Unifi Capital gets Sebi’s in-principle nod to launch mutual fund operations

Portfolio management firm Unifi Capital on Tuesday said it has received capital markets regulator Sebi‘s in-principle approval to set up a mutual fund house. The company had applied with the Securities and Exchange Board of India (Sebi) in December 2020 for a mutual fund licence.

“Our mutual fund will enable us to go deeper and wider, bringing our investment products to the full spectrum of investors for the very first time. What excites our team the most is not just having larger assets, but the opportunity to make a mark as an outstanding performer; that is what we would continue to stand for with investors,” Sarath Reddy, Founder of Unifi Capital, said in a statement.

Earlier this week, Unifi received Sebi’s in-principle nod to commence work on its mutual fund, the statement noted.

Founded in 2001, Unifi Capital currently manages over Rs 20,000 crore on behalf of about 10,000 Portfolio Management Services (PMS) and Alternative Investment Funds (AIF) clients across 22 states in the country.

In September, Old Bridge Capital Management, a portfolio management firm, received the final approval from the capital market regulator to launch mutual fund operations under Old Bridge Mutual Fund. Before this, Helios Capital, which is also the business of portfolio management services, obtained Sebi’s nod for mutual fund businesses.

Additionally, broking firm Zerodha gets Sebi’s nod to set up a mutual fund business.

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