Bajaj Finserv: SEBI approves AMC plan

Bajaj Finserv: SEBI approves AMC plan

Shares of Bajaj Finserv touched a 52-week high of Rs 15,974.95, rising over 4% intraday on August 24 after the company received Securities and Exchange Board of India’s (SEBI) nod to set up an asset management company.
Accordingly, the company would be setting up an Asset Management Company and a Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws.

The company was formed in 2007 as a result of its demerger from Bajaj Auto Limited to further the group’s interest in financial services. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.
The financial arm plans to offer all financial services and deliver seamlessly through an app-based platform. The business would leverage the digital platform to provide low-cost, high-value services, and the company is expected to benefit from synergies & its customer database.

The SEBI approval for the mutual fund business for Bajaj Finserv comes at a time when MFs have become a popular mode of investment with the industry’s assets under management (AUM) surging to an all-time high of Rs 35 lakh crore in July-end.

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