IDBI Bank gets Sebi nod to launch its MF operations
IDBI Bank has received final nod from capital market regulator, SEBI, to launch its mutual fund operations.
By PTI |
MUMBAI: IDBI Bank today said it has received final nod from capital market regulator, SEBI, to launch its mutual fund operations.
The asset management company, IDBI Asset Management (IDBI AMC) is aiming to launch its products across the equity and fixed income category.
"Now that we have our retail model absolutely in place, it makes sense to expand our range of products. This is the right time to be in the business (of mutual funds)," IDBI Bank's Chairman and Managing Director, Yogesh Agarwal, told reporters here today.
IDBI AMC would be leveraging the 700 odd branches of IDBI Bank for distribution of mutual fund products.
IDBI AMC plans to launch four funds, its Managing Director and CEO, Krishnamurthy Vijayan, said.
"We will be launching four funds in FY 11 and our first product would be a Nifty tracker," he said.
"Today, we have sufficient retail experience in selling mutual funds, so we do not require a partner for domestic market," Agarwal said.
However, in the future the company might look for a partner if there was a good business proposition and the partner added value, he said.
The asset management company, IDBI Asset Management (IDBI AMC) is aiming to launch its products across the equity and fixed income category.
"Now that we have our retail model absolutely in place, it makes sense to expand our range of products. This is the right time to be in the business (of mutual funds)," IDBI Bank's Chairman and Managing Director, Yogesh Agarwal, told reporters here today.
IDBI AMC would be leveraging the 700 odd branches of IDBI Bank for distribution of mutual fund products.
IDBI AMC plans to launch four funds, its Managing Director and CEO, Krishnamurthy Vijayan, said.
"We will be launching four funds in FY 11 and our first product would be a Nifty tracker," he said.
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IDBI, which has launched the AMC alone, had a tie-up with Principal Financial Group Mauritius Ltd for a mutual fund venture earlier but had exited from it."Today, we have sufficient retail experience in selling mutual funds, so we do not require a partner for domestic market," Agarwal said.
However, in the future the company might look for a partner if there was a good business proposition and the partner added value, he said.
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