New Delhi: Mahindra Finance, the financial services arm of auto major Mahindra and Mahindra, today said it expects regulatory approval for entering into the asset management business during the fiscal. "We have applied for asset management company and we hope to get SEBI (Securities and Exchange Board of India) approval during the year," Mahindra Finance Managing Director Ramesh Iyer told PTI. Following the approval, the company would launch mutual fund schemes, he said. The company is planning to go on its own, he said, adding that for setting up the business, the company will hire specialised people with domain knowledge. Currently, there are 39 mutual fund players in the country with total average assets under management of more than Rs 6.75 lakh crore at the end of June. The total average assets under management of the 39 fund houses in the country plunged by Rs 1.