Bajaj Finserv gets SEBI approval to set up AMC and mutual fund

Following the approval, Bajaj Finserv’s share prices went up by 4% to reach a new high of Rs 15,875 apiece on BSE. With the surge in prices, the company’s market capitalization touched the Rs. 2.5 trillion marks.

Financial services company Bajaj Finserv on Tuesday announced that it has received “an in-Principle approval from Securities and Exchange Board of India (SEBI)” for sponsoring a mutual fund.

The company in an exchange filing said, “Accordingly, the Company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws.”

Advertisement

Following the approval, Bajaj Finserv’s share prices went up by 4% to reach a new high of Rs 15,875 apiece on BSE. With the surge in prices, the company’s market capitalization touched the Rs. 2.5 trillion marks.

In the past three months, Bajaj Finserv’s share prices surged 42 per cent in BSE as against 10% in  S&P BSE Sensex.

In the quarter that ended on June 30, 2021, the company reported a consolidated profit of Rs. 1,002 crore. The company also reported 4.63 million new loan bookings as against in Q1Fy22 as against 1.75 million in Q1 FY21.  

Bajaj Finserv invested Rs 342 crore in Bajaj Finserv Direct (BFDL) in July. The company currently has stakes in Bajaj Allianz Life, Bajaj Allianz General Insurance and Bajaj Finance.