Bajaj Finserv shares saw a surge early on Thursday after the NBFC received the final registration from SEBI to commence its mutual fund (MF) operations under Bajaj Finserv Mutual Fund.
What Happened? Bajaj Finserv Mutual Fund will soon offer a host of mutual fund products including equity, debt, and hybrid funds, both in the active and passive segments, to investors, it said.
Bajaj Finserv Asset Management Ltd., a wholly-owned subsidiary of Bajaj Finserv, will serve as the investment manager for the company.
Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv, claims that approval from SEBI is strategically vital for the company as it enables the firm to offer its financial solutions to retail customers.
“With Ganesh Mohan at the helm, our mutual fund business will inspire a new approach to invest and sustained, long-term wealth creation," he said.
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The company, through its businesses, provides financial solutions, including savings, financing, protection, and wealth creation, to over 100 million customers.
Bajaj Finserv currently holds 52.49% of Bajaj Finance Ltd, a listed non-bank with the strategy and structure of a bank. It has a 74% stake each in Bajaj Allianz General Insurance Company Ltd and Bajaj Allianz Life Insurance Company Ltd. Subsidiaries of Bajaj Finance Ltd include Bajaj Housing Finance Ltd.
Price Action: At the time of publishing, Bajaj Finserv shares were down 0.12% at ₹1,343.00 on Thursday afternoon after beginning the day on a high.
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