Edelweiss Capital gets nod for mutual fund business; share up 3.5%
Shares of Edelweiss Capital rose 3.5 per cent after the financial services firm received regulatory approval from the SEBI to start its mutual fund business.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Edelweiss Capital rose 3.5 per cent after the financial services firm received regulatory approval from the Securities and Exchange Board of India to start its mutual fund business.
Edelweiss Asset Management plans to launch 8-9 products over the next 12 months. The product portfolio would include broad based equity funds, structured products, arbitrage funds and other innovative fixed income and equity funds in line with requirements of the market.
"We believe that the time is right for us to enter the market by offering customer-specific solutions across the range of debt, arbitrage and equity products," said Chief Executive Officer of Edelweiss Asset Management Jimmy A Patel in a note to the stock exchange.
At 1:15 pm, the company's share rose 3.59 per cent to Rs 858 with volume traded at 68115 against two-week average of 38,987 shares.
Edelweiss Asset Management plans to launch 8-9 products over the next 12 months. The product portfolio would include broad based equity funds, structured products, arbitrage funds and other innovative fixed income and equity funds in line with requirements of the market.
"We believe that the time is right for us to enter the market by offering customer-specific solutions across the range of debt, arbitrage and equity products," said Chief Executive Officer of Edelweiss Asset Management Jimmy A Patel in a note to the stock exchange.
At 1:15 pm, the company's share rose 3.59 per cent to Rs 858 with volume traded at 68115 against two-week average of 38,987 shares.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
