Motilal Oswal gets Sebi bod to set up MF biz

Brokerage firm Motilal Oswal Financial Services on Monday said it has received the final approval from the Securities and Exchange Board of India to set up mutual fund business in the country.

The BSE-listed company said in a release that it has received the final certificate of registration approval from Sebi through its subsidiary Motilal Oswal Securities Ltd.

"We are delighted to get the final approval for our mutual fund business. It will be our endeavor to create a differentiated mutual fund business in the country," Motilal Oswal Asset Management Co chairman PJ Nayak said.

The diversified financial services firm, which caters to customers such as corporates, HNI and retail investors, will launch products in ther early part of 2010.

"We plan to launch our first set of products in early 2010 after obtaining necessary approvals. We are putting in place a robust management team with a focus on launching products that help expand the mutual fund market," Motilal Oswal AMC, managing director and CEO Nitin Rakesh said.

Edelweiss Capital and Delhi-based Religare Enterprises, through its tie-up AEGON (Religare AEGON), were recent brokerages to have started their own asset management firms.

Motilal Oswal's services and product offerings include wealth management, retail broking and distribution, institutional broking and asset management.

The firm has strong research capabilities, which enables them to identify market trends and stocks with high potential.