The mutual fund market in India is warming up with recent additions of new players, such as Mukesh Ambani's Jio Financial Services, Nithin Kamath's Zerodha AMC, and Samir Arora's Helios Capital
On Friday, Bengaluru-based broking firm Zerodha received its final nod from SEBI to set up an asset management company, Zerodha founder and CEO Nithin Kamath said
The AMC will be built in partnership with the fintech platform smallcase. Kamath said that Zerodha Fund House will soon launch its first new fund offer (NFO)
Zerodha founder and CEO Nithin Kamath announced Vishal Jain as the CEO of Zerodha AMC. The new AMC will focus on simple and passive products such as index funds and ETFs
Mukesh Ambani’s soon-to-be-listed Jio Financial Services Ltd (JFSL) recently joined hands with BlackRock, which is one of the world’s largest asset managers
JFSL and BlackRock announced an agreement to form Jio BlackRock, a 50:50 joint venture, that would deliver "tech-enabled access to affordable, innovative investment solutions to millions of investors in India"
The companies claimed that the partnership will introduce a new player in the Indian market with a unique combination of scope, scale, and resources with an initial investment of $150 million each
Samir Arora’s Helios Capital has also received SEBI’s approval to launch a mutual fund business in India. Helios Capital Management PTE Ltd applied for a MF licence in February 2021
The mutual fund industry in India has made significant strides in recent years amid growing investors’ interests. In July 2023, AMFI said there was a record growth in mutual fund folios, which touched its all-time high of 15,14,21,270
The net asset under management (AUM) was Rs 46,37,565 crore, while the average AUM (AAUM) was Rs 46,27,687 crore in July. The equity mutual funds witnessed a net inflow of Rs 7,625.96 crore in July 2023 as against an inflow of Rs 8,637 crore in June 2023