Mutual Funds: Groww Mutual Fund, a competitor of Zerodha, receives approval from Sebi for its initial new fund offering. Read more here.

0
199

The Securities and Exchange Board of India (SEBI), a market regulator, has given Groww Mutual Fund permission to introduce its first index fund. Groww co-founder Lalit Keshre announced on X (previously Twitter) that the Groww Mutual Fund has received clearance for its first NFO, the Groww Nifty Total Market Index Fund.

This occurs just three days after Zerodha, in keeping with its mandate to establish passive schemes, submitted draft offer documents to the market regulator for the launch of two schemes, the Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and the Zerodha Nifty Large Midcap 250 Index Fund (ZN250).

The parent company of stock and mutual fund platform Groww, Nextbillion Technology Pvt Ltd, received authorisation from the Competition Commission of India (CCI) in September 2021 to purchase Indiabulls Asset Management Company (AMC) and Indiabulls Trustee Company. India’s investing technology platform is called Nextbillion Technology (Groww Group).

Bengaluru-based Groww offers innovative approaches for stockbroking, equity-linked savings, SIPs, IPOs, ETFs, and direct mutual funds. Groww was launched in 2017 by former Flipkart workers Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal.

The Securities and Exchange Board of India (SEBI), a renowned portfolio management organization, has given Old Bridge Capital Management (OBCM) the go-ahead to launch its mutual fund operations as Old Bridge Mutual Fund.

“We are excited to launch our first actively managed equity plan after receiving this license to start operations for Old Bridge Mutual Fund. The founder of OBCM, Kenneth Andrade, stated, “We remain dedicated to offering customers long-term investment options on its mutual funds platform as we go forward with our recently acquired license.

By submitting a scheme information document (SID) to the markets watchdog Sebi for an overnight fund, Samir Arora’s Helios Capital Asset Management (India) Private Ltd is entering the mutual fund industry.

LEAVE A REPLY

Please enter your comment!
Please enter your name here