Mumbai, Sep 25 : Financial services firm Religare Enterprises today said its joint venture firm Religare AEGON Asset Management Company has received the market regulator SEBI's approval to launch mutual fund business in country through.
"Religare AEGON Asset Management Company has received the final approval from Security and Exchange Board of India to launch mutual fund business in the country," Religare Enterprises said in a regulatory filing to the Bombay Stock Exchange.
Religare AEGON Asset Management Company (Religare AEGON AMC) is a joint venture between Religare and AEGON of the Netherland.
The company is looking to launch its first product by Nov-Dec this year for the Indian retail investors, the company said.
"We will be shortly filing for both debt and equity products with the regulator," Religare AEGON AMC CEO Saurabh Nanavati said.
The AMC would have around 15 operational branches in over 25 cities at the time of its first product launch and this will increase to around 30 branches in over 25 cities by March 2009, he added.
Shares of the company were trading at Rs 382.80, down 0.26 per cent in the afternoon trading on the BSE.
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