Emkay Global gets in-principal approval for MF foray, stock jumps 20%

Joins Zerodha and three other firms who are waiting in the wings for final approval

Abhishek Kumar Mumbai
Illustration: Binay Sinha

Illustration: Binay Sinha

Listen to This Article

Shares of Emkay Global Financial Services jumped 20 per cent on Thursday after the company obtained an in-principle approval from the capital markets regulator for launch of mutual fund business.
In a regulatory filing, the stock broking and wealth management firm said the Securities and Exchange Board of India (Sebi) had given the approval on March 31.

In-principle approval is a partial go-ahead from the regulator. The firm can start offering MF schemes only after getting the final approval. 
Four other applicants with in-principle approvals are awaiting the final go ahead. These include Zerodha Broking, Helios Capital, Old Bridge Capital and Angel One.

Apart from these, four other broking and asset managers are in queue for the MF licence. They are yet to get the in-principle approval.
Zerodha Broking received the in-principle approval back in September 2021 and has already drawn the broad contours of its MF offerings. The fund house, which will be a joint-venture between Zerodha and Smallcase, will offer only passive funds.

Also Read

Active mid-cap, small-cap schemes fly high with 'benchmark-beating' returns

20-minute glitch on Zerodha app; users unable to view, modify orders

MF inflow in equities crosses Rs 1.5-trn for second straight fiscal

Emkay Global zooms 20% on Sebi's in-principle nod to enter MF business

The reason you must hold on to equity funds despite turbulence in 2023

Inflation's grip on businesses loosened in March at the wholesale level

Street positive on JLR's electric vehicle strategy, sales outperformance

Mutual fund investors show bias towards riskier small-cap-oriented schemes

Sebi bans ex-CEO of Care Ratings for 2 yrs for violating securities law

Market regulator Sebi penalises former audiitors of CG Power for violations

First Published: Apr 20 2023 | 10:27 PM IST

Explore News