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.