Samir Arora gets Sebi nod to start mutual fund business

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Dalal Street’s star money manager Samir Arora today announced that his PMS firm Helios Capital has now got the in-principle nod to start the mutual fund business in India.

“I am very pleased to share that Sebi has granted Helios Capital in-principle approval to sponsor Helios Mutual Fund. We deeply respect this approval & will work hard to offer mutual funds for retail investors, focusing on performance & service. Think Bullish,” the Singapore-based Arora tweeted.

Competition in the mutual fund business is set to intensify in India with new players eyeing the lucrative and fast-growing market which has assets under management of over Rs 37 lakh crore. Those willing to join the bandwagon include discount broking platform Zerodha, Alchemy Capital Management, Capitalmind and

.

Two new entrants – Samco and White Oak – have also recently started their MF business.

The net AUM for the Indian MF industry grew 7 per cent YoY at Rs 37.74 lakh crore in July. The number of mutual fund folios was at an all-time high of 13.55 crore.

Top mutual fund houses in India include

Mutual Fund,

MF,

, Birla Sunlife MF and

AMC.

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