On Tuesday, before the release of its mutual fund (MF) business, shares of Bajaj Finserv increased by more than 1 percent. The stock rose by 1.38 percent on the BSE, to Rs 1478.95 per share. The stock rose 1.37 percent on the NSE, reaching Rs 1,478.90 a share.
Bajaj Finserv, a conglomerate of financial enterprises, will host a press conference to announce its mutual fund operations. In March, the Securities and Exchange Board of India (SEBI) authorized the non-banking financial services firm to conduct mutual fund activities, which it would do under the name Bajaj Finserv Mutual Fund.
There will now be a total of 43 AMCs in India.
Bajaj Finserv Mutual Fund also submitted a proposal for five NFOs in April. An array of mutual fund schemes, including flexi cap funds, balance advantage funds, and liquid funds, are being launched by a new player in the market.
It was previously announced that both active and passive equity, debt, and hybrid funds will be available through the fund house. The investment firm said that it will construct a future-proof asset management firm by adopting a tech-driven, multi-channel strategy to service investors across a wide range of contact points and geographic locations.
Nimesh Chandan is the Chief Investment Officer (CIO) of Bajaj Finserv MF. He was formerly the Head – Investments, Equities at Canara Robeco AMC. The newly founded mutual fund firm is led by Sanjiv Bajaj, Chairman & Managing Director, and Ganesh Mohan, Chief Executive Officer.