Both companies have joined the list of seven entities, which are awaiting Sebi’s approval to enter the mutual fund space.
Emkay Global Financial Services Limited and Abira Securities Limited filed their applications with the Securities and Exchange Board of India (Sebi) on March 3 and 24 respectively, according to an update from the regulator’s website.
Founded in 1995, Emkay Global Financial Services provides services in areas such as institutional equities, portfolio management services, wealth management, investment banking and global investing. Abira Securities is a Kolkata-based brokerage house.
Apart from these two companies, applications from up to seven companies – Phonepe, Wizemarkets Analytics Pvt Ltd, Unifi Capital, Alchemy Capital Management, Helios Capital Management PTE Ltd, Old Bridge Capital Management and Angel One – are under consideration at the end of June. .
Three companies —
Limited, Zerodha Broking Limited and Frontline Capital Services Limited – have already received approval in principle from Sebi in August-October 2021 and final registration approval is under consideration.
A flurry of mutual fund license applications has been seen after the market regulator allowed fintech firms to enter the space.
At present, the mutual fund industry has 43 players who together manage assets of Rs 37.75 lakh crore.