Finserv Mutual Fund banner, the Pune-based firm said in a statement.

Bajaj Finserv Mutual Fund, with Bajaj Finserv Asset Management Limited (BFAML) 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, to investors, it said.

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

''With Ganesh Mohan at the helm, our mutual fund business will inspire a new approach to invest and sustained, long-term wealth creation,” he said.

The company, through its businesses, provides financial solutions, including savings, financing, protection, and wealth creation, to over 100 million customers.

Bajaj Finserv Ltd is an unregistered Core Investment Company (CIC) under Core Investment Companies (Reserve Bank) Direction, 2016.

Bajaj Finserv holds a 52.49 per cent stake in Bajaj Finance Ltd, a listed non-bank with the strategy and structure of a bank. It holds a 74 per cent stake each in Bajaj Allianz General Insurance Company Ltd and Bajaj Allianz Life Insurance Company Ltd. Subsidiaries of Bajaj Finance Ltd include Bajaj Housing Finance Ltd.