Mahindra AMC received SEBI nod for Mutual Fund business

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Who: Mahindra Asset Management Company (AMC)
What: Received licence from SEBI to manage the Mahindra Mutual Fund
When: 4 February 2016

Mahindra Asset Management Company (AMC) on 4 February 2016 received Securities and Exchange Board of India’s (SEBI’s) approval to manage the Mahindra Mutual Fund.

Mahindra AMC is a wholly-owned subsidiary of Mahindra & Mahindra Financial Services (MMFS), a part of the Anand Mahindra-led Mahindra group.

According to reports, Mahindra Finance applied for a mutual fund licence on 30 December 2008 and was given an in-principle approval on 4 October 2011.

Currently, about 40 mutual fund houses are operation in the country. HDFC MF, ICICI Prudential and Reliance MF are among the top mutual fund companies in India.