Choice International gets Sebi in-principal nod for mutual fund operations

Financial services provider Choice International Ltd on Thursday said it has received in-principle approval from markets regulator Sebi to launch mutual fund operations. The development positions Choice International to expand financial services portfolio and cater to a broader spectrum of investors.

In accordance with Sebi's approval, Choice International will set up an asset management company (AMC) and a trustee company, adhering to all applicable regulations and legal requirements, the financial services firm said in a statement.

"This approval marks a significant step forward in our journey to becoming a comprehensive financial services provider. By entering the mutual fund industry, we aim to empower investors with tailored investment products and create value through disciplined and transparent fund management," Choice International CEO and Executive Director Arun Poddar said.

The final approval for registration will be subject to the fulfilment of all requirements stipulated in the in-principle approval by Sebi.

Choice International said it is fully committed to meeting these prerequisites to commence operations in the mutual fund space.

The 45-player mutual fund industry manages assets worth over Rs 68 lakh crore.