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| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Sep 05, 2022, 08:46 AM IST
Samir Arora has received an in-principle approval for mutual funds (MF) from the Securities and Exchange Board of India (SEBI) for his PMS firm, Helios Capital. “I am very pleased to share that Sebi has granted Helios Capital in-principle approval to sponsor Helios Mutual Fund. We deeply respect this approval & will work hard to offer mutual funds for retail investors, focusing on performance & service. Think Bullish,” the Singapore-based Arora tweeted on September 4.
Arora quit Alliance Capital Mutual Fund after 19 years and is now looking to enter the Rs 37 trillion Indian mutual fund industry.
Arora’s Helios Capital applied for an MF licence on 25 February 2021. In India, Helios is registered with SEBI to offer PMS and runs offshore long-short and long-only India-focused funds out of Singapore.
The mutual fund industry has been drawing interest from several entities, financial services firms, brokerages, as well as PMS firms.
Recently, SEBI granted in-principle licences for mutual fund forays to Zerodha Broking, Bajaj Finserv, and Frontline Capital Services.
Among PMS firms, Alchemy Capital, Old Bridge Capital Management and Unifi Capital are waiting for mutual fund approvals.
Other entities such as Angel Broking and Abira Securities have applied for a Mutual Fund licence.
Flipkart-owned PhonePe has also applied for a MF licence. Sachin Bansal-backed Navi MF got SEBI approval last year to run its mutual fund business.
