UniFi Capital receives in-principle approval for its mutual fund business
By siliconindia | Monday, November 20, 2023
Unifi Capital Pvt. Ltd, a portfolio management company, has been granted an in-principle approval by the Securities and Exchange Board of India (SEBI) to launch a mutual fund business in India. The mutual fund license application was submitted by Unifi on December 31, 2020, as per the status of mutual fund applications on SEBI's website. Unifi Capital specializes in event-oriented top-down themes and a bottom-up focus on "growth with value", and is a long-only fund manager focusing on India.
Unifi Capital, based in Chennai and established in 2001, manages assets worth 20,400 crore for around 10,000 clients in 22 Indian states through its Portfolio Management Services (PMS) and Alternative Investment Funds (AIF). "We will play to our well-established strengths in deep bottom-up research and deliver a high standard of excellence that puts client experience manifestly front and centre. Within the regulatory framework, we have more than enough space to offer differentiated investment strategies that mutual fund investors are yet to be served," said K Sarath Reddy, Founder of Unifi Capital. Reddy is also the managing director and Chief Investment Officer (CIO).
A number of portfolio management service (PMS) companies are seeking to enter the Indian mutual fund industry, which is valued at Rs 48 trillion. In September, Kenneth Andrade's Old Bridge Capital Management, a PMS, received final approval from SEBI to begin its mutual fund operations. Andrade served as the Head of Investments at IDFC Mutual Fund for ten years, from 2005 to 2015.
In August, Helios Capital Management, a Portfolio Management Service (PMS), received final approval from the capital markets regulator to launch a mutual fund house. It is worth noting that Samir Arora, the founder of Helios Capital, had previously served as the Chief Investment Officer of Alliance Capital Mutual Fund from 1993 to 1998.
The mutual fund space in India is heating up with the entry of new Asset Management Companies (AMCs). Bajaj Finserv Mutual has so far launched five funds, while Helios MF and Zerodha Fund House have launched two schemes each. Meanwhile, Emkay Global and Angel One have also received in-principle approvals from SEBI to launch mutual fund businesses.
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