Helios Capital has received capital markets regulator Sebi's approval to launch a mutual fund business, Samir Arora, the main founder of the company announced.

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Helios Capital Management PTE Ltd, which is the business of portfolio management services, applied for a mutual fund licence with the Securities and Exchange Board of India (Sebi) in February 2021.

"I am very happy to announce that Sebi has granted approval to Helios Mutual Fund...We need your wishes and support to make this new venture a success," Arora, who is also the fund manager at Helios Capital, wrote at X platform, formerly known as Twitter, on Thursday.

After quitting Alliance Capital 20 years ago, Arora is re-entering the 43-player mutual fund industry. He was the Chief Investment Officer of Alliance Capital's Indian mutual fund business.

In September 2022, Helios Capital received Sebi's in-principle approval to float the mutual fund business.

Zerodha Broking Ltd and Old Bridge Capital Management Pvt Ltd are the two entities awaiting Sebi's final nod for a mutual fund licence.

Besides, applications of three companies -- Unifi Capital Pvt Ltd, Alpha Alternatives Fund Advisors LLP and Wizemarkets Analytics Pvt Ltd -- are under the regulator's consideration as of June 2023, data with Sebi showed.

Earlier this year, diversified financial services group Bajaj Finserv entered the highly competitive mutual funds business.