Sebi grants license to Mahindra Mutual Fund
NEW DELHI: Mahindra Finance’s wholly owned subsidiary, Mahindra Asset Management Company Private Limited, received a license to manage the Mahindra Mutual Fund on Saturday.
Ramesh Iyer, the Financial Services sector president of the Mahindra Group and the managing director of Mahindra Finance said, “In keeping with our Mission of Transforming rural Lives, we believe that the Mutual Fund business would enable us to provide investment options to the rural customers that enable them to improve the quality of their lives by creative innovative products that are tailored to their needs.”
“Our customer base of nearly 4 million and over 1,200 branches of Mahindra Finance will play a critical role in ensuring success in the mutual fund business through best in class customer service. We believe the business would be greatly benefited by the Mahindra Brand and through Mahindra Eco System,” added Iyer.
V Ravi, executive director, Mahindra Finance and the chairman of Mahindra Asset Management said, “Our investment in the mutual fund business is intended to be long term in nature. We will adopt a developmental approach and build the mutual fund market in smaller towns and rural India.”
“Investments products are a subject of ‘advised sales’ and require the support of trained advisors. We believe there is a great opportunity to convert physical assets, which are generally illiquid into productive, financial assets,” added Ravi.
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