Angel One AMC receives Sebi approval to start mutual fund business; stock jumps 5%
Angel One Mutual Fund, paving the way for its entry into the asset management space.
The company will focus exclusively on passive investment solutions, according to a filing with the exchanges on Tuesday. The announcement was made during market hours, and shares of Angel One hit the day's high of Rs 2,929 on the NSE, rising nearly 5%.
Angel One Mutual Fund's passive investment products, such as index funds and ETFs, will be designed to offer clients a low-cost, transparent, and accessible pathway to wealth creation, according to the company filing.
«As passive investing continues to gain traction, Angel One Mutual Fund's commitment to this approach addresses the rising demand from clients seeking simplicity and cost-efficiency in their portfolios,» the filing stated.
Commenting on the development, Angel One's Chairman and Managing Director, Dinesh Thakkar, said, «We are thrilled to receive SEBI’s approval to commence our mutual fund business, marking a pivotal moment in our journey. This license enables us to enhance our offerings and better serve our clients. With a robust technological infrastructure and a deep understanding of client needs, we are poised to transform the passive investing space in India.»
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