Mutual Fund corner: Emkay Global Financial Services, Abira Securities approach Sebi for license

Emkay Global Financial Services and brokerage house Abira Securities have become the latest entities to approach capital markets regulator Sebi for a mutual fund (MF) license.

The two firms have joined the list of seven entities, which are awaiting Sebi's approval to enter into the mutual fund space.

Emkay Global Financial Services Limited and Abira Securities Limited filed their applications with the Securities and Exchange Board of India (Sebi) on March 3 and March 24 respectively, an update with the regulator's website showed.

Founded in 1995, Emkay Global Financial Services offers services in areas like institutional equity, portfolio management services, wealth management, investment banking and global investing. Abira Securities is a Kolkata-based stock broking house.

Apart from these two, applications of as many as seven companies - Phonepe, Wizemarkets Analytics Pvt Ltd, Unifi Capital, Alchemy Capital Management, Helios Capital Management PTE Ltd, Old Bridge Capital Management and Angel One --are under consideration as of June end.

Three companies - Bajaj Finserv Limited, Zerodha Broking Limited and Frontline Capital Services Limited - have already received Sebi's in-principle approval during August-October 2021 and the approval for final registration is under consideration.

A flurry of applications for a mutual fund license was seen after the market regulator allowed fintech firms to enter the space.

At present, the mutual fund industry has 43 players who together manage assets of Rs 37.75 lakh crore.